[ad_1]
You’re here (TSLA) CEO Elon Musk confirmed by tweeting Thursday that the company is hosting an AI day on August 19. Tesla stock has gone up.
X
Although the company did not provide details on the artificial intelligence event, Musk said in a June 21 tweet that the event “will review progress with Tesla AI software and hardware, at both training and inference ”and that its focus is recruiting.
The AI event is expected to focus on Tesla’s autonomous driving technology. Although the system is called Full Self-Driving (FSD), the software is still in beta testing and the company has said in SEC filings that it is not yet fully self-sufficient.
Tesla’s recruitment efforts in this area are aimed at attracting experts in machine learning and computer vision, as well as specialists in neural networks.
The news comes after Lift (LYFT) said last week that it will have a fleet of self-driving cars of Ford (F) and Argo AI in service by the end of the year.
Meanwhile, the chipmaker Intelligence(INTC) Mobileye began testing autonomous vehicles in New York City earlier this month. And California regulators said last month that General Motors‘(GM) Cruise can have passengers drive in prototype self-driving taxis.
Tech futures hit big losers after Tesla flashes buy signal
Tesla shares
The shares rose 4.7% to 677.35 on the stock market today. Tesla stock rebounds from its 200-day line, according to MarketSmith chart analysis. The breakout of a downtrend dating back to its January peak could represent an early entry. IBD SwingTrader gives it a buy point of 669.71.
Tesla’s line of relative strength tends to decline. Its RS rating is 74 out of 99 possible. Its EPS rating is 74. Tesla reported better-than-expected second quarter earnings on Monday. EPS jumped 230% to $ 1.45, above views for 94 cents. Sales nearly doubled to $ 11.96 billion.
When calling for results, Musk admitted that the value of Tesla’s current FSD subscription was “questionable.” But he thinks that eventually, when it works really well, everyone will want it.
The subscription costs $ 199 per month for cars equipped with Tesla’s basic autopilot system and $ 99 per month for vehicles equipped with the enhanced autopilot.
GM rose 3.2% and Ford added 3.7% after the latter reported strong second-quarter earnings on Wednesday night. The two auto giants will also increase their spending on autonomy over the next five years.
Self-driving technology developer TuSimple Holdings (TSP) fell 4%.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
YOU MAY ALSO LIKE:
Is Tesla Stock a Buy It Now?
Why this IBD tool makes it easier to find the best stocks
Discover the 10 years anniversary sale of Leaderboard
Want to get quick profits and avoid big losses? Try SwingTrader
How to know when it’s time to sell your favorite stocks
[ad_2]
Source link