Tesla Inc. TSLA is gearing up to hold its next AI Day in August, exactly a year after the first one, CEO Elon Musk tweeted on Tuesday.
What Happened: Tesla has scheduled its second AI Day for Aug. 19, Musk said on Twitter, promising "many cool updates" at the event. The agenda will also include canvassing for great artificial intelligence, software, and chip jobs at Tesla, Musk said in response to a tweet.
Musk in February had agreed with a Twitter user's statement that at some point, Tesla would become more of an AI company than a car business.
Why It's Important: At Tesla's debut AI Day, Musk said he aimed to take Tesla beyond just electric cars, with "deep AI activity in hardware on the inference level and on the training level."
At the event, he also unveiled the Tesla Bot, a humanoid robot that is still under development, and an in-house computer chip to run its Dojo supercomputer.
Musk also emphasized that the company has a credible path to autonomous driving. Following the event, Tesla stock rose from $670 to around $740 by the end of August.
What to Expect: Tesla investors and backers may want to get an insight into the company's full-self-driving (FSD) software, which has long been in beta testing. This is especially important because of the controversy surrounding the ability to achieve Level 4/5 autonomy – wherein the car runs with minimal or no human interference.
More details could emerge on the robotaxi service Musk promised at the Giga Austin opening earlier this year.
While updating Tesla's valuation framework in April, Cathie Wood's Ark Investment Management said, "We forecast that AI-as-a-service companies offering foundation models like Dojo could command up to $20 trillion in enterprise value by 2030."
Tesla has also scheduled its annual shareholder meeting for August, where it is widely expected to announce a stock split.
The company typically holds the event late in the evening and conducts a livestream on its website and YouTube channel.
Price Action: Tesla closed Tuesday's session 5.14% higher at $761.61, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.