Bitcoin wallets are not affected when the firm explodes on AI
Electric vehicle maker Tesla has not changed its sizeable Bitcoin (BTC) holdings despite directing additional funds to double its computing capacity amid artificial intelligence efforts – the fifth quarter in a row.
Tesla's Q3 2023 results released on October 18 As of September 30, it held $184 million worth of digital assets — out of the $1.5 billion worth of Bitcoin it first bought in March 2021.
The latest quarterly results mean that in Q2 2022, it will earn $936 million over 30,000 BTC, and has not bought or sold any bitcoins since selling 75% of its holdings.
On the other hand, Tesla has reportedly “more than doubled” the amount of computing power it provides for its AI projects.
“We've dedicated one of the world's largest supercomputers to accelerate our AI development, with more than double the computing power compared to Q2.”
Tesla beat Wall Street estimates for its third-quarter revenue and profit, totaling $23.35 billion. That's up about 9% from last year, which missed Zacks Investment Research's estimate of $24.38 billion.
It also missed estimates, with earnings per share reported at $0.66, compared to the Zacks' $0.72 EPS estimate.
Total third-quarter operating expenses came in at $2.41 billion, an increase of more than 13 percent from the previous quarter and a 42.5 percent increase from last year.
Related: Bitcoin Reportedly Over 50% Clean Energy Usage – Will Tesla Start Accepting BTC Payments?
Tesla's research and development expenses were $1.16 billion in the quarter, a 58% jump from last year. It attributed the increases to “cybertruck, AI and other R&D projects.”
Tesla shares fell nearly 4.8% on the day, closing at $242.68 and fell an additional 4.25% to $232.37 in afternoon trading, according to Google Finance data.
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