Good news! Elon Musk has joined the Artificial Intelligence (AI) race.
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Despite having a busy schedule as the CEO of Tesla (NASDAQ:TSLA), Twitter, and SpaceX, Musk is reportedly working on the launch of a new artificial intelligence start-up called X.AI Corp. The move will allow him to compete with the much-trending ChatGPT creator, OpenAI.
Incorporated in Nevada last month, the new company has Musk as its sole director and Jared Birchall as its secretary.
According to a Financial Times article, Musk is assembling a team of AI researchers and engineers while approaching Tesla and SpaceX investors for funding the project. Further, he is said to have bought several high-powered GPU processors from Nvidia (NVDA), which would probably aid in the development of an AI product.
It is important to note that Musk co-founded OpenAI in 2015 but abruptly left the company in 2018 due to management issues. Musk also recently signed an open letter calling for a six-month pause on the creation of potent AI systems.
Upcoming Event
Tesla is slated to release its first-quarter results after the stock market closes on April 19. Click on this article to learn more about the upcoming Q1 results. (Read Here: Tesla Q1 Earnings Preview: Will Musk’s EV Maker Race Ahead of Estimates?)
Other Recent Developments in Musk’s Universe
Musk’s SpaceX is expected to launch its gigantic rocket, the Starship, later today. Meanwhile, he has warned of a possible delay in the launch as the company takes extra precautions.
Further, Musk’s shake-up of the microblogging platform, Twitter, continues. Last week, Twitter was merged with Musk’s shell company X Corp., formed in April 2022.
Another key development is Twitter’s partnership with a social trading platform, eToro. Starting on Thursday, Twitter users will be able to view market charts and trade stocks and other assets on eToro.
Is Tesla Stock a Buy, Sell, or Hold?
Wall Street is cautiously optimistic about Tesla, with a Moderate Buy consensus rating based on 19 Buys, 10 Holds, and three Sells. The average price target of $219.57 suggests upside of 18.7%.
