Tesla Maintains Bitcoin Holdings for Fifth Consecutive Quarter
Tesla has announced that it will be keeping its Bitcoin holdings unchanged for the fifth consecutive quarter. The company’s latest earnings report reveals that it still holds 9,720 BTC, valued at around $275.4 million based on the current market price.
Tesla’s Rollercoaster Relationship with Bitcoin
This decision is a departure from Tesla’s previous actions in the cryptocurrency space. Earlier this year, the electric vehicle manufacturer acquired over 43,000 bitcoins but later sold a significant portion due to environmental concerns. Despite these sales, Tesla remains the third-largest public company holder of Bitcoin, following MicroStrategy and Marathon Digital Holdings.
The Market’s Attention on Tesla’s Crypto Decisions
Investors closely monitor Tesla’s cryptocurrency moves due to CEO Elon Musk’s influence on Bitcoin prices in the past. While Tesla reported a decline in net income and earnings per share for the July-September quarter, the company disclosed significant advancements in its artificial intelligence capabilities.
Tesla Expands AI Initiatives
Tesla has doubled its computing capacity for AI projects and shifted the training framework for its humanoid robot to AI-based methods. The company also saw a 58% increase in quarterly spending on research and development, attributed to various projects and enhancements in artificial intelligence.
Hot Take: Tesla Holds Steady on Bitcoin as Focus Shifts to AI
Despite fluctuations in its Bitcoin holdings, Tesla has chosen to maintain its position for another quarter. This decision comes as the company continues to prioritize advancements in artificial intelligence, doubling its computing capacity and investing heavily in research and development. While investors keep a close eye on Tesla’s crypto moves, it seems that the focus is shifting towards AI initiatives, which could have significant implications for the future of the company.
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