tech
Tesla stock adds nearly 8% as Elon Musk touts chip progress
UBS analysts changed their previously bearish rating on shares of Tesla this week.
TL;DR
- Tesla shares rose by nearly 8% following software updates and CEO Elon Musk's comments on chip technology progress.
- UBS analysts upgraded Tesla's stock rating from 'sell' to 'hold' and increased the price target to $352.
- Elon Musk announced progress on Tesla's forthcoming AI5 chip, which has reached a key engineering milestone.
- Tesla plans to build two advanced chip factories in Austin, Texas, in partnership with SpaceX.
- The company recently launched a spring software update for its vehicles, including enhancements to the Full Self Driving (Supervised) option and the AI chatbot Grok.
- Tesla is testing driverless vehicles in its Robotaxi ride-hail service in Austin, Texas.
- The stock has rallied more than 12% so far this week.