thecoinrepublic.com
- 1 Tesla, the EV manufacturing giant, released its earnings report recently.
- 2 The company is focused on using AI to enhance its existing projects.
- 3 Artificial intelligence will help in the training of the humanoid robot project, Optimus.
Electric vehicle manufacturing giant Tesla (NASDAQ: TSLA) released an earnings report for the recent quarter. The report brought a number of crucial insights into the company’s financials and operations. But the key highlight was how Elon Musk’s company is bullish on cutting-edge technology like artificial intelligence (AI).
The earnings report released on October 18, 2023, summed up Tesla’s performance and activities during the third quarter ending on September 30th. It highlighted the focus of the company on artificial intelligence to enhance the existing project developments.
According to Tesla, they have increased the size of their AI training computing ability. This came in the wake of their training humanoid robot project Optimus along with bolstering the dataset. Earlier than AI, the Optimus was under training with the hard-coded software and was also learning simple tasks. With the integration of AI, the training could take one step forward. The company is also working towards upgrading the hardware.
“We have more than doubled the size of our AI training compute to accommodate for our growing dataset as well as our Optimus robot project…, currently being trained for simple tasks through AI rather than hard-coded software, and its hardware is being further upgraded.
Along with the training of the humanoid robot, the AI development efforts are also focusing on enhancing software to ensure their safe performance in real-life situations. Tesla employed supercomputers during the quarter wherever needed seeking the fast-paced development of AI infrastructure.
“We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2. Our large installed base of vehicles continues to generate anonymized video and other data used to develop our FSD Capability features.”
Tesla stated the objectives of the company that include minimizing the cost per vehicle, generating and maintaining free cash flow along increasing the delivery volumes of vehicles. In addition, investments in artificial intelligence (AI) and other growth projects also continued during the last quarter.
State of Bitcoin (BTC) Holdings of Tesla
Tesla is among the largest holders of the biggest cryptocurrency Bitcoin (BTC). Once it was the unrivaled one in the arena but not anymore.
The Bitcoin holdings of the company, however, remained unchanged during the third quarter. Tesla had $184 Million worth of Bitcoin (BTC) that remained intact during the whole quarter.
Yet, the current Bitcoin stash is significantly lower than what the company had accumulated after its first purchase in March 2021. Tesla had $1.5 Billion worth of BTC which it sold off in different events.
The current numbers of the crypto assets are 75% down from the 30,000 BTC worth $936 Million during Q2 2022.