Cathie Wood's New Bold Bet: Tesla's Rise as an AI Leader, Revealed

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Here's Why Cathie Wood Bets So Much on Tesla. Some investors look at Tesla as an EV leader. Ark Invest thinks the company is an AI leader. Tesla stock is up more than 100% so far this year. Elon Musk's company has been cemented as a leader in EVs with the announcement of several significant partnerships -- with Ford, General Motors, Rivian and Volvo -- which will grant more people access to Tesla's network of Superchargers.

Earlier in June, Tesla went on a 13-day green streak, adding multiples to its market cap. Now, investors are a little divided on the surging EV company, with some, such as Morgan Stanley analyst Adam Jonas, saying that it has more value as an EV-first company. Others, like KGI Securities Analyst Jennifer Liang, think Tesla is an AI company.

And on that, Cathie Wood is in full agreement. Wood has been super bullish on Tesla for a while, now. She said in May that (TSLA) - Get Free Report is the "biggest AI play out there," confirming once again that she thinks the company is poised to see up to $10 trillion in revenue by 2030 through a currently non-existent autonomous taxi business.

Ark Invest recently released new research which highlights the base reason Ark loves Tesla so much: the company is significantly scaling up its computing capacity. Tesla recently projected that by 2024 its compute capacity will hit 100 exaflops, which is 20 times higher than the 4.5 exaflops it mentioned in September.

It is intending to scale its capacity from 14,000 Nvidia A100 chips to the equivalent of 300,000 of the same chips. "In other words, Tesla may become one of the largest AI training companies in the world," Ark wrote. "While it probably will continue to purchase hardware from Nvidia, Tesla is likely to shift increasingly to its own hardware -- Dojo -- to reach 100 exaflops of capacity at ~3X the performance of Nvidia’s A100 in October 2024." Tesla, to Ark, is an AI play.

That's probably why Ark owns so much stock in Tesla -- Ark's Innovation ETF alone owns more than 3.5 million shares valued at more than $860 million. "Autonomous vehicles are robots, they will be electric and they will be powered by AI," Wood said in May. "Each one of these is growing exponentially, and then you have them feeding each other. This could be explosive growth."