Tesla Maintains Bitcoin Holdings While Expanding AI Capacity

No Changes on the Bitcoin Front

In a game of financial freeze tag, Tesla has yet again decided to maintain its Bitcoin (BTC) holdings without any tweaks. The electric vehicle giant didn’t buy or sell a single Bitcoin for the fifth consecutive quarter. As of September 30, Tesla still holds $184 million worth of digital assets—fewer than the valiant $1.5 billion of BTC it held back in March 2021.

Staying the Course: What’s in the BTC Vault?

Following a significant sell-off in Q2 2022, where it offloaded about 75% of its Bitcoin holdings to net $936 million, it seems Tesla is now sitting quietly on its investment. The company’s latest figures confirm that they’ve been playing a long game, keeping the digital currency intact as if it’s a prized collectable rather than a hot potato.

High-Tech Ventures: The AI Power Surge

While Tesla is taking a breather on Bitcoin, it’s revving up its engines in the artificial intelligence sector. According to their recent Q3 results, the company has drastically increased its computing capacity—more than doubling it, to be exact! They’ve commissioned one of the world’s largest supercomputers to fuel AI development, a move that’s as ambitious as trying to charge an electric vehicle while it’s zipping down the highway.

Quarterly Earnings: Numbers that Raise Eyebrows

Now, let’s talk about Tesla’s Q3 earnings, which were a mixed bag. Total revenues reached $23.35 billion—a sweet 9% rise compared to last year. However, they fell short of Wall Street’s expectations, missing the estimated $24.38 billion. Talk about stepping on a rake while riding a bike!

Financials Overdrive: Expenses on the Rise

Total operating expenses surged to $2.41 billion, a jump of over 13% from the previous quarter.
Research and development costs skyrocketed to $1.16 billion, marking a whopping 58% increase year-on-year.
These expenses are primarily drained by Tesla’s push into projects like the Cybertruck and AI initiatives.

The Ripple Effect on Tesla Stocks

The company’s shares took a hit, closing down nearly 4.8% at $242.68, with further declines in after-hours trading. At this rate, their stock is playing limbo—how low can it go? The latest results have left many investors scratching their heads as they ponder what the future holds for the electric car titan.