In the third quarter, Tesla maintained its significant Bitcoin holdings, while increasing its investment in artificial intelligence and research and development. The company’s Q3 2023 results revealed that it still held $184 million worth of digital assets, a portion of the $1.5 billion worth of Bitcoin it acquired earlier this year. This marks the fifth consecutive quarter in which Tesla has not made any changes to its Bitcoin holdings. Additionally, Tesla reported that it had doubled its computing power for AI projects, citing the need for a larger training data set and the transition of its humanoid robot Optimus to AI-based training. Despite these developments, Tesla’s Q3 earnings and profits fell short of Wall Street estimates, with total revenues of $23.35 billion and earnings per share of $0.66. The company’s operating expenses increased by over 13% from the previous quarter, primarily due to higher research and development expenses related to projects such as the Cybertruck and AI. As a result, Tesla’s stock price declined by nearly 4.8% during regular trading hours and an additional 4.25% in after-hours trading.
