Tesla earnings: Bitcoin bags untouched as firm splashes out on AI

Electric automobile maker Tesla made no changes to its sizeable Bitcoin (BTC) holdings– the 5th quarter in a row– though it has directed more funds to double its computing capacity in the middle of synthetic intelligence efforts.Teslas Q3 2023 results released on Oct. 18 program as of Sept. 30, it held $184 million worth of digital possessions– a part of the $1.5 billion worth of Bitcoin it first bought in March 2021. The most recent quarterly results imply it hasnt purchased or sold any Bitcoin because its sell-off of around 75% of its holdings in Q2 2022 when it fetched $936 million for more than 30,000 BTC.Excerpt of Teslas Q3 2023 balance sheet with its digital possession holdings highlighted. Source: TeslaOn the other hand, Tesla reported it had “more than doubled the size” of its computing power for its AI tasks, citing a growing training information set and changing the training of its humanoid robot Optimus to AI instead of coded software.” We have commissioned one of the worlds biggest supercomputers to speed up the pace of our AI development, with compute capability more than doubling compared to Q2.” Tesla saw its third-quarter earnings and revenues miss Wall Street price quotes, with reported overall revenues of $23.35 billion. While this was up by nearly 9% from the prior-year period, it missed out on Zacks Investment Researchs price quote of $24.38 billion.It also missed out on predicted earnings, with reported profits per share (EPS) of $0.66 compared to Zacks $0.72 EPS estimate.Total third-quarter business expenses can be found in at $2.41 billion, marking more than a 13% increase from last quarter and over a 42.5% boost from the previous year.Related: Bitcoin tidy energy usage apparently surpasses 50%– Will Tesla begin accepting BTC payments?Teslas research and development expenses were $1.16 billion in the quarter, a 58% dive from in 2015. It associated the increases to its “Cybertruck, AI and other R&D tasks.” Tesla (TSLA) shares continued to fall after the bell to a low of $230.19. Source: Google FinanceTesla shares were down nearly 4.8% on the day, closing at $242.68 and fell a further 4.25% in after-hours trading to $232.37 per Google Finance data.Magazine: NFT Collector: Creative AI art, Tomorrowland sells tomorrows future