Cathie Wood, the founder of Ark Invest, recently revealed that Tesla is her top stock pick. In a podcast interview with Steven Bartlett on “The Diary Of A CEO,” Wood highlighted Tesla’s innovative edge, pointing to its convergence of robotics, energy storage, and AI.
She emphasized that Tesla’s integration of robots, energy storage, and AI presents a unique opportunity for growth. Wood specifically mentioned Tesla’s Optimus robots and their potential to revolutionize industries beyond the current offerings of the company.
Ark Invest issued a $2,600 price target for Tesla in June 2024, which Wood reaffirmed in a Bloomberg interview in March. She believes that Tesla’s Optimus robots will drive productivity gains and create new revenue streams for the company.
Elon Musk, the CEO of Tesla, echoed Wood’s optimism in a recent CNBC interview. He announced plans to have thousands of Optimus robots working in Tesla factories by the end of the year, with a goal of scaling up production to millions of units per year.
Despite recent stock volatility, with Tesla’s stock price experiencing fluctuations, Wood and Ark Invest have maintained their confidence in the company. Wood believes that any “brand damage” Tesla may have experienced earlier this year will not have a long-term impact on the company’s success.
As Musk refocuses on Tesla and its innovative projects, such as Optimus robots, the company is poised to redefine industries through AI and robotics. Wood’s ambitious $2,600 price target for Tesla reflects her belief in the company’s potential to lead in the evolving tech landscape.
Overall, Tesla’s innovative approach to robotics, energy storage, and AI, combined with Musk’s renewed focus on the company, positions Tesla for future success and growth in the market.