Cathie Wood, the founder of Ark Invest, recently revealed that Tesla is her top stock pick. In a podcast with Steven Bartlett titled “The Diary Of A CEO,” Wood emphasized Tesla’s innovative edge, highlighting its convergence of robotics, energy storage, and AI.
Wood pointed out that Tesla’s incorporation of robots, energy storage, and AI presents a significant opportunity for the company. She specifically mentioned Tesla’s Optimus robots and their potential impact on the company’s future growth.
Ark Invest issued a $2,600 price target for Tesla in June 2024, a projection that Wood reiterated in a recent Bloomberg interview. She believes that Tesla’s Optimus robots will not only drive productivity gains but also create new revenue streams for the company.
Elon Musk, CEO of Tesla, echoed Wood’s optimism in a recent CNBC interview. Musk indicated that Tesla plans to have thousands of Optimus robots working in its factories by the end of the year, with the goal of scaling production to millions of units per year in the near future.
Despite facing volatility in its stock price, Tesla remains a focus for both Wood and Musk. The stock experienced a decline following Musk’s involvement with the White House DOGE office, but Musk has since announced his intention to scale down his involvement with DOGE to focus on Tesla.
Wood has expressed confidence in Tesla’s ability to overcome challenges and continue innovating in the AI and robotics space. She believes that Tesla’s advancements in Optimus and other technologies will help the company reach her ambitious $2,600 price target.
As Musk shifts his focus back to Tesla, the company’s commitment to innovation and technological advancements could solidify its position as a leader in the ever-evolving tech landscape. Despite recent fluctuations, Wood’s unwavering faith in Tesla underscores the company’s potential to reshape industries and drive significant growth in the coming years.