Cathie Wood Buys Tesla Again, Calls Elon Musk's EV Giant 'Largest AI Project On Earth:' Report
Cathie Wood of ARK Invest has reinvested in Tesla Inc. after previously reducing her stake. She described Tesla as 'the largest AI project on Earth' due to its advancements in autonomous driving and robotics. Wood's bullish outlook follows her projection of a $2.5 trillion valuation for SpaceX. Despite past criticisms of Tesla's brand image linked to Elon Musk's political ties, she acknowledges Tesla's strong performance metrics in Momentum, Quality, and Growth, though it lacks in Value.
ARK Invest's Cathie Wood has added Tesla Inc. TSLA ETFs to the firm's investments again after recently trimming its Tesla position.
What Happened: Investment firms are spending more money because of business-friendly policy and the Trump administration's tax cuts, Wood told Bloomberg on Thursday.
The investor also reiterated her bullish stance on Tesla, the report suggests. Wood called Tesla "the largest AI project on Earth," citing Elon Musk's EV giant's autonomous driving and robotics push.
Why It Matters: Wood's comments come in as the veteran investor recently projected a $2.5 trillion valuation target for Musk's space company SpaceX through the company's Mars ventures as well as Starlink satellite internet service.
The investor's bullish stance on Tesla is a reversal from earlier, as Wood had dumped millions of dollars worth of Tesla stock, unloading over $9.9 million worth of the stock on one occasion.
Wood had also acknowledged the brand damage Tesla had suffered due to Musk's political affiliations as well as his close ties to the Trump administration and DOGE, or Department of Government Efficiency.
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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