After beginning Monday, Asia-Pacific markets quickened their descent on Tuesday after witnessing a tech rally led by technology giants Tesla and Qualcomm, with Tesla shares rising by 10% and Qualcomm shares growing by 4%. This comes after the global investment banking company Morgan Stanely moved to upgrade and predict a significant stock shift due to Tesla’s new autonomous software.
Tesla’s Dojo dominates Wall Street markets
Analysts from the investment firm noted Tesla as a top-quality stock and, as a result, raised their target levels from $250 to $400 – an almost 20% increase from previous price levels.
Following this price rise, Tesla announced that its in-house Dojo supercomputer could fuel a $500bn jump in the company’s overall market value. Not only is this jump achievable, but market analysts have registered the impressive technologies that Dojo can power.
Adam Jones, Lead Analyst at NTT Data, stated:
The more we looked at Dojo, the more we realised the potential for underappreciated value in the stock. […] We believe Dojo can represent the next step-change in market perception of Tesla.
Released data from Tesla suggests that its Dojo artificial intelligence (AI) supercomputer will help to train Tesla’s self-driving vehicles and emerging robotics divisions. In an elaborate announcement, CEO Elon Musk outlined his ambitious plan to invest over $1bn into Dojo by the culmination of 2024, ensuring AI and robotic learning is at the forefront of the company’s brand.
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That being said, some market analysts have exercised caution facing Morgan Stanely’s ratings of the company, with a select few only seeing the raise as a short-term surge.
