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- 🤖 Elon Musk Seeks 25% Voting Control Over Tesla
🤖 Elon Musk Seeks 25% Voting Control Over Tesla
PLUS: AMD Shares Reach Highest Close Since 2021
James Roesser
January 17, 2024
Welcome back AI enthusiasts!
In today’s AI Report:
🚘Elon Musk Seeks 25% Voting Control Over Tesla
📈AMD Shares Reach Highest Close Since 2021
🛠5 Trending Tools
💰Venture Capital Updates
💼Who’s Hiring?
Read Time: 3 minutes
🗞RECENT NEWS
ELON MUSK
🚘Elon Musk Seeks 25% Voting Control Over Tesla
Image Source: Gonzalo Fuentes/REUTERS
Tesla and SpaceX CEO Elon Musk announced he wants 25% of voting control over his electric vehicle company to grow Tesla into an AI software and robotics leader.
Key Details:
Musk currently owns 13% of Tesla or 411 million shares of the company’s 3.19 billion shares in common stock.
Musk recently sold $7 billion worth of Tesla’s stock in 2022 to finance a $44 billion leveraged buyout of Twitter.
Now, Musk seeks more control over Tesla, writing: “I’m uncomfortable growing Tesla to be a leader in AI and robotics without having 25% voting control.”
In April 2022, Musk shared his opinion of Tesla’s humanoid robot, Optimus, during a first-quarter earnings call: “Ultimately, it’ll be worth more than the car business and full self-driving.”
Why It’s Important:
Tesla’s last 10-K filing showed 95% of its revenue came from the “automotive” segment in 2022. However, the company’s third-quarter 2023 financial filing was “increasingly focused on products and services based on artificial intelligence, robotics, and automation.”
Several investors and lawmakers are concerned over Musk’s use of company resources between Space X, X Corp., xAI, and Tesla. They also fear how his political and cultural comments will impact company earnings.
🩺 PULSE CHECK
How will Elon Musk’s 25% voting control over Tesla impact the company?Vote Below to View Live Results |
AMD
📈AMD Shares Reach Highest Close Since 2021
Image Source: Mark Lennihan/AP Photo
AMD shares spiked more than 8% on Tuesday, achieving their highest closing price since November 2021.
Key Details:
Investors are optimistic that technology giants like Microsoft, Google, and OpenAI will be interested in AMD’s newest AI hardware.
In late 2023, AMD released the MI300X processor to compete with Nvidia’s H100 Tensor Core GPU, allowing developers to transfer data faster to fuel language models.
Recently, the microprocessor company unveiled the AMD Ryzen 8000G Series CPUs that can handle intensive workloads like AI model training, gaming, and content creation.
Barclays analyst Tom O’Malley raised his target price on AMD from $120 to $200, believing the company could achieve $4 billion in AI chip sales this year.
Why It’s Important:
Nvidia initially dominated the data center GPU segment with a 92% market share. AMD strives to provide a cheaper alternative for companies and penetrate the on-device AI hardware industry.
Rising competition between AMD and Nvidia in the GPU market benefits consumers by lowering prices, improving innovations, and prioritizing user segments with tailored offerings.
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💰VENTURE CAPITAL UPDATES
Spot Technologies secures $2M to integrate security technology into Walmarts.
Artisight raises $42M in a Series B round to scale AI-driven smart hospital platforms.
Vortexa raises a $34M Series C funding round to provide advanced analytics for foreign markets covering crude oil.
💼WHO’S HIRING?
ServiceNow (Remote): Software Engineer Intern, Summer 2024
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🤖PROMPT OF THE DAY
SALES
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Products Unique Value Proposition = [Insert Here]📒FINAL NOTE
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