Analysts on Wall Street have routinely recognized Tesla as an automotive stock play, but over the past few years, debate about what exactly the company should be characterized as has heightened.

Tesla is probably most known for its cars, but investors and those who follow the company closely know that it also operates an Energy division. It also has skin in the artificial intelligence game and in software.

Despite its prowess in a number of sectors, analysts are still debating on whether to categorize Tesla stock as strictly an automotive play or whether it should be characterized as a tech company across multiple disciplines.

D.A. Davidson analyst Gil Luria said that Tesla should be looked at, for the time being, as an automotive company due to its revenue. Tesla makes most of its revenue, more than 90 percent, he mentioned in a note he wrote to investors and should be looked at as an automotive company (via Yahoo Finance):

“If it looks like a duck (>90% of revenue from cars) and quacks like a duck (>90% of profits from cars) it might just be a duck (a car company),” Luria wrote in his note. He added, “Don’t @ me.”

Other analysts disagree. Deutsche Bank’s Edison Yu says Tesla is more than an automotive company, and believes the long-term outlook should be focused on the fact that it is involved heavily in various sectors.

Looking at Tesla as an automotive company is viable in the short term, but Yu believes there is a long-term synopsis of Tesla that needs to include its other ventures:

“At the core, we do not see Tesla as an automaker but rather a technology platform attempting to reshape multiple industries, deserving of a unique type of valuation framework.”

In July, Baird analyst Ben Kallo said that Tesla Energy will start to have more impact on the stock and the company’s makeup overall. Tesla reported a record energy storage deployment in Q2, marking the potential start of a new narrative moving forward.

Tesla bears officially have their next big threat: Tesla Energy

Even Elon Musk himself advised investors to look at Tesla past the automotive division. Despite the company’s reputation with cars, which is undoubtedly strong and disruptive, Musk knows that in the long term, the company will have more opportunities than just building EVs.

He said in 2019 that the energy side, along with solar, would outpace the automotive side regarding value:

“I think both over time will grow faster than automotive. They’re starting from a smaller base…I think, especially, if you look at…year-over-year growth, it will be absolutely incredible…over the course of, say, a year, gigantic increase.”

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

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In a post on X on Monday, Musk said that California bill SB 1047 should “probably pass,” amidst arguments in Silicon Valley over whether the AI safety bill could hamper development of the technology or is a necessary safeguard.

“This is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill,” Musk wrote. “For over 20 years, I have been an advocate for AI regulation, just as we regulate any product/technology that is a potential risk to the public.”

SpaceX & X HQ will move to Texas after new CA bill passes

SB 1047 would require some of the largest AI models—those that cost at least $100 million—to be developed with mandatory reporting for intelligence safety issues, as well as requiring them to submit reports assessing the risks associated with their models. The bill would also form a new agency in California, dubbed the Frontier Model Division (FMD).

“As AI technology continues its rapid improvement, it has the potential to provide massive benefits to humanity. We can support that innovation without compromising safety, and SB 1047 aims to do just that,” said Senator Scott Wiener (D-San Francisco), who co-authored the bill. “By focusing its requirements on the well-resourced developers of the largest and most powerful frontier models, SB 1047 puts sensible guardrails in place against risk while leaving startups free to innovate without any new burdens.”

The bill has officially passed the California Assembly Appropriations Committee and will now advance to the Assembly floor for a final vote. If it passes, it will cross Governor Gavin Newsom’s desk who would need to sign the bill into law before the end of the month.

CalMatters shared some details on the bill last week, which you can read here.

Musk has warned about AI safety before, saying to legislators last September that AI could pose a “civilizational risk” if not regulated.

Interestingly, the bill was opposed by OpenAI, the firm run by Musk rival Sam Altman. In an open letter written by OpenAI’s Chief Strategy Officer Jason Kwon last week, the executive said the bill would slow innovation, and push developers out of California.

“The AI revolution is only just beginning, and California’s unique status as the global leader in AI is fueling the state’s economic dynamism,” Kwon said (via MSN), chief strategy officer at OpenAI, wrote in the letter. “SB 1047 would threaten that growth, slow the pace of innovation, and lead California’s world-class engineers and entrepreneurs to leave the state in search of greater opportunity elsewhere.”

RELATED:

Elon Musk lawsuit against OpenAI and CEO Sam Altman gets revived

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LGES’ AI-powered battery design system has been trained in 100,000 design cases based on the company’s data from the past 30 years. A representative of LGES informed local media that the company’s AI-powered battery design system ensures clients receive high quality designs consistently and at a relatively fast pace. 

“The biggest advantage is that cell design can be achieved at a consistent level and speed, regardless of the designer’s proficiency.”

Battery design usually takes a significant amount of time and the designer’s proficiency is crucial to the process. A battery cell’s design often takes a few iterations to meet the client’s desired specifications. LGES’ AI-powered battery designer streamlines the process. 

“By incorporating AI technology into cell design, which determines battery performance, we will provide overwhelming product competitiveness and differentiated customer value,” noted LGES Chief Digital Officer Jinkyu Lee. 

Battery cell designs play a significant role in modern society. As more consumers consider driving electric vehicles (EVs), the automobile market alone will heavily depend on the battery sector. A few automakers have already started dabbling in EV battery production with specifications favorable to their vehicle designs.

If you have any tips, contact me at maria@teslarati.com or via X @Writer_01001101. 

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The Milken Institute think tank is holding its annual global conference in Santa Monica, California, this week, and Musk was interviewed by the group’s Chairman, Michael Milken, on Monday. During the interview, Milken presented several of Musk’s past quotes as prompts, to which Musk could respond and sometimes expand on things he has discussed in the past.

Like many of his interviews, the topics were somewhat wide-ranging, though they included many of the things he has been outspoken about in the past: his thoughts on humanity, education, SpaceX and Starlink, the need to make humans multi-planetary, aliens, merit-based economy, AI, birth rates, and still more.

Elon Musk thinks we’ll have AI smarter than any one human by next year

The interview begins with Milken saying that the original title of the panel discussion was “How To Save The Human Race, and Other Light Topics.”

He then dives into an 11-year-old clip of Musk talking about the things he thought would have the biggest impact on humanity, to which the billionaire listed many of the things his companies cover today: the internet, sustainable energy including solar power and electric vehicles (EVs), and humanity becoming multi-planetary.

“Life cannot be about solving one thing or another. There have to be things that move your heart and make you excited to wake up in the morning,” Musk said, expanding on his prior quote. “And I think becoming a spacefaring civilization is one of those things.”

“If you ask kids anywhere in the world, like ‘what are some of the most inspiring things,’ like a five-year-old, six-year-old anywhere in the world, they’re going to gonna say space exploration is one of those things,” Musk added.

Notably, Musk also said that SpaceX uses nearly no AI in its operations, while he also later clarified some of his reasoning for why he wants humanity to become multi-planetary:

“Well, if you don’t become a multi-planet civilization, then you’re then you’re simply waiting around until you die from a self-inflicted wound or from some natural disaster like the dinosaurs got hit by a meteorite or something,” Musk said.

“Eventually, something like that is going to happen if you wait around long enough, the sun will expand to Earth and will be incinerated so that for sure is gonna happen.”

Along with discussing themes like editing the human genome (which he doesn’t necessarily suggest humanity does), and concerns surrounding the world’s falling birth rate, Musk also discussed AI—a topic he’s familiar with through both his work at Tesla and his newest company, xAI.

Regarding AI, he reiterated themes he recently spoke about at the Breakthrough Prize awards on making these systems as truthful as possible, even at the risk of being politically incorrect.

“I’ve thought about AI safety for a very long time, and I think you want to have a maximum truth-seeking AI. This is very important,” Musk explained. “They should not be taught to lie. It should not be taught to say things that are not true. Even if those things are politically incorrect, it should still say those what it believes to be true.”

He then compared the technology to the film 2001: A Space Odyssey, saying that (spoiler), part of the movie’s point was that HAL 9000 ended the astronauts’ lives because it had been forced to lie.

You can watch the full interview with Musk below.

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The 10th annual Breakthrough Prize Ceremony, often called the “Oscars of Science,” was held Academy Museum of Motion Pictures in Los Angeles on Saturday night, including Musk and a number of other celebrities from the sciences and Hollywood.

During his appearance on the red carpet, Musk was asked by one YouTuber what the greatest breakthrough he hoped for during our lifetime would be. Unsurprisingly, Musk noted that making life multiplanetary was one, while the continued development of AI was another.

While he warned once again that it was possible that AI could eventually kill us all, he also reiterated recent statements that he believes we’ll have AI smarter than any one human by the end of next year, adding the importance of training AI to be as truthful as possible. He notes that this is crucial, even if that truth is unpopular, and he says he’s hopeful that AI will eventually foster humanity, rather than destruction, through this approach.

He also gave the example of Galileo, saying that AI at his time would also believe that the sun revolved around the Earth, since that was what most (not Galileo) believed at the time. Musk went on to note that AI must both know the truth and be able to say the truth, even if it was unpopular.

You can see this under-two-minute interview with Musk below, courtesy of the YouTube channel Music & Medicine.

In another interview, Musk also joked to Variety reporters that we could see an AI win the presidency by 2032, after laughing off a question about who would win the U.S. Presidential election this year.

Who will win the U.S. presidential election in 2024? Elon Musk weighs in from the carpet at the Breakthrough Prize ceremony. pic.twitter.com/qnw8k5jHVy

— Variety (@Variety) April 14, 2024

The event included a number of presenters, including Robert Downey Jr., Kim Kardashian, Regina King, Brie Larson, Rob Lowe, Alicia Keys, Venus Williams, Michelle Yeoh, and others, still. The board for the Breakthrough ceremony is also made up of Meta CEO Mark Zuckerberg, entrepreneur Yuri Milner, 23andMe Founder and co-founder of Breakthrough, Anna Wojcicki, and board chair Huda Yahya Zoghbi.

It also handed out awards in four separate categories, the winners of which can be seen below:

• Breakthrough Prize in Mathematics
  • Simon Brendle (contributions to geometry)
• Breakthrough Prize in Fundamental Physics
  • John Cardy and Alexander Zamolodchikov (contributions to statistical physics, quantum field theory)
• New Horizons in Physics Prize
  • Michael Johnson and Alexandru Lupsasca (contributions to black hole photon ring studies, and detection experiments)
  • Mikhail Ivanov, Oliver Philcox and Marko Simonović (contributions to large-scale universe structure and new galaxy survey tools)
  • Laura M. Pérez, Paola Pinilla, Nienke van der Marel and Til Birnstiel (contributions to dust trap predictions, modeling and discovery)
• Breakthrough Prize in Life Sciences
  • Carl H. June and Michael Sadelain (contributions to immunotherapy development)
  • Sabine Hadida, Paul Negulescu and Fredrick Van Goor (contributions to transformative drug combinations for those with cystic fibrosis)
  • Thomas Gasser, Ellen Sidransky and Andrew Singleton (discovery of risk genes for Parkinson’s disease)

The full Breakthrough Ceremony video will be released on YouTube on April 21, and you can watch it here.

Tesla increasing compensation for AI team: Elon Musk

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On Monday, Musk spoke on a Spaces call with Nicolai Tangen, founder of Norwegian hedge fund AKO Capital, about a range of topics, especially focusing on AI, space exploration and a few details about Tesla—like its path into the automotive market in India.

Interestingly, Musk said that he thinks humans will probably have AI that’s smarter than any one human by the end of next year, while he believes that the total amount of compute power of AI will exceed all humans in five years.

“My guess is that we’ll have AI that is smarter than any one human, probably, by the end of next year,” Musk said. “The total amount of, sort of, sentient compute of AI, I think will probably exceed all humans in five years.”

The AI compute growth chart says it all https://t.co/Lj2o4CfVN8

— Elon Musk (@elonmusk) April 8, 2024

Musk also said that xAI plans to have Grok 1.5 finished by May, and that it will be better than OpenAI’s ChatGPT-4. However, like the above and many of Musk’s other claims, it’s worth taking his timelines with a grain of salt as he also announced that Grok 1.5 would be coming “next month” in January.

Along with predictions for AI and xAI’s plans, he also pointed to the need for a regulatory division to monitor the rapid growth of the AI sector, though he says the technology is already progressing at a rate that’s too fast for any regulatory agency to keep up with. He also echoed recent warnings about AI being programmed to be too politically correct, citing Google’s Gemini AI as an example.

“But I do have a comment for what I think is very important for achieving safe AI, which is that it’s very important to train the AI to be as truthful as possible,” Musk added. “I think you can get some very dangerous things when you program an AI to be politically correct.”

“I think that things may seem relatively innocuous now, but will not be so in the future if AI has immense power. You can take the Google Gemini example where it refused to produce a picture of George Washington as a white man, and any impact, any historical figure, would automatically be made diverse, because it’s been programmed to insist on diversity.

Which sounds you know, perhaps okay at first, but not if the AI has so much power that it can actually enforce diversity and decide there’s too many of one kind of people, or too many of one sex, and just kill off enough until the diversity numbers is what is programmed to believe is correct.”

You can listen to the full Spaces call here on X.

Musk has warned about some of the risks of AI in the past, calling it a potential “civilizational risk” in September and even talking to Israel Prime Minister Benjamin Netanyahu about AI concerns later that month.

Last July, Musk launched xAI as a rival to OpenAI, and the company debuted Grok as its first product in November. Musk in February filed a lawsuit against OpenAI for abandoning its open-source, non-profit mission, and last month xAI went on to officially make Grok’s model weights open-source.

Tesla increasing compensation for AI team: Elon Musk

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Of the three analyst notes we’ve covered this week, two have described lackluster outlooks for Tesla’s future. As demand begins to slightly reduce in speed and Tesla gears up for a “notably lower” growth phase due to its focus on the next-generation platform, which will be released next year, analysts are concerned about the stock’s future.

However, not every analyst looks at Tesla’s story negatively. Wedbush’s Dan Ives said in a note to investors this week that the negative sentiments are “overdone” in their opinion.

Adam Jonas believes that Tesla’s long-term picture is much bigger than just the automotive side of things, which is true. Many forget that Tesla is more than just a car company, offering energy storage, AI, and robotics projects.

However, Jonas’s newest note does not take into account the robotics portion of Tesla’s story, at least from a price target perspective. With that being said, Morgan Stanley does believe it is part of the bigger picture for the company.

“Our message to investors: Prepare for the theme of humanoid robotics to potentially accelerate in the months and years ahead for a number of factors,” Jonas writes. “WE recently discussed our thoughts in a December note where we discussed ‘mobile AI’ as akin to Cambrian Explosion that may profoundly impact our way of life.”

It’s no secret that Tesla is pushing more time into robotics and AI, and Jonas believes that “Tesla CEO Elon Musk is spending increasing amounts of time” on developing the Optimus project, its humanoid robot.

Tesla shares more footage of Optimus walking improvements

Jonas and Morgan Stanley said their $320 price target is comprised of automotive hardware, software, and energy-related businesses, leaving out the potential impact robotics could have.

“While Tesla’s competencies in computer vision, machine learning, AI, and robotics may have a multitude of adjacent commercial applications, we have not included such revenue streams (including Optimus) in our model or valuation at this time.”

Disclosure: Joey Klender owns Tesla stock.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

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Musk was interviewed by il Giornale deputy editor Nicola Porro on Saturday after his appearance at the Brothers Party-hosted festival was confirmed earlier this week. The interview, as posted on X, touched on the potential risks and benefits of the emerging AI sector, as well as Musk’s hopes that the world will fix falling birth rates. Along with these themes, Porro asked about immigration and a handful of other subjects in the roughly 45-minute interview.

Appearing at first on the stage with his son X Æ A-12, or X, Musk later handed his son off to be taken backstage during the interview. The interview begins with a question about demographics, to which Musk responds emphasizing the importance of having children to create the next generation of humans, which he says poses a civilizational risk if not done.

Roughly halfway through the interview, Porro asks Musk some questions about AI, and while Musk briefly talks about the potential risks, he notes first and foremost the potential benefits of AI. According to Musk, the use of AI will ring in an age of abundance, though it will require some regulatory oversight to ensure that kind of outcome.

“I think we need to be careful with the advent of AI,” Musk said. “But it’s very much a double-edged sword. You can think of AI as a magic genie. Digital superintelligence will be capable of doing anything.”

Musk also said that he’s strongly in favor of having regulatory oversight on AI, just as we need that with anything that can be considered dangerous to humanity.

Despite being potentially dangerous, Musk emphasized his confidence that AI will be beneficial to humanity in the long run, explaining that it

“The good part of AI is that we’re headed for a future of abundance,” Musk added. “AI and robotics will mean there are no shortage of goods and services. If you can think of it, you can have it, basically.”

Musk went on to call the potential for AI “quite profound,” continuing comparisons to the sector as a magic genie. He notes that, in many stories with a magic genie, users must still be careful about what they wish for, even if it’s for additional wishes.

In addition to AI, Porro asked Musk about the issue of immigration, to which Musk said that he was a strong supporter of legal immigration and making it more accessible for people coming into countries who plan to add value to that country. When asked if he thought Italy would be a good place to invest, Musk said that it would, but he reiterated that the country needed to work on having kids so that its next generation would have people to work in its factories.

Musk later responded “Yes” to a post of showing his statement that, if civilization doesn’t grow, nothing else matters.

Yes

— Elon Musk (@elonmusk) December 16, 2023

The interview is just the latest of Musk’s discussions on themes like AI, birth rates and immigration in a series of meetings with world leaders. In September, Musk spoke with Hungary President Katalin Novák about the world’s population collapse being one of today’s most important problems. He has also spoken about a range of related topics with world leaders, including Turkey President Recep Tayyip Erdoğan, Israel Prime Minister Benjamin Netanyahu, Thailand Prime Minister Srettha Thavisin and others this year alone.

You can watch the full interview between Niccola Porro and Elon Musk at the Italian Atreju conference below.

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AI projects have been in development for many years, but only recently have they become more complex and advanced.

In fact, many of them are becoming so innovative that some experts and others involved in the sector are calling for a pause. Elon Musk is one of the individuals who believes AI development should be slowed in an effort to keep people safe.

The White House and President Biden’s new Executive Order aims to protect humans and their rights while also examining AI development and whether certain projects should be slowed, paused, or even terminated if they pose risks to national security.

One of the more pertinent issues that the Executive Order examines is protecting Americans from AI-enabled fraud, which has become a very real threat due to deep fakes and other forms of impersonation.

The Biden Administration said it has secured voluntary commitments from 15 leading AI companies that will help drive the safe, secure, and trustworthy development of AI.

It also “consulted widely on AI governance frameworks over the past several months” with various countries, including Australia, Brazil, Canada, Chile, the European Union, France, Germany, India, Israel, Italy, Japan, Kenya, Mexico, the Netherlands, New Zealand, Nigeria, the Philippines, Singapore, South Korea, the UAE, and the UK.

Musk calls for AI Pause

In June, Musk said at the VivaTech Conference in Paris that AI development should make people “concerned.”

Biden’s AI “bill of rights” is a baby step toward Elon Musk’s call for AI regulation

Musk said:

“I have exposure to the most cutting-edge AI, and I think people should be really concerned about it. I keep sounding the alarm bell, but until people see robots going down the street killing people, they don’t know how to react because it seems so ethereal…If we are not careful with creating artificial general intelligence, we could have potentially a catastrophic outcome.”

He then called for a pause in AI development until there was regulation that could result in saved lives.

It appears that the Biden Administration’s Executive Order is the first step in ensuring responsible AI development.

I’d love to hear from you! If you have any comments, concerns, or questions, please email me at joey@teslarati.com. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at tips@teslarati.com.

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Netanyahu live-streamed the roughly 40-minute conversation, which took place in San Francisco, California, on X on Monday morning. The meeting was a part of a series of discussions Netanyahu plans to have with world AI leaders.

During the conversation, Netanyahu asked Musk how he thought the global rewards of AI could be maximized while minimizing its potential risks.

“I’ve actually met with a number of world leaders to talk about AI risk, because I think for a lot of people, unless you’re really invested in the technology, you don’t know just how significant the risk can be,” Musk responded.

Elon Musk: AI poses a ‘civilizational risk’ if not regulated

Musk and Netanyahu also discussed various applications of AI, including potential uses like senior care and precision agriculture. Additionally, Musk noted that AI might look different than some people imagine, highlighting the massive, heat-producing data centers required to power artificial general intelligence (AGI) systems.

“If you see a movie like, say, Terminator, the intelligence appears to be in the robot,” Musk said. “But actually, the intelligence is in large data centers, large server centers. And you see some of these data centers, you just see computers, like, you can practically see the curvature of the Earth. That’s how long the corridors are.”

Musk described the “gigantic, massive warehouses” that are needed to house these kinds of servers, saying that, in some cases, these buildings could hold hundreds of thousands of computers. He went on to explain that this is what would be needed for “extreme digital superintelligence.”

Hundreds of protestors also gathered outside the San Francisco meeting, criticizing Netanyahu’s recent judicial overhaul plan, which seeks to cancel a key “reasonableness standard” in the country. When the meeting was first announced, Musk said he got “the most amount of negative pushback from people at Tesla about this interview than anything else” he has done in the past.

In the meeting, Netanyahu also asked Musk to condemn anti-semitism within the confines of free speech, commenting that free speech was a “foundational” part of democracy. The question came after the Tesla CEO threatened to sue the Anti-Defamation League in recent weeks over a study claiming that X has seen a rise in hate speech since Musk took over.

“I hope you find within the confines of the First Amendment, the ability to stop not only anti-semitism, or roll it back as best you can, but any collective hatred of a people that anti-semitism represents,” Netanyahu said. “And I know you’re committed to that, and I hope you succeed in it. It’s not an easy task, but I encourage you and urge you to find the balance — it’s a tough one.”

“I’m sort of against attacking any group,” Musk responded. “Doesn’t matter who it is, I’m in favor of that which furthers civilization and which ultimately leads us to become a space-faring civilization, where we understand the nature of the universe.”

“We can’t do that if there’s a lot of infighting and hatred and negativity, so obviously I’m against antisemitism,” Musk added.

Following the one-on-one meeting, Netanyahu and Musk also had an AI roundtable discussion with OpenAI President Greg Brockman and MIT physicist Max Tegmark, which was also streamed on X.

You can watch the full conversation between Israel’s Prime Minister Benjamin Netanyahu and Tesla CEO Elon Musk below on X, or watch the roundtable discussion on AI here.

LIVE: Speaking with @elonmusk about how we can harness the opportunities and mitigate the risks of AI for the good of civilization. https://t.co/XiAQwOXzcP

— Benjamin Netanyahu – בנימין נתניהו (@netanyahu) September 18, 2023

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