There’s one thing about Tesla (NASDAQ:TSLA) that market experts know to be true; when the company kicks off a major event, it sends TSLA stock soaring. Elon Musk has proven to be a highly effective master of ceremonies, giving investors a lot to watch at both the Gigafactory Berlin Delivery Day and the Gigafactory Texas Cyber Rodeo. Now the electric vehicle (EV) leader is preparing for another important event, one that promises the reveal of several highly anticipated products and updates. Friday, Sept. 30 marks Tesla’s AI Day 2022 and the world is watching keenly to see what updates the company will reveal.
TSLA stock spent most of last week on a downward trajectory as news of the latest Federal Reserve rate hike pushed markets down. This week, it shot up as markets opened and it hasn’t stopped since. As of this writing, it is up 2% for the morning and shows no signs of slowing down. This momentum is likely to continue as Friday’s event draws near. Tesla has a significant fan base and it will be eagerly standing by to learn more about some of the company’s most exciting new products.
What AI Day Means for TSLA Stock
What’s behind the momentum pushing TSLA stock up today? Most likely, anticipation for the debut of the Tesla bot.
Last year, The Tesla AI Day brought the unveiling of the Tesla Optimus or the “Tesla Bot,” a humanoid robot that called to mind images of science fiction films for some. For others, it signaled that the future predicted by some sci-fi authors may not be so far off. News of the bot quickly captured the attention of the internet and its fans have been anxious to hear more about it. Now Tesla has promised that at AI Day 2022, they will have exactly that opportunity. On Aug. 23, it tweeted the following:
AI Day 2022 on Sept 30 🤖 pic.twitter.com/S9LZ5SefUC
— Tesla (@Tesla) August 23, 2022
The image clearly highlights the fact that Tesla is centering the event around the robot. But that’s by no means the only area that investors should be watching. One invitee tweeted the company’s description of the event, including a screenshot of the initial email”
You’re invited to attend AI Day 2022 on September 30 in Palo Alto, CA. You’ll learn about Tesla’s latest developments in artificial intelligence, including Full Self-Driving, Tesla Bot, Dojo, and more.
Investors should be keen to learn more about Tesla’s Full-Self Driving (FSD) technology. In August 2022, Musk turned many heads when he announced plans to have full autonomous Teslas on the road by 2023. That didn’t convince everyone, as the company has missed plenty of deadlines before. As InvestorPlace reported: “Tesla still has to prove it can fix all the bugs before it takes us to the self-driving future Musk has long promised.”
The Road Ahead
The news came shortly after Musk tweeted that Tesla would be increasing the price of its FSD software package. That update generated some controversy but InvestorPlace contributor David Moadel argued that it could send TSLA stock as high as $500 per share.
To fully assess how high share prices can rise, though, investors need to know more about Tesla’s FSD progress. AI Day is coming at a convenient time and all investors should be watching carefully. TSLA stock is likely to keep rising this week. Whether it keeps trending upward after that will depend on what news AI Day brings.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.