Tesla earnings: Bitcoin bags untouched as firm splashes out on AI
Tesla held onto its sizeable Bitcoin bags in the third quarter and upped its spending on artificial intelligence and research and development. Electric vehicle maker Tesla made no changes to its sizeable Bitcoin (BTC) holdings — the fifth quarter in a row — though it has directed more funds to double its computing capacity amid artificial intelligence efforts. Tesla’s Q3 2023 results released on Oct. 18 show as of Sept. 30, it held $184 million worth of digital assets — a portion of the $1.5 billion worth of Bitcoin it first bought in March 2021. The latest quarterly results mean it hasn’t bought or sold any Bitcoin since its sell-off of around 75% of its holdings in Q2 2022 when it fetched $936 million for more than 30,000 BTC. Excerpt of Tesla’s Q3 2023 balance sheet with its digital asset holdings highlighted. Source: Tesla On the other hand, Tesla reported it had “more than doubled the size” of its computing power for its AI projects, citing a growing training data set and switch...