Cathie Wood, the star stock picker behind Tesla’s stratospheric valuation, has doubled down on her bets, citing the convergence of artificial intelligence (AI), new energy and automation for her bullishness.
The worldwide market for self-driving taxis, which Tesla is approved to test in California, is set to skyrocket, the founder and CEO of Ark Investment Management said.
“We think US$8 [trillion] to US$10 trillion for the entire autonomous taxi opportunity throughout the world, from almost nothing,” is possible, Wood said at HSBC’s Global Investment Summit in Hong Kong on Thursday. “That’s how quickly AI is going to cause these things to happen.”
Wood predicted earlier this week in a media interview that Tesla’s robotaxis would account for 90 per cent of its value of US$2,600 per share in the next five years.
AI would cause all kinds of convergence among sectors, creating a “huge opportunity”, she added.
Tesla was an example of the convergence of various sectors, Wood said. “We did not define it as an auto company. It was a robotics, energy storage and AI company.”
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