Cathie Wood, CEO of Ark Invest, said she believes Tesla is the “biggest artificial intelligence opportunity in the world” today. “So we think it has a long way to go and it’s just getting started,” she told CNBC’s “Squawk Box Europe” on Wednesday. Tesla’s self-driving taxi opportunity “is going to be a winner,” she said. “So the first company that can get people from point A to point B in the fastest and safest way is probably going to be the biggest winner in that space,” Wood said. “In the U.S., we believe Tesla is leading the way. status, and the most interesting thing about the self-driving taxi platform is the profit structure,” she added. She likened the gross profit margin structure to that of electric vehicles, with gross profit margins ranging from 20% to 30%. “Again, this is not the largest artificial intelligence project in the world right now. We think it’s severely undervalued,” Wood said. Wood set a 2027 price target for Tesla of $2,000, a 650% upside from Tuesday’s closing price. Elon Musk has spoken about his ambition to create a fleet of self-driving electric taxis. Last year, he said Tesla would build a “dedicated” self-driving taxi that “looks futuristic,” but gave no timetable, Reuters reported. Tesla is the largest holding of Wood’s flagship Ark Innovation ETF (ARKK) fund, with a weight of 11.35%. This is an increase from its 9.4% weighting earlier this year. The investor has long been bullish on Tesla, betting it will accelerate its transition to electric vehicles. Her previous target was earnings per share of $1,500 by 2026. Wood has previously said she believes the robotaxi opportunity could bring in $8 trillion to $10 trillion in revenue by 2030. “In the self-driving industry, we’re not just talking about electric vehicles,” she said Wednesday. , supplemented by elements such as robotics and artificial intelligence. “We think this will create explosive opportunities… We see the global market growing from about $15 trillion today to $200 trillion in the next five to 10 years. Artificial intelligence is the biggest catalyst, it’s the real disruption Sexual innovation.” said. —CNBC’s Li Yun contributed to this report.
