Tesla’s stock jumps 10% on news of potential $500 billion market cap increase from Dojo supercomputer, says Morgan Stanley

Tesla’s stock soared by up to 10% on Monday, adding over $70 billion to its market value, thanks to Morgan Stanley upgrading the stock to “Overweight.” Morgan Stanley’s new optimism towards the electric vehicle company is driven by the potential of its Dojo supercomputer, which the bank believes can add another $500 billion to Tesla’s market value.

Analysts led by Adam Jonas have identified Tesla as a top pick and have raised their price target from $250 to $400, which translates to an upside potential of almost 50% from current levels. Jonas added that Tesla’s customer supercomputing effort, Dojo, which has been in development for the past five years, should improve Tesla’s full self-driving technology, which requires enormous computing power.

Dojo, which is made up of thousands of GPU chips from Nvidia, can speed up the development of autonomous driving capabilities, reducing the time required for training workloads from over a month to under a week. Jonas estimated that Dojo could drive $6.5 billion in cost savings for Tesla over the next few years as the company increases its computing power with the in-house developed supercomputer.

Moreover, Dojo could also help Tesla develop its humanoid robot and have broader implications for the various science projects being worked on by Elon Musk. This makes Tesla’s ownership of the supercomputer special for investors.

“The more we looked at Dojo, the more we realized the potential for underappreciated value in the stock,” Jonas said. “We believe Dojo can represent the next step-change in market perception of Tesla.”

If Tesla reaches Morgan Stanley’s $400 price target, it would have a valuation of almost $1.3 trillion. The stock reached a record high of $414.50 in November 2021.

Tesla Long (Buy)
Enter At: 279.64
T.P_1: 294.99
T.P_2: 311.74
T.P_3: 325.69
T.P_4: 341.99
S.L: 237.79


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