Tesla doubles down on AI with up to $2B acquisition
Tesla is doubling down on artificial intelligence, entering into an agreement to acquire a secretive AI hardware firm in a deal worth up to $2 billion.
Most of the payout is contingent on service conditions and/or performance milestones tied to successful technology deployment.
The move is all about making Tesla smarter and pushing its tech even further.
Elon Musk ramps Tesla $25B spending
This year, Musk is ramping up Tesla's spending to $25 billion, with a big chunk going straight into AI projects like its next-generation self-driving chip.
Tesla's also expected to wind down production of its Model S and X cars next quarter to focus more on autonomous tech at its Fremont plant.
Over at SpaceX, Reuters reports the company's IPO filing estimates a $28.5 trillion total addressable market, with about $26.5 trillion expected to come from AI alone.