Investor Cathie Wood said on Monday that enterprises like Space Exploration Technologies Corp. (NASDAQ:SPCX) and Tesla Inc. (NASDAQ:TSLA) had the potential to grow the Gross Domestic Product (GDP) to previously unseen levels.
‘Genius’ Elon Musk Taking GDP to the Next Level
In a post on the social media platform X, Wood shared a clip talking about Musk’s companies, saying that the world had “been in a 3% GDP growth world for so long,” but SpaceX and Tesla were leading “us into this 7% to 9% real GDP growth world, and we can’t get our heads around it.”
Wood said that the world had been growing at 3% for 125 years and that there was a “discontinuity happening” currently that “the inventor and genius of our time is leading us towards.” Wood added that she could not “wait for it to happen.”
ARK Sees Massive Tesla Upside
The comments come as ARK Invest had, earlier this month, predicted that Tesla could reach a price of $4,400 per share by 2031 and that the company’s Robotaxi service would account for 80% of its enterprise value. The firm’s bull case for Tesla sees the stock reach a $5,000 price by 2031.
The firm also said that Tesla could go beyond Robotaxis and expand its transportation horizons, even sending Robotaxis underground via collaborative efforts with The Boring Company. The firm also sees a merger between Tesla and SpaceX in the near future, calling the move a “substantial” boost for shareholders.
Jim Chanos Slams $40 Billion Data Center Pivot
Amid bullish remarks, short seller Jim Chanos expressed skepticism about Musk’s $40 billion terrestrial data center credit raise, pointing to SpaceX’s plan to establish orbital data centers at the time of its IPO in June. “What percentage of the 10 GW of capacity being built out by $SPCX in 2027 is terrestrial?” Chanos asked.
Investor Gary Black of The Future Fund LLC, on the other hand, warned Tesla supporters against believing Musk’s earnings projections during Tesla’s Q3 earnings call at face value, warning that “competitors’ targets and actions, customer feedback, and supplier activity” were important as well when valuing a business.
Price Action: Tesla shares were up 0.67% at $394.24 during pre-market trading on Tuesday, according to Benzinga Pro data. SpaceX shares were up 0.92% at $148.25.
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Photos courtesy: Ark Invest and Shutterstock
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