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stock rose more than 6% on Wednesday as CEO Elon Musk touted progress on the company’s forthcoming AI5 chip.
Musk said in a post on his social network X on Wednesday that the chip has reached a key engineering milestone and is getting closer to production.
Tesla is also planning to build two advanced chip factories in Austin, Texas, in partnership with SpaceX — one to make chips for vehicles and robots, and another to produce chips for use in orbital data centers.
Intel recently joined the Tesla-SpaceX Terafab project.
