Tesla (TSLA) Stock Rises 6% Due to AI5 Chip Milestone Progress

AI Summary

Tesla (TSLA) shares increased by over 6% on Wednesday following CEO Elon Musk's announcement of significant progress on the upcoming AI5 chip. The chip has reached a key engineering milestone and is nearing production. Additionally, Tesla and SpaceX plan to establish two chip factories in Austin, Texas. UBS analysts upgraded TSLA from sell to hold, raising the price target to $352 after highlighting a new SUV development as a positive sign for the company's product lineup.