Over 4,000 delegates have gathered in Hong Kong for the three-day HSBC Global Investment Summit, taking place from March 25 to 27. The event focuses on current macroeconomics and geopolitics, exploring new investment corridors and pathways for economic growth.
Speaking on its opening day, keynote speaker, Joe Tsai, Chairman of Alibaba Group, warned delegates of a potential bubble forming in data center construction in the U.S.
“I start to see the beginning of some kind of bubble… I start to get worried when people are building data centers on spec. There are a number of people coming up, funds coming out, to raise billions or millions of capital.”
Speaking from the sidelines at the Summit, Ark Investment CEO Cathie Wood stated that her company will remain committed to Tesla, predicting that its newest “robot-taxi” technology will restore the company’s reputation and share value. Wood anticipates the stock will reach $2,600 in five years, nearly 10 times its current price.
“If you look at metrics like range and power for a given price, Tesla is very competitive, if not the most competitive, depending on the model of car… Tesla and BYD are both in the lead from an EV point of view alone. If you are layering in robotaxi, of course BYD is not seizing the moment there, at least not yet,” Wood stated.
Tesla is Wood’s largest holding, representing 10% of the $5.8 billion in assets of the ARK Innovation ETF.
By CEO NA Editorial Staff
