Shares of Tesla Inc. soared more than 9% on Monday after Morgan Stanley analysts predicted that the electric carmaker's market capitalization could jump almost $600 billion as a result of the development of its Dojo supercomputer, which the company plans to use to analyze massive amounts of data from Tesla vehicles in order to assist its Autopilot and train its fleet of driverless cars.
Morgan Stanley analysts led by Adam Jonas said in a note that Dojo can open up new markets for Tesla, that "extend well beyond selling vehicles at a fixed price." "Investors have long debated whether Tesla is an auto company or a tech company. We believe it's both, but see the biggest value driver from here being software and services revenue," the analysts stated.
Tesla surged 9.01% to $270.9200 at 12:41 pm ET.
