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Noted short-seller Jim Chanos says he’s impatient with Tesla;
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“Tesla in many ways epitomizes this bull market. It’s a stock of hopes and dreams,” Chanos told Bloomberg.
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Meanwhile, Chanos & Co. founder hailed Nvidia’s artificial intelligence development as the “It girl.”
Notorious short seller Jim Chanos says he’s betting against EV maker Tesla in the stock market — and hails Nvidia as its artificial intelligence “It girl.”
Chanos and company founder Elon Musk have been vocal critics of the auto company, citing growing competition from legacy automakers and the relatively small size of the luxury-car market.
“Tesla in many ways epitomizes this bull market. It’s a stock of hopes and dreams. It’s trading at 75x earnings, it’s not growing anymore,” Chanos said. he told Bloomberg..
He added: “We think the funny thing is overrated.
Chanos raised the issue of artificial intelligence as a key market theme for 2023 following the release of OpenAI’s ChatGPT. He praised Nvidia as the “It girl” of AI, he is not shorting the semiconductor company.
However, he described the dangers associated with the advancement of technology and the dangers of artificial intelligence.
“I think these technological changes, like the Internet in the ’90s, when we saw people accepting everything at first. But really what you find, when it’s a really big change, those technologies end up hurting a lot of businesses,” Chanos told Bloomberg.
Read the original article on Business Insider
