Altimeter Capital founder and CEO Brad Gerstner decided to buy Tesla Inc (NASDAQ:TSLA) stock after having a “ChatGPT moment” with the electric vehicle company’s latest full self-driving release.
What To Know: Wednesday on CNBC’s “Fast Money Halftime Report,” Gerstner emphasized that when everyone else is negative about a stock, he gets excited.
“Particularly when run by a founder who’s as extraordinary a product leader as Elon Musk,” Gerstner said.
Tesla shares have faced significant selling pressure in recent months as the broader EV industry grapples with weakening demand. Slowing demand trends spurred a pricing war with competitors, which negatively impacted margins. Tesla stock is down about 27.5% since the start of the year.
The biggest thing that Gerstner believes people are overlooking, however, is Tesla’s version 12 launch of its Full Self-Driving Beta system, which he referred to as a “ChatGPT moment” for the EV maker.
“Why is that? Because they totally scrapped their prior deterministic models and have moved to an imitation learning model that really, ...