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Shares of electric vehicle (EV) maker Tesla (NASDAQ:TSLA) are trending today on reports that a version of the company’s Optimus humanoid robot may be ready to showcase at Artificial Intelligence (AI) Day. The Tesla event is now scheduled to take place on Sept. 30.
The date for Tesla’s annual AI Day has been pushed back several times this year. However, the fact the company could debut its long-awaited robot at the event has investors intrigued regardless. TSLA stock has fallen this year along with the broader market, down nearly 32% year-to-date (YTD).
Separately, Tesla also announced today that it’s cutting 10% of its workforce amid deteriorating economic conditions. This news that has sent TSLA stock down a further 7% today.
What Is Happening with TSLA Stock?
In a post on Twitter (NYSE:TWTR), Tesla CEO Elon Musk said that Tesla’s AI Day has now been pushed back to Sept. 30, the latest in a number of delays. However, Musk also said the company “may have an Optimus prototype working by then.”
Previously, AI Day had been scheduled for Aug. 19, the same day as last year.
This upcoming event will be Tesla second-ever AI Day. Per Reuters, Musk says the goal of AI Day is to convince talented AI and software developers to join the company ranks.
Why It Matters
Optimus is a humanoid robot that Tesla is developing to perform common tasks and chores. Elon Musk has previously said the robot would launch in 2023, so the potential September debut has many TSLA stock investors and industry experts excited. In January, the CEO commented:
“Optimus could eventually address global shortages of labor, and in the short term might be able to carry items around a factory.”
That said, Tesla has a track record of over-promising and under-delivering when it comes to launch events. In the past, the company has promised to debut products like its solar panels and Cybertruck, only to see those launches put off or delayed indefinitely. Whether the Optimus robot actually debuts at this year’s AI Day is still up in the air.
What’s Next for Tesla
News that the Optimus bot could appear at AI Day this September isn’t greatly impacting TSLA stock today. Judging by the chatter on social media, though, it does have investors and fans of Elon Musk excited.
Moving forward, Tesla will have to prove yet again that it can deliver on its promised innovations.
On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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