Tesla is designing its own computer chip for self-driving cars

Tesla is designing its own computer chip for self-driving cars

Analysts had a bullish reaction to Tesla working with Advanced Micro Devices (NASDAQ:AMD) to build a self-driving auto chip but reaffirm the previous ratings and price targets.

Tesla is reportedly working on a chip to handle all the tasks needed to power the fleet of fully self-driving cars that its CEO Elon Musk promised would be road-ready by 2019.

GlobalFoundries said in a statement that the company does not comment on customers or potential customers, and denied that Jha said the company was working directly with Tesla.

Since the split, Tesla has built a new Autopilot technology stack using non-Mobileye hardware, including Nvidia graphics processors.

The chip project, according to CNBC, is being overseen by Autopilot head Jim Keller, an eight-year Apple veteran who had designed several chips for various iPhones.

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Jefferies reckons the Tesla news is a big win for AMD as it would support its thesis that with its parallel processing GPUs, AMD is a beneficiary of the next big shift in technology.

CNBC had also said AMD spinoff GlobalFoundries is working directly with Tesla on autonomous driving technology. Shares of the stock ended the day almost 5 per cent higher and continued to rise after hours. That doesn't totally preclude AMD, which declined to comment on the report. In fact, the news until now Steves dismisses as "unsubstantiated" anyway; but even if true, whether AMD capture market share or not steal Nvidia's prime spot as "market leader".

Nvidia shares are down 2.3% premarket.

Steves maintained an outperform rating on Nvidia and a price target of 205. The chips provided by Nvidia were the backbone of Tesla's Autopilot feature.

MKM analyst Ruben Roy joins the bullish analyst party, reiterating a Buy rating on MU stock while boosting the price target from $40 to $45, which implies a 25% increase from where the shares last closed.

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