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Beyond Tesla, Bet on Elon Musk With These Stocks & ETFs

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Elon Musk, the CEO of Tesla (TSLA - Free Report) , is an enormously famous name in the business world, mainly due to his visionary goals and disruptive approaches to technology. He has made meaningful contributions to multiple industries.

Besides being the CEO of Tesla, he is the founder and CEO of SpaceX, which has reshaped the space industry by developing reusable rockets, cutting the cost of space travel. Musk co-founded SolarCity — an important provider of solar energy services in the United States. It was later acquired by Tesla.

Investors should note that there are pure-play space ETFs called ARK Space Exploration & Innovation ETF (ARKX - Free Report) and Procure Space ETF (UFO - Free Report) . Although these ETFs have displayed subdued performance this year, the products can turn around once the space industry matures (read: $1.8T Space Boom Expected by 2035: ETFs to Play).

Musk's company Neuralink is into developing brain-machine interface technology, looking to establish a direct connection between the human brain and computers, which could transform medical treatments and human cognition.

Elon Musk is known for his active presence on X, formerly known as Twitter. In 2022, Musk acquired Twitter, where he implemented several noteworthy changes. Musk intends to change the micro-blogging website to a larger concept called "X," an "everything app" that could comprise various functionalities such as messaging, social media, payments and more.

Against this backdrop, Musk's influence continues to impact market perceptions. While Tesla is down 26% this year mainly due to profitability issues, stiff competition and an overall slowdown in the electric vehicle space, there are other forms available in the market that help investors to bet big on Elon Musk’s Vision. Let’s delve a little deeper.

Musk on Artificial Intelligence

Lately, Musk has been looking to play all out in promoting artificial intelligence (AI). Tesla uses AI for its autonomous driving technology. Elon Musk co-founded OpenAI, which is famous for its Gen AI form – ChatGPT. Musk has announced a $10 billion investment in AI for Tesla this year, focusing on projects like the fully autonomous Robotaxi fleet.

One of his important ventures is the AI startup xAI, which recently amassed $6 billion in Series B funding. Cathie Wood’s ARK Invest is among the key investors, contributing $60 million to xAI. This investment indicates a strong confidence in xAI's potential, especially given its access to real-time data from other Musk-led companies like X.

In this regard, investors can play Roundhill Generative AI & Technology ETF (CHAT - Free Report) (up 23.6% this year).

Musk's Impact on SMCI and DELL

While Tesla is Musk’s sole public company, investors can indirectly access his ventures through suppliers like Super Micro Computer (SMCI - Free Report) . This strategy exposes investors to the broader AI ecosystem, benefiting hardware manufacturers and related tech holdings.

Last week, Elon Musk announced that Dell Technologies (DELL - Free Report) and SMCI will be providing hardware for his AI supercomputer project. DELL was up about 8% last week and SMCI has gained 7%. The SMCI stock has gained 217% this year, while Dell has jumped more than 90%. Investors can play SMCI via Global X Data Center And Digital Infrastructure ETF (DTCR - Free Report) as the stock has more than 5% weight in the fund.

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