NEW YORK -- Tesla鈥檚 Dojo supercomputer could fuel a US$500 billion jump in the electric vehicle maker鈥檚 market value, analysts at Morgan Stanley said in a note Monday.

Shares of Tesla jumped more than 6% during early trading Monday morning, on the heels of the rosy prediction from Morgan Stanley鈥檚 team about the automaker鈥檚 supercomputing efforts. The Morgan Stanley team, lead by longtime Tesla analyst Adam Jonas, predicted that the massive drive in value could come from Dojo potentially unlocking new revenue streams through the wider adoption of robotaxis and software services.

The analysts compared the potential of Dojo at Tesla to the 鈥渟ame forces that have driven鈥� Amazon Web Services to propel Amazon鈥檚 profitability to new heights.

鈥淚nvestors have long debated whether Tesla is an auto company or a tech company. We believe it鈥檚 both, but see the biggest value driver from here being software and services revenue,鈥� the note stated.

Dojo, an in-house supercomputer that has been in the works at Tesla for some five years, is designed to train AI systems to complete complex tasks like assisting Tesla鈥檚 driver-assistance system Autopilot as well as help propel its 鈥淔ull Self-Driving鈥� efforts.

The Morgan Stanley analysts see Dojo as being able to open up 鈥渘ew addressable markets that extend well beyond selling vehicles at a fixed price.鈥�

The analysts added that the latest version of Tesla鈥檚 full self-driving system (expected to be unveiled at the end of the year) and Tesla鈥檚 next AI day (expected in early 2024, but yet to be announced) will be 鈥渨orth watching.鈥�

Shares of Tesla have doubled since the beginning of the year, but are still far off from the all-time intraday high of $414.50 hit in November 2021. The world鈥檚 most valuable carmaker had a market cap of some $788.74 billion as of the market close on Friday.