5 Best Autonomous Trucking and Vehicle Stocks To Buy Now

2. Alphabet Inc. (NASDAQ:GOOGL)

Number of Hedge Fund Holders: 204

Value of Hedge Fund Holdings: $17,286,889,000

Market Capitalization: $1.65 trillion

Alphabet Inc. (NASDAQ:GOOGL) made its entry into the autonomous driving sector back in 2009 with the launch of the Google self-driving car project, presently known as Waymo. It was spun out as a subsidiary of Alphabet Inc. (NASDAQ:GOOGL) during the corporate restructuring in 2016. Waymo is widely considered a leader in autonomous driving technology, having logged over 20 million miles of public road testing and 20 billion miles of simulation across dozens of cities in the US.

Here’s what Artisan Partners said about Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2023 investor letter:

“Our best performing stocks this quarter were Meta, Alphabet Inc. (NASDAQ:GOOG) and Heidelberg Materials. The rise in Alphabet’s share performance was primarily driven by the AI frenzy. Earlier this year, there were some doubts about Alphabet’s ability to compete with OpenAI’s ChatGPT product. This was a bit ironic since Alphabet has been using AI technology to improve its Google search results and advertising business for years. Indeed, the technology that underpins OpenAI’s ChatGPT actually came from Alphabet more than five years ago. But sometimes the market needs a reminder, and Alphabet provided tangible evidence of its capabilities. At a recent developer conference, it launched Bard, a consumer-oriented generative AI version of its search engine, as well as several other concrete examples of how AI could improve its current business. As with Meta, the long-term implications of AI on Alphabet’s business model are still far from certain. But we do believe that it is a technology leader in this field and will participate in whatever direction the technology develops.”