5 Best Autonomous Trucking and Vehicle Stocks To Buy Now

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 278

Value of Hedge Fund Holdings: $34,900,888,000

Market Capitalization: $1.33 trillion

Amazon.com, Inc. (NASDAQ:AMZN) has a 17% and 5.2% stake in Rivian Automotive, Inc. (NASDAQ:RIVN) and Aurora Innovation, Inc. (NASDAQ:AUR), respectively. The Seattle, Washington-based technology giant intends to leverage these partnerships to develop autonomous driving technology tailored to its logistics business. The company also acquired Zoox in 2020, which is developing autonomous passenger vehicles to bolster the company’s self-driving expertise. Through its partnership with Aurora, Amazon.com, Inc. (NASDAQ:AMZN) has launched an autonomous long-haul freight network called AWS Connected Vehicle Solution for trucks.

Here’s what Diamond Hill Capital said about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

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