AI is truly the Brave New World Aldous Huxley wrote about so elegantly and tonight's episode of 60 Minutes amply demonstrated the impacts, both positive and negative, it can have on our future world. And AI is already here. Last month, the Writers Guild would not renew their contracts unless producers would guarantee writers full pay even if the producer ultimately used AI to write the script. That's how prevalent it's already become in the entertainment industry. I would never want to get into a car that was guided solely by AI, trusting it would avoid accidents better than sober and alert human reaction. I personally don't want to go near autonomous vehicles with a ten foot pole, but for those of you who believe in them, here are the latest hot picks.
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TODAY'S FEATURED STOCK STORY Autonomous vehicle, or AV, technology is generally considered a can't-miss, long-term investment. Several companies have already launched fully AV services for the public in a handful of cities in the U.S. and around the world, and those services are growing and expanding rapidly.
Investors who bet on early AV market leaders could be handsomely rewarded. However, the AV industry is wide open, and the technology is still a long way from perfection.
Bank of America has listed AV technology as a key theme in the tech space. Here are some of the firm's top AV technology stocks to buy in 2023:
Alphabet Inc. (ticker: GOOG, GOOGL). Alphabet subsidiary Waymo already offers fully driverless rides in San Francisco and Phoenix, and plans to add service in Los Angeles. Bank of America analyst Justin Post says Alphabet is highly exposed to several high-growth tech trends, including internet search, cloud computing and artificial intelligence. Post says growth in mobile device usage, video streaming and connected automobiles and other devices will be long-term tailwinds. Bank of America has a "buy" rating and $125 price target for GOOGL stock, which closed at $104.64 on April 12.
Nvidia Corp. (NVDA). Nvidia is a semiconductor company that develops graphics cards and mobile processors used in personal computers, wireless devices and workstations. Nvidia also offers hardware, software and sensor packages for AVs via its DRIVE platform. The company is a diversified play on AV technology, and analyst Vivek Arya says its unique pipeline of AI technology also contributes to its massive total addressable market. Bank of America has a "buy" rating and $310 price target for NVDA stock, which closed at $264.95 on April 12.
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| STOCK | IMPLIED UPSIDE OVER APRIL 12 CLOSING PRICE | | Alphabet Inc. (ticker: GOOG, GOOGL) | 19.5% | | Nvidia Corp. (NVDA) | 17% | | Qualcomm Inc. (QCOM) | 24.7% | | Advanced Micro Devices Inc. (AMD) | 6.1% | | Uber Technologies Inc. (UBER) | 43.8% | | Baidu Inc. (BIDU) | 71.6% | | General Motors Co. (GM) | 102.2% |
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