According to Bloomberg, Apple Inc. (NASDAQ:AAPL) has been granted clearance by the California DMV to test its autonomous driving tech on public roads for the first time ever. The tests are yet another indication that Apple is making progress in its efforts to develop autonomous driving technology. Many analysts expect autonomous driving to revolutionize transportation as we know it in the medium term. Not only would automated driving save tens of thousands of lives every year, but also it would offer the opportunity for cheaper ride-sharing and lower transportation costs. Boston Consulting Group estimates that 25% of all miles driven could occur in self-driving, share electric vehicles by 2030.
Apple Inc. (NASDAQ:AAPL) isn’t exactly alone in the autonomous driving hunt. A slew of tech companies such as Alphabet, Uber, Tesla, and now Intel (through its pending purchase of Mobileye) have dedicated substantial resources to make automated driving a reality in the not-so-distant future. Many of them also have testing permits for autonomous vehicles in California too. None of the companies have Apple’s brand equity or financial resources, however.
What Does The Smart Money Sentiment Say?
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113 top funds were long Apple Inc. (NASDAQ:AAPL) at the end of the fourth quarter, down 32 funds from the previous quarter. Of those 113 top funds, Warren Buffett‘s Berkshire Hathaway was arguably the most bullish, with the Oracle raising his stake by 277% in Q4 to 57.35 million shares at the end of December.
The Bottom Line
Apple Inc. (NASDAQ:AAPL) is trending due to the company making progress in its autonomous driving efforts. For more reading, check out ‘Apple’s iPhone isn’t one of ’em – 7 Smartphones with Quick Charge‘.