10 Trending AI Stocks on Wall Street Right Now

6. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 145

Uber Technologies, Inc. (NYSE:UBER) is one of the 10 Trending AI Stocks on Wall Street Right Now. On June 23, Citizens JMP analyst Andrew Boone reiterated a “Market Perform” rating on the stock based on limited near-term impact from Waymo’s independent expansion.

Analysts are incrementally positive on Uber shares despite a significant slowdown in growth in San Francisco, and mileage growth falling behind supply growth. This slowdown reflects deteriorating quarter-over-quarter utilization of Waymo vehicles.

Despite the challenges in utilization, what makes the firm positive on the shares is its estimate that Waymo One currently maintains positive unit-level gross profit margins of approximately 18%.

It is also expected that Waymo will continue to launch its Waymo One service in new markets independently instead of partnering with Uber. This, the firm believes, will help it to enhance its direct-to-consumer relationships, that was a success in endeavours such as Uber Eats and advertising.