5 Best Self-Driving Car Stocks To Invest In

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In this article, we will take a look at the 5 best self-driving car stocks to invest in. For more stocks, head on over to 14 Best Self-Driving Car Stocks To Invest In.

5. Apple Inc. (NASDAQ:AAPL)

No of Hedge Fund Holders: 131

Apple Inc. (NASDAQ:AAPL) first expressed interest in self-driving cars in 2017, with CEO Tim Cook referring to it as “the mother of all AI projects.” While Apple Inc. (NASDAQ:AAPL) scaled back its Apple Car project in 2022, the company is still exploring advanced autonomous vehicle technology. Apple Inc. (NASDAQ:AAPL) has also been in talks with various automakers, such as Kia, General Motors and LG, for a collaboration on this project.

Here’s what Fred Alger Management said about Apple Inc. (NASDAQ:AAPL) in its Q1 2023 investor letter:

Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications, computing, and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives particularly tight engagement with consumers and enterprises, which is fostering the growing purchase of high margin services like music, apps, and Apple Pay. While iPhone sales were down year-over-year (YoY). services revenues grew 7% YoY which was slightly above analyst estimates. Company earnings were also better-than-anticipated due to lower input costs, such as memory chips and cost control initiatives. Aside from production disruptions, negative sentiment had also weighed on shares as investors questioned how an economic slowdown would affect consumer demand for Apple products in 2023. However, management projected an acceleration in earnings for the fiscal first quarter, where they noted that iPhone and services growth should remain strong, along with encouraging impacts around product mix, lower input costs, and continued cost controls.” 

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