NVIDIA Corporation (NVDA) to Potentially Invest $500 million in Wayve

NVIDIA Corporation (NASDAQ:NVDA) is one of the Best Technology Stocks to Invest in for the Long Term. On September 19, Reuters reported that NVIDIA Corporation (NASDAQ:NVDA) has signed a letter of intent to potentially invest $500 million in Wayve, a UK-based autonomous driving technology company.

This investment is said to take place in Wayve’s next funding round. The company uses machine learning and camera sensors to teach cars how to drive. This differs from traditional systems that rely on detailed maps and coding. Moreover, NVIDIA Corporation (NASDAQ:NVDA)’s chips power Wayve’s platforms, supporting the company’s AI-driven approach.

Wayve was founded in 2017 and raised over $1 billion last year, including backing from SoftBank. In addition to NVIDIA Corporation (NASDAQ:NVDA), Uber also invested in the company in 2024. It currently tests its technology in Britain and the US, with plans to expand into Germany and Japan.

NVIDIA Corporation (NASDAQ:NVDA) develops advanced computing infrastructure focused on accelerated computing. It provides AI solutions, data center platforms, and automotive technologies for autonomous vehicles.

While we acknowledge the potential of NVDA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.