GPRO - 1 Self-Driving Car and AI Stock to Watch in the Second Half of 2023
2023-07-24 06:01:00 ET
The self-driving car market might be ready to (finally) reach an inflection point. The technology has advanced, and cars in select markets around the world are actually in commercial operation ferrying passengers without a driver behind the wheel. Exciting times!
Here's one small self-driving car and AI stock that often gets overlooked: Ambarella (NASDAQ: AMBA) . Though it currently has a market cap of $3.3 billion, the chip designer has offered shareholders a wild ride over the last five years. But even with its ups and downs, Ambarella has actually done fairly well, doubling in value in that same time. Here's why it's worth watching in the second half of 2023.
Chip companies can sustain growth if they embed themselves in a market with leading, patentable chip designs, and then layer new successful designs addressing adjacent markets on top of past successes. Historically, Ambarella hasn't quite been able to pull this off. Remember when its claim to fame was supplying GoPro (NASDAQ: GPRO) with high-end video chips?
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1 Self-Driving Car and AI Stock to Watch in the Second Half of 2023