From Nasdaq.:

Electric vehicle (EV) stocks, including Tesla, Rivian, and Nio, have plummeted more than 20% at the start of 2024 due to increasing competition and concerns about affordability.

Nvidia (NASDAQ: NVDA), known for AI, could be an underrated EV play, partnering with Mercedes-Benz on driverless vehicles.

Nvidia’s AI platform could contribute to the growth of the EV market, as it’s seeking to develop self-driving capabilities with Mercedes-Benz but does not have a specific timeline.

Although the automotive segment remains a small part of Nvidia’s business, it reported $810 million in automotive revenue during the nine-month period ending Oct. 29, 2023.

Nvidia’s AI platform for vehicles can potentially lead to a self-driving solution, making the company an overlooked EV investment poised to benefit from the industry’s growth.

Nvidia’s AI platform could be utilized by multiple car manufacturers, reducing worries of choosing the top EV brand and providing a promising growth opportunity for investors.

For those considering investing in Nvidia, key factors include growth, profitability, and safety in the EV market. The AI chips NVIDIA created for ChatGPT are indicative of a promising growth opportunity in the automotive industry.

*Stock Advisor returns as of January 29, 2024.



Read more: Nvidia’s Latest Move Could Make It a Hot Buy for EV Investors, Too