Self-driving car startup Wayve announced a new round of funding from major players in the semiconductor sector. Advanced Micro Devices (AMD), Qualcomm (QCOM), and Arm (ARM) have come together to invest $60 million in Wayve. Investors will note that this is a follow-on investment from the company’s $1.2 billion fundraising in February, which included an investment from Nvidia (NVDA).
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Interest in Wayve by semiconductor companies is due to its work with AI and self-driving vehicles. The company’s AI Driver is being developed for use in production vehicles as it seeks to challenge larger rivals in the space, such as Alphabet’s (GOOGL) Waymo. The company has also partnered with automakers, including Nissan (NSANY), and has a deal with Qualcomm that integrates its AI into the latter’s Snapdragon Ride platform.
Alex Kendall, co-founder and CEO of Wayve, said, “Expanding our relationships with leading silicon companies helps bring that into production at a global scale, and we’re delighted to have these partners actively working with us on integration and deployment.”
How to Invest In Wayve
Wayve is currently a private company, meaning that retail traders can’t take a stake in it. However, they might consider exposure to Wayve via companies that have invested in it. That includes those mentioned above.
Here’s a quick list of public companies investors may want to consider to gain exposure to Wayve:
Which Wayve Investor Is the Best Investment?
Turning to the TipRanks stock comparison tool, traders can see what analysts have to say about each of the companies that have invested in Wayve.
Nvidia, Uber, and Microsoft appear to be the safest ways to gain exposure to Wayve. Each of these stocks has a consensus Strong Buy rating and price targets that suggest upside potential close to 40%.
