Nvidia the Latest to Get Off the Self-Driving Bandwagon
Shares of Nvidia plunged Tuesday after the chipmaker said it would suspend testing of its autonomous vehicle technology globally.
But the Verge’s Andrew Hawkins doesn’t think the company will exit the industry entirely.
“I think that they’re trying to be cautious,” the transportation reporter said. “Nvidia has obviously been in this space for a number of years. They claim to have over 300 clients that they’re working with...so they’re still looking to stay very active in this space.”
Nvidia creates the artificial intelligence systems on which self-driving cars are built. The company has been testing its platform in New Jersey and California, as well as overseas in Japan and Germany.
One of its clients is Uber, which last week halted its own tests in the wake of a fatal crash in Arizona.
That state’s governor, Republican Doug Ducey, on Monday took the decision out of Uber’s hands, suspending the ride-hailing company himself.
Hawkins said the move marked a sharp reversal in Arizona’s attitude towards the technology.
“Up until this point, Arizona has been very welcoming of autonomous vehicle testing. It has a very light regulatory touch,” he said. “There’s really...nothing in the way of requirements for companies.
“At the same time, it seems like Governor Ducey...has a delicate balance to strike here -- being strict with Uber because they killed somebody [and] at the same time not looking like he’s looking to shut down the entire industry.”
Uber’s accident -- the first known death involving a self-driving car -- has thrown the entire autonomous vehicle industry into a soul-searching tailspin.
But it hasn’t irked rival Waymo.
The unit of Google parent Alphabet unveiled a partnership with Jaguar Tuesday, which will outfit 20,000 of its SUVs with its self-driving technology, aiming to roll out a fleet by 2020.
Aidan McClean, co-founder and CEO of UFODRIVE, joined Cheddar News to discuss how his company plans to shake up the car rental market with a digital experience. "There are no lines, there are no paperwork, there is no key collection ... no pushy insurance or pushy fuel options," he said. "You simply arrive for your electric car, use your smartphone and drive away."
Nearly half of Americans report having to side hustle to make ends meet, according to a survey from LendingTree. Jane Oates, president of WorkingNation, joined Cheddar News to discuss the state of play as families are having a difficult time with inflation and high-interest rates.
Melissa Armo, founder and owner of The Stock Swoosh, joined Cheddar News to discuss this week's markets which were little changed in trading as investors digested the latest corporate earnings results as concerns over a coming recession grow.
Peter Krull, a partner and director of sustainable investing at Prime Capital Investment Advisors company Earth Equity Advisors, joined Cheddar News to give some tips on green investments.
Investment in space was down 53% over the first three months of the year, according to a report from investment fund Space Capital. Chad Anderson, founder and managing partners of Space Capital, joined Cheddar News to discuss the funding downturn that's hit the lowest level in 14 quarters for the space industry.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.