Why Alphabet Stock Topped the Market Today
Key Points
Its Waymo subsidiary might get quite a boost soon.
U.S. lawmakers will soon hear proposals on how to increase autonomous vehicle deployments.
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Alphabet's (NASDAQ: GOOG)(NASDAQ: GOOGL) Waymo subsidiary is a leader in self-driving technology. Given that, it was entirely reasonable for investors to trade up Alphabet stock on news that top American politicians would hold hearings on advancing such technology. Both of the tech giant's publicly traded share classes rose by more than 2% on this development.
The need for speed
The U.S. House of Representatives' energy and commerce subcommittee will convene on Tuesday, Jan. 13, to consider several draft proposals aimed at cranking up the number of autonomous vehicles allowed to be deployed on American roads.
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Among the measures that will be considered is one that would allow up to 90,000 such vehicles per year. Another proposal suggests curbing the power of individual states to set laws governing self-driving systems.
Both autonomous driving tech developers and members of the Trump administration are eager to see the technology make more progress. Last year, Transportation Secretary Sean Duffy was quoted as saying that a more relaxed regulatory framework for self-driving vehicles would make the U.S. more competitive with China, which boasts an increasingly influential next-generation auto industry.
Waymo is well on the way
Waymo cars are now common sights in certain U.S. cities (like mine, Los Angeles), while electric vehicle (EV) king Tesla started deploying its futuristic Robotaxi to the tech-friendly city of Austin, Texas last year.
The appeal of autonomous vehicles is irresistible, as is their part of the world's transportation future. Even if the subcommittee's meeting doesn't significantly advance the technology, it's yet another indication that self-driving is being taken seriously and has some degree of high-level support.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Tesla. The Motley Fool has a disclosure policy.
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