A Waymo autonomous self-driving Jaguar taxi drives along a street on March 14, 2024 in Los Angeles, California.
Mario Tama | Getty Images
Waymo is now providing more than 100,000 paid robotaxi rides per week in the US, according to a LinkedIn announcement by its co-CEO Tekedra Mawakana. That’s double the 50,000 weekly paid trips the company reported in May.
A spokesperson for the Alphabet-owned driverless vehicle venture told CNBC on Tuesday that San Francisco now “serves the most trips” among the cities where Waymo operates its commercial service: San Francisco, Phoenix, Austin and Los Angeles.
Last month, Alphabet announced that it was investing an additional $5 billion into Waymo, which started as a self-driving project at the company in 2009.
On Monday, Waymo revealed details about its new, “generation 6” self-driving system, which should enable the company to offer driverless services in a wider array of weather conditions and without requiring as many costly cameras and sensors in its vehicles.
Waymo, which boasts around 700 vehicles in its fleet today, operates the only commercial robotaxi service in the U.S., Waymo One.
Waymo previously partnered with the ridehailing giant Uber in Phoenix to bring its service to the app’s existing users there. In a statement on Tuesday, Waymo noted that in June 2024, it added 90 square miles to its service in Phoenix as well, making it the largest autonomous ride-hailing “territory” in the states.
This month, Waymo also expanded its San Francisco robotaxi service into three new California areas — Daly City, Broadmoor and Colma — and is now testing its driverless vehicles on freeways around the San Francisco metro area.
While CNBC could not independently confirm the company’s safety claims, Waymo also says that “over 14.8 million rider-only miles driven, the Waymo Driver was 3.5x better in avoiding crashes that caused injuries and 3x better in avoiding police-reported crashes than human drivers.”
Although commercial robotaxi services from Didi and Pony.ai are up and running in China, Waymo currently faces limited domestic competition. GM-owned Cruise experienced setbacks that took its driverless vehicles off the road temporarily, and companies including Uber and Ford have shuttered their efforts to develop robotaxis.
Elon Musk’s electric vehicle maker, Tesla, has been promising it would turn customers’ existing vehicles into driverless cars with a software update for years. However, the company has not yet produced a car capable of serving as a robotaxi. Tesla plans to unveil its CyberCab, or dedicated robotaxi, at a hotly-anticipated event on October 10.
A logo of Taiwan Semiconductor Manufacturing Company (TSMC) is seen during the TSMC global RnD Center opening ceremony in Hsinchu on July 28, 2023. (Photo by Amber Wang / AFP)
Here are TSMC’s fourth-quarter results versus LSEG consensus estimates:
Net revenue: 868.46 billion New Taiwan dollars ($26.36 billion), vs. NT$850.08 billion expected
Net income: NT$374.68 billion, vs. NT$366.61 billion expected
TSMC profit rose 57% from a year earlier to a record high, while revenue jumped 38.8%. The firm had forecast fourth-quarter revenue between $26.1 billion and $26.9 billion.
As the world’s largest contract chip manufacturer TSMC produces advanced processors for clients such as Nvidia and Apple and has benefited from the megatrend in favor of AI.
TSMC’s high-performance computing division, which encompasses artificial intelligence and 5G applications, drove sales in the fourth quarter, contributing 53% of revenue. That HPC revenue was up 19% from the previous quarter.
“The surging demand for AI chips has exceeded expectations in Q4,” Brady Wang, associate director at Counterpoint Research told CNBC, adding that revenue was also bolstered by demand for the advanced chips in Apple’s latest iPhone 16 model.
The Taiwan-based company first released its December revenue last week, bringing its annual total to NT$ 2.9 trillion — a record-breaking year in sales since the company went public in 1994.
“We observed robust AI related demand from our customers throughout 2024,” Wendell Huang, chief financial officer and vice president at TSMC, said in an earnings call on Thursday, adding that revenue from AI accelerator products accounted for “close to a mid-teens percentage” of total revenue in 2024.
“Even after more than tripling in 2024, we forecast our revenue from AI accelerators to double in 2025 as a strong surge in AI-related demand continues as a key enabler of AI applications,” Huang added.
However, TSMC may face some headwinds in 2025 from U.S. restrictions on advanced semiconductor shipments to China and uncertainty surrounding the trade policy of President-elect Donald Trump.
TSMC Chairman and CEO C.C. Wei said the company will not attend Trump’s inauguration as its philosophy is to keep a low profile, Reuters reported.
Trump, who will assume office next week, has threatened to impose broad tariffs on imports and has previously accused Taiwan of “stealing” the U.S. chip business. .
Still, Counterpoint’s Wang forecasts 2025 to be another strong year for TSMC, with significant revenue growth fueled by strong and expanding demand for AI applications, both in diversity and volume.
Taiwan-listed shares of TSMC gained 81% in 2024 and were trading 3.75% higher on Thursday.
Stocks of European semiconductor companies trading on the Euronext Amsterdam Stock Exchange rose Thursday, with ASML up 3.5%, ASM International gaining 3.75% and Besi rising 5.1%.
A soldier walks next to a Tesla Cybertruck, which was donated to the National Guard, after powerful winds fueling devastating wildfires in the Los Angeles area forced people to evacuate, in the Pacific Palisades neighborhood on the west side of Los Angeles, California, U.S. Jan. 13, 2025.
Daniel Cole | Reuters
Tesla started offering discounts on new Cybertruck vehicles in its inventory this week, according to listings on the company’s website.
Discounts are as high as $1,600 off new Cybertrucks, with the reduced price depending on configuration, and up to around $2,600 for demo versions of the trucks in inventory, the listings show. Production of the angular, unpainted steel pickups has reportedly slowed in recent weeks at Tesla’s factory in Austin, Texas.
Deliveries of the unconventional pickup began reaching customers in 2023. CEO Elon Musk originally unveiled the Cybertruck in 2019 and said it would cost around $40,000, but its base price in the U.S. was closer to $80,000 over the course of 2024.
Wall Street previously viewed the Cybertruck as an important driver of growth for Tesla’s core automotive sales.
While the Cybertruck outsold the Ford Lightning F-150 last year in the U.S. and became the fifth best-selling EV domestically, according to data tracked by Cox Automotive, its high price, repeat recalls and production issues in Austin hampered growth. In November, Tesla initiated its sixth recall in a year to replace defective drive inverters.
As CNBC previously reported, Tesla’s deliveries declined slightly year-over-year in 2024, even as EV demand worldwide reached a record. A slew of new competitive models from a wide range of automakers eroded Tesla’s market share.
According to Cox data, full-year EV sales reached an estimated 1.3 million in 2024 in the U.S., an increase of 7.3% from the prior year. But Tesla’s sales for the year declined by about 37,000 vehicles.
The Tesla Model Y SUV and Model 3 sedan ranked as the top two best-selling EVs by a wide margin. But both older, more affordable Tesla models saw sales drop from the previous year. Cox estimated Tesla sold around 38,965 Cybertrucks in the U.S. last year.
In recent days, Musk apologized to customers in California for delays in delivering their Cybertrucks. He said the trucks are now being used to bring supplies and wireless internet service to people in Los Angeles impacted by devastating wildfires.
“Apologies to those expecting Cybertruck deliveries in California over the next few days,” Musk wrote on X. “We need to use those trucks as mobile base stations to provide power to Starlink Internet terminals in areas of LA without connectivity. A new truck will be delivered end of week.”
David Solomon, CEO of Goldman Sachs, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024.
Mike Segar | Reuters
Goldman Sachs CEO David Solomon says there’s an end in sight to the multi-year IPO drought.
“It’s going to pick up,” Solomon said on Wednesday, in an on-stage interview with Cisco CEO Chuck Robbins at a summit hosted by the computer networking company in Silicon Valley. “It’s been slow, it’s been turned off.”
Solomon, who flew to California for the event just after his Wall Street bank reported fourth-quarter results that blew past analysts’ estimates, said the capital markets broadly are showing signs of life ahead of President-elect Donald Trump’s inauguration next week.
The tech IPO market has largely been dormant since the end of 2021, when tech stocks started falling out of favor due to soaring inflation and rising interest rates. Mergers and acquisitions have been difficult in technology because of hefty regulation that’s restricted the ability for the biggest companies to grow through dealmaking.
Solomon said the mood is changing, and he expects momentum M&A as well as in IPOs.
“We have a more constructive kind of optimism, which always helps,” Solomon said. He later added that, “broadly speaking, I think it’s an improved business environment.”
Earlier in the day, Solomon said on his company’s earnings call that Trump’s election and a swing back to Republican power in Washington is already starting to make an impact in the business world. He noted on the call that “there is a significant backlog from sponsors and an overall increased appetite for dealmaking supported by an improved regulatory backdrop.”
Solomon’s comments on the call and at the Cisco event came on a day when the S&P 500 posted his biggest gain since November, helped by a tame inflation report and Goldman’s results. Goldman’s stock popped 6% on Wednesday.
While the stock market has had a strong two-year run and the S&P 500 and Nasdaq hit fresh records last month, IPOs have yet to see a resurgence. Cloud software vendor ServiceTitandebuted on the Nasdaq in December, marking the first significant venture-backed IPO in the U.S. since Rubrik in April.
“The values came down after 2021, people are growing back into those values,” Solomon said at the Cisco summit.
Some companies have said they’re ready. Chipmaker Cerebras filed to go public in September, but the process was slowed down due to a review by the Treasury Department’s Committee on Foreign Investment in the U.S., or CFIUS. In November, online lender Klarna said it had confidentially filed IPO paperwork with the SEC.
Though he’s bullish about what’s coming, Solomon said that there are structural reasons not to go public. He said 25 years ago there were roughly 13,000 public companies in the U.S., and today that number has come down to 3,800. There are higher standards around disclosure for being public, and there’s now tons of private capital available “at scale.”
“It’s not fun being a public company,” Solomon acknowledged. “Who would want to be a public company?”