The ongoing artificial intelligence boom has created multi-trillion dollar companies almost single-handedly. But the furore surrounding generative AI has been largely focused away from the automotive industry, despite the technology possessing the potential to fundamentally transform how we get from A to B in the years ahead. 

Despite investor attentions turning towards powering the AI tools of tomorrow through major infrastructure projects, data centers, and stronger GPUs, forecasts suggest that autonomous vehicle (AV) stocks may be undervalued as a sector that’s ripe for growth. 

According to Goldman Sachs insights, the market for rideshares like robotaxis alone could experience a CAGR of around 90% between 2025 and 2030. Additionally, gross margins for vertically integrated AV operators could reach 40-50% over the next three to five years, leading to gross profits for the US autonomous vehicle market of approximately $3.5 billion by 2030. 

The AV market captured the imagination of investors during the post-pandemic recovery on Wall Street. But now, as use cases continue to increase, we’re seeing a resurgence in interest for the next generation of transportation. 

Using the ARK Autonomous Technology & Robotics ETF (ARKQ) with around $2.41 billion in net assets, we can see growth of around 63% over the past year alone. 

But which stocks are set to benefit the most from this acceleration in interest? And what firms are best-positioned to become market leaders in a sector that can bring so much value to the automotive landscape? Let’s take a deeper look at three essential stocks to track as autonomous vehicles continue to reenter the spotlight: 

1. Uber (UBER)

Although the stock may not be at the forefront of the minds of investors when it comes to autonomous vehicles, Uber (NYSE:UBER) is certainly worth tracking as the firm expands its movements into the industry. 

    Uber doesn’t actually develop its own AVs, but it does operate the largest global ride-hailing network and has already begun integrating third-party autonomous fleets like Waymo into its platform. 

    Recently, Uber announced an investment of up to $1.25 billion in Rivian through 2031 as part of a plan to purchase 10,000 fully autonomous R2 robotaxis, with the option to expand orders by up to 40,000 additional vehicles from 2030. 

    Uber already has plans to launch autonomous services in cities like San Francisco and Miami in 2028, with intentions to expand to 25 cities across the US, Canada, and Europe by 2031. 

    Despite there being plenty of promise for Uber looking ahead, its stock has been stuck in a prolonged downward trend– shedding more than 15% of its value over the first five months of 2026. 

    2. Tesla (TSLA)

    By far the largest company in the race for AV market dominance, Tesla (NASDAQ:TSLA) is certainly worth tracking if you’re looking for opportunities in the future growth of autonomous vehicles. 

    "The jewel in Tesla’s crown is its continuous development of its ‘Full Self-Driving (FSD) camera-based software, which is currently on course to play a leading role in the first iterations of autonomous driving technology," explained Vsevolod Smirnov, Head of Marketing at Just2Trade.

    "It’s the sheer scale of Tesla’s autonomous driving potential that the stock can trade at a seismic trailing price to earnings (P/E) ratio of 358.7 while still representing value for money for investors." 

    Recently, JPMorgan upgraded Tesla to ‘neutral’ from ‘underweight’, directly citing that the EV giant’s valuation is increasingly driven by its focus on autonomous driving and robotics rather than its near-term earnings. 

    3. Alphabet (GOOGL)

    Crucially, Alphabet (NASDAQ:GOOGL) counts Waymo as a key subsidiary, which is a global leader in fully driverless commercial operations, otherwise known as robotaxis. 

      As a global tech giant, Alphabet has the resources to support Waymo’s transition into a dominant force throughout the AV sector, and the firm’s massive scale and AI data infrastructure could support the deployment of industry-leading vehicles in the near future. 

      Waymo has already stolen a march on its industry rivals. In Texas, for instance, Waymo’s 577-strong fleet of robotaxis throughout the state eclipse the 42 deployed by Tesla. 

      Given that Alphabet is a multifaceted AI play which will be front and center in the development of infrastructure projects over the years ahead, we’re likely to see the firm play a pivotal role in the future of autonomous driving. 

      The Beginning of the Boom

      The capabilities of autonomous vehicles are expanding at a rapid pace thanks to the ongoing AI boom. In the years ahead, we’ll see industry leaders emerge as ride hailing becomes unrecognizable compared to today. 

      Looking to the future, we’re set to see autonomous vehicle firms grow as fleets are deployed around the world, opening the door to new revenue streams at a potentially massive scale. 

      Although we may be many years away from realizing the potential of fully autonomous transportation, we’re already beginning to see which stocks are best-positioned to dominate this emerging market. 

      Disclosure: On the date of publication, Dmytro Spilka did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer. Dmytro Spilka does not intend to make a trade in any of the securities mentioned above in the next 72 hours.

      Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.