As the world's largest auto parts supplier, Bosch may not seem like the most obvious candidate to host a conference focused on the Internet of Things (IoT). But Bosch's ConnectedWorld event in Berlin, Germany was an ideal locale for NVIDIA (NASDAQ: NVDA) to announce a couple more IoT-related autonomous driving partnerships, this time with auto and trucking leaders Bosch and PACCAR (NASDAQ: PCAR).
Artificial intelligence (AI) systems will be one key to tomorrow's self-driving vehicles, and Bosch kicked off its gathering by revealing that it's opted to utilize NVIDIA's new-ish "Drive PX AI" car computing platform as the basis for developing "vehicles to be trained on the complexities of driving, operated autonomously and updated over the air with new features and capabilities." The collaboration with Bosch will incorporate NVIDIA's upcoming AI super chip Xavier.
Separately, NVIDIA CEO Jen Hsun-Huang also shared the news about its partnership with PACCAR, manufacturer of some of the world's most popular truck brands, to develop AI autonomous vehicles. Huang showed a demonstration of a PACCAR concept semi-truck trailer rig on a closed course handling various driving situations without anyone behind the wheel.
The market for driverless vehicles is expected to take off this year. One study forecasts that between 2016 and 2024, it will experience a compound annual growth rate of 25.7%, becoming a $20 billion market. Given the buzz autonomous driving is creating, that estimate could prove conservative, which would be fine with NVIDIA as it continues its push to become the AI solution of choice for the world's vehicle manufacturers.
Find out why Nvidia is one of the 10 best stocks to buy now
Motley Fool co-founders Tom and David Gardner have spent more than a decade beating the market. (In fact, the newsletter they run, Motley Fool Stock Advisor, has tripled the market!*)
Tom and David just revealed their ten top stock picks for investors to buy right now. Nvidia is on the list -- but there are nine others you may be overlooking.
*Stock Advisor returns as of February 6, 2017
Tim Brugger has no position in any stocks mentioned.