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shares of alphabet (NASDAQ:Google) (NASDAQ:GOOG) It fell on Thursday morning, dropping as much as 3.8%. As of 12:32 p.m. ET, the stock was still down 2.7%.
The tech giant’s stock price was triggered by troubling reports about a crash within its self-driving car division, Waymo.
talk about déjà vu
Late yesterday, reports emerged that Waymo was forced to recall the software that controls its self-driving cars. The company noted that all of its current fleet has been updated, but the cause of the recall is both humorous and alarming.
Waymo has filed a voluntary recall report with the National Highway Traffic Safety Administration regarding software previously installed in its vehicles. The company cited two separate “incidents” that occurred on Dec. 11 in Phoenix, Arizona.
Waymo’s self-driving car appears to have “contacted” (pronounced “collision”) with a pickup truck that was being towed by a tow truck. The company said the truck was “improperly towed,” causing it to swerve constantly between lanes. The tow truck driver did not stop after the collision. another Shortly after, a Waymo vehicle collided with a pickup truck.
The company was quick to point out that there were no passengers in either Waymo vehicle at the time, so there were no injuries and only “minor damage to the vehicle.”
Not ready for prime time
Self-driving cars have been a hot topic in recent months, and not in a good way. Earlier this month, a Waymo vehicle collided with a bicycle in San Francisco, resulting in minor injuries. A week later, a crowd surrounded a Waymo vehicle in the same city and set it on fire. The incident is still under investigation, likely in response to an earlier incident.
All this will happen in a few months general motors All 950 of the company’s cruise robotaxis have been recalled. The pedestrian who was the victim of the hit-and-run accident ran into an adjacent lane, was hit by the Cruise self-driving car, and was unable to stop and was dragged along.
Self-driving cars aren’t a big change for Alphabet, but some investors believe the technology could be a big growth driver in the future.
There are many reasons to buy Alphabet stock, but it’s clear that self-driving cars aren’t ready for prime time just yet.
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Alphabet executive Suzanne Frye is a member of The Motley Fool’s board of directors. Danny Vena has a job title at Alphabet. The Motley Fool has a position in and recommends Alphabet. The Motley Fool recommends General Motors and recommends the following options: Long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy.
“Why Alphabet Stock Stumbled Thursday Morning” was originally published by The Motley Fool
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