• Read my latest article for the Australian titled, Why the onward march of AI and the tech titans demands change READ NOW

The newest new thing: Nvidia

The newest new thing: Nvidia

You gotta love a hype-induced bubble. Having been permanently ensconced in financial markets for more than three decades, I’ve seen a few, and there’s another one forming right now.

It wasn’t that long ago – 2019, if memory serves – that Softbank pumped nearly $1 billion ($940 million to be exact) into driverless delivery-vehicle startup Nuro.ai, which was set up by some ex-Google engineers and was already delivering groceries autonomously in Arizona.  It was the same year I was invited to invest (I didn’t) in Zoox, another autonomous driving hopeful.

The proliferation of suppliers was next. Audi, Tesla, Mercedes, Google, and hundreds of others including Samsung, Denso, Uber, Amazon, Honda and Microsoft jumped on the driverless bandwagon, or were vacuumed into it. At an April 2019 Detroit Economic Club event, Ford said it believed its fully driverless cars will be in commercial operation by 2021.

By October 2021, investment in driverless technology had surpassed US$44 billion.

And this was despite the discovery an Autonomous truck company called Nikola, had pushed a truck down a gentle hill, filmed it and claimed it was driving autonomously. Then, in 2022, interest rates started to rise, and just as Nickola’s founder was charged with fraud, the autonomous bubble burst.


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Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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