News Summary

• Zoox will begin mapping and testing in Houston and San Diego.
• Waymo plans to welcome its first public riders in Denver, San Diego, and Tampa.
• The growing footprints demonstrate operational progress, but neither company disclosed how much revenue the new markets could generate.
• The long-term value for Amazon (NASDAQ:AMZN) and Alphabet (NASdaq:GOOGL) will depend on how quickly these operations achieve broad availability, attract paying riders, and demonstrate sustainable economics.
• While we acknowledge the potential of AMZN and GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.