This Overlooked AI Trade Has Been Quietly Outperforming Nvidia Over the Last 6 Months
2026-07-30 16:23
•Ryan Vanzo •The Motley Fool
••••• •••• Axe Cap view
South Africa’s Quiet AI Play Lies Beyond Nvidia
Rivian’s autonomous vehicle push challenges Nvidia’s AI dominance, but the JSE bet lies elsewhere.
Nvidia has been the poster child for AI, but Rivian’s recent performance suggests some AI bets are flying under the radar. While Rivian, an electric vehicle maker, isn’t listed on the JSE, its drive into autonomous vehicles—especially the $1.25 billion deal with Uber for robotaxis—is notable. It’s a smaller player with real growth potential that the market has started noticing. Locally, direct play on this segment is thin. Instead, I’d look at the rand’s trajectory against the dollar and euro. A sustained tech rally in the U.S., led by AI innovation, tends to strengthen USD, which can pressure the rand (USD/ZAR). This dynamic impacts resource-sector heavyweights like AngloGold Ashanti and Sasol, which face input cost risks from a weaker rand. Watch these counters as a proxy for AI-driven global growth sentiment. If the rand holds firm despite USD strength, it could signify local resilience. Still, if AI hype deflates or supply chain issues slow EV adoption globally, Rivian and tech-linked rand strength could falter. this is just our opinion and not financial advice
Watch USD/ZAR closely and consider selective buys in commodity names like AngloGold Ashanti and Sasol, which benefit from rand strength. Avoid local tech counters like Naspers for now—they’re priced for perfection and vulnerable if global tech cools.
- USD/ZAR
- AngloGold Ashanti
- Sasol
- AI hype fades slowing EV adoption
- USD strength pressures emerging market currencies
6/10
While Nvidia remains a top AI stock, Rivian Automotive has quietly outperformed it over the last six months by heavily investing in AI-powered autonomous vehicle technology. The EV maker is positioning itself as a supplier to robotaxi operators, with a major $1.25 billion deal with Uber for 50,000 R2 SUVs. Despite current losses, Rivian's smaller market cap ($24B vs Nvidia's $4.8T) offers greater growth potential if autonomous driving becomes mainstream by 2031.
Our take is based on reporting first published by The Motley Fool.