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Regulator Approves Waymo’s Expansion of Robotaxi Service in Los Angeles and San Francisco Peninsula

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Alphabet’s Waymo robotaxi unit has received approval from the California Public Utilities Commission to expand its service to parts of Los Angeles and the Bay Area, as announced in a notice posted to the regulator’s website on Friday.

“Waymo may begin fared driverless passenger service operations in the specified areas of Los Angeles and the San Francisco Peninsula, effective today,” the release stated.

In mid-February, Waymo initiated a voluntary recall filing notice with the National Highway Traffic Safety Administration, aiming to address software issues. This recall was prompted by two previously undisclosed incidents in Phoenix on Dec. 11, where unmanned Waymo vehicles collided with the same towed pickup truck within minutes of each other.

Safety officials working with Waymo on Freeway
Concerns arise over safety after Waymo’s recall due to collisions with a towed pickup truck. (Credits: Waymo)

These collisions exacerbated existing concerns about the use of autonomous vehicles in California. Competing taxi and transit service providers, along with labor activists, expressed worries about potential job losses for drivers. Meanwhile, safety advocates urged regulators and politicians to impede Waymo’s expansion in the state.

In February, the CPUC suspended Waymo’s expansion efforts for up to 120 days to allow for additional review time.

In its latest communication on Friday, the regulator approved Waymo’s new proposal, citing “Waymo’s updated Passenger Safety Plan (PSP), submitted in connection with its expanded operational design domain (ODD) for deployment,” which had also received approval from the California Department of Motor Vehicles.

Waymo Car Driving in SF
Waymo’s progress in California contrasts with the exits of Cruise and Apple from autonomous vehicles. (Credits: Waymo)

“We’re grateful to the CPUC for this vote of confidence in our operations, which paves the way for the deployment of our commercial Waymo One service in Los Angeles and the San Francisco Peninsula,” remarked a Waymo spokesperson in a statement.

Waymo’s advancements in California follow the exits of General Motors-owned Cruise and Apple from the autonomous vehicle business in the state. Meanwhile, Elon Musk’s Tesla has yet to develop an autonomous vehicle capable of safely operating without a human driver at the controls.

Regulators in California halted the operations of self-driving Cruise robot axis in October after a series of incidents, including one where a robotaxi rolled over a pedestrian who had initially been hit by a human-driven car and was then pulled forward about 20 feet by the Cruise vehicle.

Waymo’s latest approvals enable the company’s robotaxis to operate in proximity to Tesla’s Palo Alto engineering headquarters in San Mateo County. This approval specifically applies to the commercial ride-sharing service Waymo One. The company has been deploying testing vehicles in these areas for several years.

U.S. National Debt Surges, Adding $1 Trillion Every 100 Days

The debt burden of the United States has been increasing at a faster rate in recent months, with approximately $1 trillion being added every 100 days.

According to data from the U.S. Department of the Treasury, the nation’s debt surpassed $34 trillion on January 4th, after briefly exceeding this milestone on December 29th. This marks a significant acceleration, considering it reached $33 trillion on September 15, 2023, and $32 trillion on June 15, 2023. Before this, the journey from $31 trillion to $32 trillion took about eight months.

Bitcoins
Gold hits $2077/oz, Bitcoin at $67734; cryptocurrency records best month since 2020.

The U.S. debt, representing the funds borrowed by the federal government to cover its operational expenses, currently stands at nearly $34.4 trillion as of Wednesday. Michael Hartnett, an investment strategist at Bank of America, predicts that this pattern of a $1 trillion increase every 100 days will persist, with the debt likely moving from $34 trillion to $35 trillion.

“Little wonder ‘debt debasement’ trades closing in on all-time highs, i.e. gold $2077/oz, bitcoin $67734,” he wrote in a note Thursday.

Spot gold is currently hovering around $2,084 an ounce, while bitcoin was recently around $61,443. The cryptocurrency in February closed out its best month since 2020, briefly trading above $64,000 on Wednesday before pulling back. Inflows into crypto funds are on course for a “blowout year,” with an annualized inflow of $44.7 billion so far this year, Hartnett noted.

 U.S. government
Moody’s lowers U.S. government rating outlook to negative, citing rising fiscal risks and deficits.

Moody’s Investors Service lowered its rating outlook on the U.S. government to negative from stable in November due to the rising risks of the country’s fiscal strength.

“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. “Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.”