Morgan Stanley: Waymo Mileage Falls Short of Expectations, Google Agent Integration Key to Revaluation

According to Chaoxiang Research, a Morgan Stanley research report dated October 6, 2026, indicates that Waymo's first-half mileage fell approximately 3% short of expectations, with San Francisco, Phoenix, and Austin all lagging behind model projections. Morgan Stanley has raised its 2028 mileage forecast by approximately 2%, expecting Waymo's revenue to reach around $20 billion by 2032, with a fleet size of 120,000 vehicles. Waymo accumulates approximately 370,000 miles per accident, roughly five times the rate of human drivers in the United States.