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Posted inBusiness
A Big Nvidia Stake Sends Another AI Stock Soaring
Jay L. Clendenin / Los Angeles Times via Getty Images
Key Takeaways
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Shares of Serve Robotics jumped on Friday after Nvidia reported a 10% stake in the delivery technology company.
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The surge echoed that of Soundhound AI, the voice AI company that saw the value of its stock triple in the month after Nvidia disclosed a stake worth just $4 million in mid-February.
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Serve was spun off from Uber in 2021.
Shares of Serve Robotics (SERV) surged on Friday after Nvidia (NVDA) reported a 10% stake in the delivery technology company, making it the latest upstart to get a boost from the AI giant’s halo effect.
Nvidia in a regulatory filing late Thursday said it owned 3.7 million shares of Serve, a stake valued at about $9.8 million based on Thursday’s closing price.
Shares of Soundhound AI (SOUN), a voice AI and speech recognition company, jumped in mid-February when Nvidia disclosed a stake that at the time was valued at less than $4 million. Soundhound stock has since gained more than 125%.
Serve is a last-mile delivery company whose semi-autonomous delivery robots can be seen on the sidewalks of San Francisco and Los Angeles. Serve, once a subsidiary of food delivery service Postmates, was acquired by Uber (UBER) in 2020 and subsequently spun off in 2021.
Serve shares were recently up about 130%. Nvidia’s were down more than 1%.
Read the original article on Investopedia.
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