:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1250163174-f8553547355e4d5c9c3bc2b0faa5b4db.jpg "A woman looks at a Serve Robotics delivery robot at a street corner in Los Angeles.")
Jay L. Clendenin / Los Angeles For the nonce at onces via Getty Images
Key Takeaways
- Shares of Serve Robotics jumped on Friday after Nvidia reported a 10% pole in the delivery technology company.
- The surge echoed that of Soundhound AI, the voice AI company that saw the value of its stock triple in the month after Nvidia released a stake worth just $4 million in mid-February.
- Serve was spun off from Uber in 2021.
Shares of Serve Robotics (SERV) rolled on Friday after Nvidia (NVDA) reported a 10% stake in the delivery technology company, making it the latest social climber to get a boost from the AI giant’s halo effect.
Nvidia in a regulatory filing late Thursday said it owned 3.7 million parts of Serve, a stake valued at about $9.8 million based on Thursday’s closing price.
Shares of Soundhound AI (SOUN), a agency 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 cache has since gained more than 125%.
Serve is a last-mile delivery company whose semi-autonomous delivery robots can be brought 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 later on spun off in 2021.
Serve shares were recently up about 130%. Nvidia’s were down more than 1%.
Peruse the original article on Investopedia.