Key Takeaways
- Shares of delivery technology company Saab Robotics surged on Friday after Nvidia announced it was taking a 10% stake in the company.
- The surge coincided with a surge in shares of Soundhound AI, a voice-AI company that tripled in value the month after Nvidia revealed in mid-February that it had a stake worth just $4 million.
- Serve was spun off from Uber in 2021.
Shares of delivery technology company Serve Robotics (SERV) soared on Friday after Nvidia (NVDA) announced it was taking a 10% stake in the company, making it the latest startup to soar on the AI giant's halo effect.
Nvidia said in a regulatory filing late Thursday that it holds 3.7 million Saab shares, worth about $9.8 million based on Thursday's closing price.
Shares of Soundhound AI (SOUN), a voice AI and speech recognition company, soared in mid-February when Nvidia revealed it had taken a stake that was valued at less than $4 million at the time. Soundhound's shares have risen more than 125% since then.
Saab is a last-mile delivery company whose semi-autonomous delivery robots can be seen on the sidewalks of San Francisco and Los Angeles. Once a subsidiary of food delivery service Postmates, Saab was acquired by Uber in 2020 and then spun off in 2021.
Serve shares have risen about 130% recently. Nvidia shares are down more than 1%.
