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.1
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 2021.2
Serve Robotics. “Form 10-K for the fiscal year ended December 31, 2023.”
Serve shares were recently up about 130%. Nvidia’s were down more than 1%.
https://www.investopedia.com/nvidia-stake-sends-serve-robotics-stock-soaring-8680765
