WeRide Rockets 66% Higher as Nvidia Discloses $24 Million Stake
Shares of WeRide (NASDAQ:WRD) are rocketing 66% higher in morning trading after Nvidia (NASDAQ:NVDA | NVDA Price Prediction) took a 1.7 million-share stake in the company worth $24.65 million. The stock of the Chinese self-driving car startup had been up…
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Shares of WeRide (NASDAQ:WRD) are rocketing 66% higher in morning trading after Nvidia (NASDAQ:NVDA | NVDA Price Prediction) took a 1.7 million-share stake in the company worth $24.65 million.
The stock of the Chinese self-driving car startup had been up as much as 130% at the market opened, but investors began taking profits soon after.
No love for these stocks
In a Form 13F-HR filing with the Securities & Exchange Commission, Nvidia revealed today it shook up its portfolio. It no longer had any love for AI voice recognition expert SoundHound AI (NASDAQ:SOUN), as it completely dumped its stock. Shares of SOUN have lost a quarter of their value today.
Nvidia was also cold-hearted towards Arm Holdings (NASDAQ:ARM) as it slashed its stake in the chipmaker by 44%. It was exactly one year ago that Nvidia unveiled a $147 million position in its peer. ARM stock was down 4.5%.
Another stock on the outs was Serve Robotics (NASDAQ:SERV), which went tumbling over 40% this morning, while Israel-based medtech specialist Nano X Imaging (NASDAQ:NNOX) was sinking more than 13% after Nvidia sold off its stake.
Driving in the autonomous vehicle market
In addition to WeRide, Nvidia also sent a Valentine to Nebius Group (NASDAQ:NBIS), an AI tech infrastructure stock. It picked up almost 1.2 million shares worth $33 million. NBIS stock was rising 10%.
WeRide, however, is new to the public markets, only having its IPO last October. Its stock had only gained about 3% before the Nvidia investment, but had been gaining ground in the last few weeks after being chosen as a supplier for a new autonomous vehicle project in Switzerland.
The self-driving car stock operates in 30 cities across nine countries and is looking to expand further into Japan, Europe, and the Middle East. Ride-sharing app Uber Technologies (NYSE:UBER) has partnered with WeRide as it seeks to eventually do away with its drivers and build out an autonomous vehicle fleet.
WRD stock is currently trading at $29 a share after closing yesterday at $17.17 per share.
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After two decades of patrolling the dark corners of suburbia as a police officer, Rich Duprey hung up his badge and gun to begin writing full time about stocks and investing. For the past 20 years, he’s been cruising the markets looking for companies to lock up as long-term holdings in a portfolio while writing extensively on the broad sectors of consumer goods, technology, and industrials. Because his experience isn’t from the typical financial analyst track, Rich is able to break down complex topics into understandable and useful action points for the average investor. His writings have appeared on The Motley Fool, InvestorPlace, Yahoo! Finance, Money Morning, and, of course, 24/7 Wall St. He has been featured in both U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, and USA Today.
