Shares of WeRide (NASDAQ:WRD) are rocketing 66% higher in morning trading after Nvidia (NASDAQ:NVDA) 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.
24/7 Wall St. Insights:
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WeRide (WRD) stock surged 130% at the market open after Nvidia (NVDA) disclosed it had taken a $2.4 million position in the Chinese self-driving company.
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While WRD gave back a lot of those gains as investors took profits from the massive surge, the autonomous vehicle leader was given a big vote of confidence by the AI chipmaker.
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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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