Serve Robotics stock skyrockets 241% with Nvidia's $4 million investment

From Yahoo Finance: 2024-07-19 21:31:54

Serve Robotics saw a 241% increase in shares after Nvidia’s $3.7 million investment in the company was disclosed. Nvidia purchased 1.05 million shares at $2.42 per share in April, converting a 6.0% convertible debt note. The company focuses on self-driving delivery vehicles for last-mile deliveries, targeting a $275 million market valuation. Serve Robotics has generated $1 million in revenue over the past year and is backed by investors like 7-Eleven and Uber. Nvidia has also invested in other early-stage AI and robotics companies in the past, leading to significant stock price movements. Serve Robotics plans to expand to new cities like San Diego, Dallas, and Vancouver after launching operations in Los Angeles.



Read more at Yahoo Finance: Serve Robotics stock soars 241% after Nvidia takes $4 million stake in the company