Posted 2/15/2024, 4:53:59 PM
Nvidia Bets on AI, Sends SoundHound, Arm, Recursion Stocks Soaring
- Nvidia's investments in AI companies Arm Holdings, SoundHound AI, and Recursion Pharmaceuticals sent their stock prices surging
- SoundHound AI's stock saw the biggest one-day gain, popping 80% at open before settling around 50% higher
- Nvidia's stamp of approval carries weight with investors enthusiastic about AI names
- Nvidia's own stock price and revenue have soared over 200% in the past year amid high demand for its AI chips
- Nvidia disclosed the investment stakes in an SEC filing, showing it owns shares worth $3.67 million in SoundHound and over $147 million in Arm