Small robot concept stock Serve Robotics doubled its stock price, report shows Nvidia holds stake in the company
Due to NVIDIA's disclosure of holding a 10% stake in the company, the stock price of "small robot concept stock" Serve Robotics surged more than 162.7% during Friday's trading
On Thursday afternoon, July 18th, Eastern Time, Nvidia submitted a 13G report showing that it currently holds a 10% stake in Serve Robotics.
After Nvidia disclosed its shareholding information, Serve Robotics' stock price soared on Friday, with the morning session of the US stock market rising by over 162.7%, reaching a high of $6.91, marking the largest intraday gain since its IPO in the United States. Serve is a low-priced stock, with a closing price of only $2.63 per share on Thursday, with a market value of approximately $97.57 million.
Meanwhile, Nvidia maintained a downward trend, falling by over 2% in the morning session. Similarly, "AI concept stock" SoundHound, in which Nvidia also holds shares, rose by over 1.4% during the trading session.
The documents also show that these shares were not Nvidia's most recent purchases, as Nvidia has been an investor in the company since at least July 31, 2023. In July 2023, Nvidia purchased 62,500 shares of Serve Robotics stock at a price of $4 per share. In April of this year, Nvidia invested in the company again, purchasing over 1 million shares of Serve Robotics stock at a price of $2.42 per share.
What kind of company is Serve Robotics?
Public information shows that Serve Robotics is focused on the delivery industry, specializing in the development of AI-driven autonomous delivery robots. Serve's first product is a zero-emission robot that provides services to people in public areas, such as meal delivery. In mid-2023, Serve Robotics signed an agreement with Uber Eats to deploy 2,000 meal delivery robots in various cities across the United States.
In response to this, a netizen commented on social media platform X:
"Wow... Finally saw Serve Robotics (backed by Uber and Nvidia, and listed on Nasdaq). Autonomous delivery robots. Looks very stable, and obeys traffic lights. Netflix ads are just on the surface."
Currently, Serve Robotics is still preparing for next month's presentation. It will be participating in the energy investment conference EnerCom Denver, which will run from August 18th to August 21st