NVIDIA Corporation (NASDAQ: NVDA) is having an incredibly strong start to the trading session this morning, and for good reason. The company unveiled a license-plate-sized piece of hardware for self-driving vehicles. Of course, this led to excitement among investors, sending the stock running for the top and prompting an alert from our partners at Trade Ideas. Currently (8:38), NVDA is trading at $192.49 per share after a pre-market gain of $7.10 per share or 3.83% thus far today.
NVDA Gains On New Self-Driving Car Hardware
As mentioned above, NVIDIA Corporation is having an incredibly strong start to the trading session this morning after unveiling a new license-plate-sized piece of hardware that’s designed to further advance self-driving car technology. In fact, this piece of hardware, while it is only the size of a license plate, is expected to harness the equivalent of 100 servers in a data center. The company hopes to use the technology to enhance self-driving taxis.
The hardware unveiled by NVDA early this morning is known as the Drive PX Pegasus and is designed to specifically target the self-driving taxi industry. In particular, the company will be competing for business from firms like Uber and Lyft as they continue to fight for global dominance in the taxis space.
Pegasus will specifically target what’s known in the taxi industry as “level five” vehicles. These are vehicles that are entirely autonomous; they don’t even have steering wheels , pedals or mirrors. However, the units won’t only offer a stronger experience in the raw processing power of the hardware, they are also expected to extend the range of drive time in self-driving vehicles by reducing the amount of watts consumed by thousands! In a statement, Jensen Huang CEO at NVDA, had the following to offer:
“Driverless cars will enable new ride-adn car-sharing services… New types of cars will be invented, resembling offices, living rooms or hotel rooms on wheels. Travelers will simply order up the type of vehicle they want, based on their destination and activities planned along the way. The future of society will be reshaped.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NVDA. In particular, we’ll continue to watch the work the company is doing in the autonomous vehicle space. When these vehicles do become a mainstream product, if NVIDIA is indeed capable of reducing power use by thousands of watts while providing an incredibly powerful motherboard so to speak, they could quickly become a key player in this emerging industry. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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