How Nvidia Helped Luminar Technologies Shares Soar Tuesday
Lidar sensor maker Luminar Technologies (NASDAQ: LAZR) has kept its focus on autonomous transportation, leaving other use cases for the navigation technology to its competitors. That strategy has paid off today, as the company announced a big win with semiconductor specialist Nvidia (NASDAQ: NVDA). Investors poured into Luminar stock this morning, driving shares up more than 36% in early trading. As of 10:30 a.m. EST, shares settled back with a gain of 24.5%. At the same time, Nvidia shares gained 1.4% after also trading up more earlier, about 5%.
Luminar announced that its lidar vehicle navigation solution has been selected for Nvidia's autonomous vehicle development platform. The announcement came at the semiconductor maker's virtual GPU Technology Conference (GTC) yesterday.
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Source Fool.com
