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.

Image source: Getty Images.

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Source Fool.com