Nvidia's Ownership Stake News Sent Serve Robotics Stock Soaring 233%. Should You Also Buy This AI Stock?
Shares of Serve Robotics (NASDAQ: SERV), an autonomous sidewalk delivery company, soared 187% on Friday after artificial intelligence (AI) chip leader Nvidia disclosed via a filing with the Securities and Exchange Commission (SEC) that it owns a 10% stake in the relatively new public company. More specifically, Nvidia owns 3,727,033 shares of Serve's 37.1 million shares outstanding.
Serve Robotics stock continued its rise on Monday, with its 16.2% gain bringing its two-market-day surge to 233%.
Serve Robotics held its initial public offering (IPO) on the Nasdaq on April 18, 2024, at $4 per share. Shares closed on Monday at $8.77, up from $2.63 on Thursday before the Nvidia news broke. Prior to its Nasdaq listing, Serve's stock had traded on the OTCQB, the over-the-counter market known as the "Venture Market."
Source Fool.com
