Why SoundHound AI, Serve Robotics, and Nano-X Imaging Are Getting Crushed Today (Hint: It Has to Do With Nvidia)
Shares of several artificial intelligence (AI) stocks in various sectors are getting crushed this morning after the AI chip king Nvidia revealed in documents filed with the Securities and Exchange Commission (SEC) that it exited its position in these companies.Shares of SoundHound AI (NASDAQ: SOUN) had fallen roughly 25% as of 10:40 a.m. ET today. Shares of Serve Robotics (NASDAQ: SERV) declined a whopping 38%, while shares of Nano-X Imaging (NASDAQ: NNOX) were down nearly 13%.Publicly traded companies are allowed to invest in other publicly traded companies, a practice Nvidia has undertaken since last year. Nvidia naturally invested in other AI stocks. While it's impossible to know the exact reason Nvidia invested, it looks like Nvidia took an interest in many companies it believed could ultimately assist its business through some kind of partnership or perhaps grow the broader AI market.Continue reading
Shares of several artificial intelligence (AI) stocks in various sectors are getting crushed this morning after the AI chip king Nvidia revealed in documents filed with the Securities and Exchange Commission (SEC) that it exited its position in these companies.
Shares of SoundHound AI (NASDAQ: SOUN) had fallen roughly 25% as of 10:40 a.m. ET today. Shares of Serve Robotics (NASDAQ: SERV) declined a whopping 38%, while shares of Nano-X Imaging (NASDAQ: NNOX) were down nearly 13%.
Publicly traded companies are allowed to invest in other publicly traded companies, a practice Nvidia has undertaken since last year. Nvidia naturally invested in other AI stocks. While it's impossible to know the exact reason Nvidia invested, it looks like Nvidia took an interest in many companies it believed could ultimately assist its business through some kind of partnership or perhaps grow the broader AI market.
