Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of electric vehicle maker NIO Inc (NYSE: NIO) look set to rise on Monday after the company announced a partnership with PC gaming company, Nvidia (NASDAQ: NVDA) that will see them develop a new era of automated electric vehicles.
NIO reported at its event on the 9th of January that the Nvidia Drive Orin powered supercomputer will be shipped to China, starting in 2022. With a 150kw battery and its high-performance vehicles, both founders are delighted to be working together.
NIO sees its supercomputer, named Adam, as a significant achievement as it provides safe and reliable autonomous driving and advanced driving capabilities of its electric vehicles. NIO's latest electric vehicles, such as the ET7 sedan will feature the latest AI-enabled capabilities.
“We are delighted to partner with NIO, a leader in the new energy vehicle revolution—leveraging the power of AI to create the software-defined EV fleets of the future,” Nvidia founder and CEO, Jensen Huang, stated.
NIO CEO William Li mentioned, “The cooperation of NIO and NVIDIA will accelerate the development of autonomous driving on smart vehicles.”
NIO shares closed at $58.92 on Friday after an 8.55% move, briefly making a new all-time high at $59.31, and with Saturday's announcement, its stock price is expected to make positive gains as investors eye up an EV company to take on Tesla.
Nvidia shares didn't see much action during the Friday session and closed down 0.55%. However, it would be no surprise to see its stock price also rise after the NIO deal announcement.
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