BMR - Israel's Beamr stock rockets amid Nvidia product launch

2023-05-25 14:30:53 ET

Israel's Beamr Imaging ( NASDAQ: BMR ) saw its shares jump as high as 265% Thursday after it announced that Nvidia ( NVDA ) had launched a new product featuring its video technology.

Shares of Beamr opened at $6, reaching an early high of $8.04 before sliding to a low of $4.12 in early afternoon. The stock was up 105% at $4.50 at around 2:00 p.m. ET.

Earlier Thursday, Beamr said that Nvidia had released NVENC Video Codec SDK 12.1 which supports Beamr's CABR technology.

Beamr made its US market debut in February, raising $8M through an initial public offering.

Based in Israel, Beamr is a provider of technology solutions for video encoding, transcoding and optimization. Its clients include video streaming platforms and Hollywood studios.

Nvidia's shares were also on a roll Thursday, fueled by a Q1 earnings report and guidance that far exceeded Wall Street expectations.

More on Beamr and Nvidia:

Nvidia soars 25% as chips rally on 'jaw dropping guidance'

Inside Nvidia: AI drives record data center revenues, while gaming recovers

Nvidia approaches $1T market cap as Wall Street praises 'jaw dropping guidance'

Israeli video tech provider Beamr shares slide 11% following $8M IPO

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