RXRX - Nano-X Imaging stock jumps on Nvidia's strategic investments

2024-02-15 07:15:53 ET

As the artificial intelligence (AI) industry continues to evolve, Nvidia (NASDAQ: NVDA) has positioned itself as a key player, recording solid performances and climbing the ranks in terms of company size.

Following the news of Nvidia’s ownership, NNOX share price surged in pre-market trading, experiencing an increase of more than 80% at one point in the after-hours trading.

Despite a relatively modest holding of 59,632 shares valued at $379,856, Nvidia’s ownership has had a significant impact on NNOX stock.

Buy rating

Analysts from TradingView have also expressed bullish sentiment towards NNOX, awarding it a ‘strong buy’ rating with a price target of $18.30, indicating a significant upside potential.

Nvidia’s investments

With its recent disclosure of investments in its inaugural 13F filing with the SEC, Nvidia’s strategic moves have caught the attention of investors and analysts alike.

Among its investments, Nvidia unveiled a position in Nano-X Imaging Ltd (NASDAQ: NNOX), a company focused on pioneering medical imaging technology and solutions to advance diagnostic medicine.

In addition to Nano-X Imaging Ltd, Nvidia disclosed significant holdings in several other noteworthy companies. These include ARM Holdings (NASDAQ: ARM), Recursion Pharmaceuticals (NASDAQ: RXRX), SoundHound AI (NASDAQ: SOUN), and Tusimple Holdings Inc (OTCMKTS: TSPH). The news of Nvidia’s ownership has brought prosperity to these stocks, as they are currently experiencing gains in the market.

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