Cyngn Shares Jump After It Says Following Tesla's Strategy, Shifts to Nvidia AI Computers For Autonomous Vehicles

+4.52% Post

+2.05% Post

-0.09% Post

-0.59% Post

CYNGN Inc. CYN	0.00	0.00%
Intel Corporation INTC	0.00	0.00%
NVIDIA Corporation NVDA	0.00	0.00%
Tesla Motors, Inc. TSLA	0.00	0.00%

Cyngn Inc. (NASDAQ:CYN) shares are trading higher after the company disclosed a strategic shift to Nvidia Corporation (NASDAQ:NVDA) AI computers that will transform the technology powering its fleet of DriveMod autonomous industrial vehicles.

Following Tesla, Inc‘s (NASDAQ:TSLA) Autopilot hardware path, Cyngn said it is embarking on an initiative to transition from Intel Corporation (NASDAQ:INTC) microprocessors to Nvidia AI computers.

This transformation will encompass the entire DriveMod lineup, including the DriveMod Tugger, the DriveMod Stockchaser, and the DriveMod Forklift.

The company said that the processing power and development ecosystem offered by Nvidia’s computers align with its vision for the future of robotic autonomous platforms.

“We are convinced that Nvidia’s AI computers are the clear winner when it comes to powering advanced robotics platforms like DriveMod. This initiative is in line with our continuous investment in R&D as evident from our rapidly growing patent portfolio,” said Cyngn’s Chairman and Chief Executive Officer, Lior Tal.

Price Action: CYN shares are trading higher by 23.6% to $0.2260 on the last check Thursday.

Photo via Company

More This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.