Uber stock rises on Nvidia partnership for autonomous tech

Investing.com -- Uber Technologies Inc (NYSE:UBER ) shares climbed as much as 3.2% following the announcement of a strategic partnership with Nvidia Corp (NASDAQ:NVDA ) to accelerate the development of autonomous driving technology.

The collaboration, revealed in a recent press release, is set to advance Uber's capabilities in the realm of autonomous vehicles (AVs) by leveraging Nvidia's AI platforms. Uber's CEO, Dara Khosrowshahi, stated, “Generative AI will power the future of mobility, requiring both rich data and very powerful compute.” He believes that working with Nvidia will substantially expedite the timeline for creating safe and scalable autonomous driving solutions.

The data from millions of Uber's daily trips will be used in conjunction with Nvidia's Cosmos platform and DGX Cloud to assist AV partners in building more robust AI models. Nvidia Cosmos is designed to eliminate cost and resource barriers in the development of physical AI systems, such as robots and autonomous vehicles. Meanwhile, the DGX Cloud offers a high-performance, fully managed AI platform that facilitates AI model development across multi-cloud environments.

Norm Marks, vice president of automotive at Nvidia, expressed enthusiasm about the collaboration, stating that Uber is among the first mobility leaders to adopt these platforms. This partnership is expected to empower the AV ecosystem with advanced tools and platforms, with further details to be shared later in the year.

This strategic move by Uber reflects the company's ongoing efforts to position itself at the forefront of the AV industry, an area that continues to captivate investor interest. The market's positive reaction to this news underscores the significance of AI and AV technology in shaping the future of transportation.

The partnership is a clear signal of Uber's commitment to innovation in the fast-evolving field of autonomous driving, and it highlights the potential for transformative changes in how people and goods are moved. With both companies set to benefit from this collaboration, investors will be watching closely for the impact it will have on Uber's growth trajectory and its position in the competitive landscape of autonomous mobility.

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Source: Investing.com