Nvidia (NASDAQ:NVDA) shook up the market on Friday after revealing in its latest 13-F filing that it had sold off its stakes in SoundHound AI (NASDAQ:SOUN), Serve Robotics (NASDAQ:SERV), and Nano-X Imaging (NASDAQ:NNOX). The news sent shares of all three companies tumbling in premarket trading.
By 09:03:02 ET, Serve Robotics had plunged 36.31% to $14.60. A little later, at 09:03:14 ET, Nano-X was down 9.93%, trading at $6.80. SoundHound AI followed suit, dropping 24.84% to $11.46 by 09:03:25 ET.
At the same time, Nvidia has been reshuffling its portfolio. The chip giant cut its stake in Arm Holdings (NASDAQ:ARM) by 44%, leaving it with just over 1.1 million shares as of December 31, 2024. Arm shares saw a slight dip in premarket trading.
Nvidia has a history with SoundHound, first investing in the AI company back in 2017 as part of a $75 million funding round to help it expand internationally. It only disclosed its stakes in SoundHound and Nano-X in February 2024, along with other investments, including Arm.
While Nvidia has exited some positions, it's still holding onto Applied Digital (NASDAQ:APLD), Nebius (NASDAQ:NBIS), and Recursion Pharmaceuticals (NASDAQ:RXRX). More notably, the filing revealed a new bet on Chinese self-driving startup WeRide (NASDAQ:WRD), with Nvidia picking up 1.7 million shares.
The reaction was immediate, WeRide shares soared 95.24% in premarket trading, reaching $33.52 as of 09:02:23 ET.
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