Aeva Stock Jumps 31% on Nvidia Pick

This article first appeared on GuruFocus.

Aeva Technologies (NASDAQ:AEVA) just got a major nod of approval from the AI’s finest.

Nvidia (NASDAQ:NVDA) just hand-picked Aeva’s laser-based sensor technology for its brand new DRIVE Hyperion self-driving platform, and the stock jumped as much as 31% to around $17.

This isn’t just a logo on a slide.

Nvidia’s DRIVE Hyperion platform forms the backbone of how automakers and developers are developing advanced driver-assistance and autonomous systems.

Getting picked essentially means Aeva’s tech passed through some incredibly tough tests in a space where everyone claims to have the best sensors.

For a smaller name like Aeva, that stamp of approval matters more than anything else. It moves the company from interesting startup territory into industry-backed partner, opening the doors with automakers that were sitting on the sidelines.