LAZR Stock Alert: The Huge Partnership Sending Luminar Rocketing Higher Today

Luminar Technologies (NASDAQ:LAZR) stock is taking off on Tuesday after announcing a major deal with Nvidia (NASDAQ:NVDA).

Luminar (LAZR stock) sign with greenery around it

Source: JHVEPhoto/shutterstock.com

The big news that has investors in LAZR stock smiling today is Luminar Lidar being chosen for Nvidia’s DRIVE Hyperion autonomous vehicle reference platform. This is a platform designed to increase the adoption of self-driving vehicles.

DRIVE Hyperion will make use of Nvidia’s artificial intelligence (AI) to power autonomous vehicles. On top of that will be Luminar’s lidar system, which is required for sensing the environment around the automobile.

So how soon can we expect to see Nvidia’s DRIVE Hyperion system showing up on vehicles? That’s still a few years out. According to a press release, production for the AI self-driving platform is expected to start in 2024.

Austin Russell, founder and CEO of Luminar Technologies, said the following in the news release boosting LAZR stock higher today.

“The common thread between our two companies is that our technologies are becoming the de facto solution for major automakers to enable next-generation safety and autonomy. By taking advantage of our respective strengths, automakers have access to the most advanced autonomous vehicle development platform.”

Traders are also taking note of the deal with NVDA as LAZR stock sees heavy trading today. That has some 46 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 2.9 million shares.

LAZR stock was up 24.3% as of Tuesday morning but is down 30.4% since the start of the year.

Investors looking for more hot stock market news today will want to stick around!

InvestorPlace.com offers all the latest stock market coverage that traders need to know about on Tuesday. A few examples include merger news sending Naked Brand Group (NASDAQ:NAKD) stock higher, what to know about Palantir’s (NYSE:PLTR) Q3 earnings, as well as this morning’s pre-market stock movers. You can find all that info at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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