Beamr Imaging (NASDAQ:BMR) stock is rocketing higher on Monday after the video encoding, transcoding and optimization solutions company announced a collaboration with Nvidia (NASDAQ:NVDA).
This team-up will see the two companies work together to accelerate the adoption of AOMedia Video 1 (AV1). This is an emerging video format set to replace the current one, which was established before smartphones and high-speed internet.
Beamr Imaging and Nvidia plan to present an automated process to transfer current video libraries to this new format. This will be possible through the use of Beamr Imaging’s Content-Adaptive-Bitrate technology combined with Nvidia’s NVENC encoder.
What This Means for BMR Stock
By teaming up with Nvidia, Beamr Imaging is securing its future as a player in the AV1 space. That sets it up as a long-time leader in the market with its ability to transfer and encode videos in the new format.
With this news comes a flurry of new investors buying BMR stock. That brings heavy trading to the company’s shares today. As of this writing, more than 77 million shares have changed hands. For comparison, the daily average trading volume for BMR stock is 148,000 shares.
BMR stock is up 554.5% as of Monday morning.
Investors can find even more of the most recent stock market stories ready to go below!
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On the date of publication, William White did not hold (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.
