We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Aurora Innovation, Inc. (NASDAQ:AUR) stands against other firms post strong gains amid Wall Street bloodbath.
Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A closeup of a self-driving hardware unit inside the dashboard of a passenger vehicle.
Aurora Innovation, Inc. (NASDAQ:AUR)
Aurora (NASDAQ:AUR) saw its share price spiked by 29.08 percent or $1.89 points to finish at $8.39 apiece after the company announced striking a long-term deal with Nvidia and Germany’s Continental to deploy driverless trucks.
During the Consumer Electronics Show in Las Vegas, Nvidia Chief Executive Officer Jensen Huang said that “Aurora (NASDAQ:AUR) is going to use Nvidia to build self-driving trucks” and predicted that autonomous vehicles will be “the first multi-trillion dollar robotics industry.”
The Aurora Driver, which the company says will use a SAE level four system, will be mass-produced in 2027.
Meanwhile, production samples are scheduled to arrive in the first half of 2025.
“Delivering one driverless truck will be monumental. Deploying thousands will change the way we live,” Aurora co-founder and CEO Chris Urmson said in a statement. He added that Nvidia’s chips will boost Aurora’s ability to deliver “safe and reliable” trucks at scale.
Overall, AUR ranks 1st on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.