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Nvidia just made this stock surge by 50%

Nvidia just made this stock surge by 50%
Elmaz Sabovic

As artificial intelligence takes the industry by storm, Nvidia (NASDAQ: NVDA) continues to record solid performances and is climbing the ladder when it comes to company size, as it is now in fourth place after overtaking Alphabet (NASDAQ: GOOGL).

The AI chip giant disclosed its investments in its inaugural 13F filing with the SEC. It unveiled positions in the lesser-known Nano-X Imaging Ltd (NASDAQ: NNOX), focused on pioneering medical imaging technology and solutions to advance diagnostic medicine.

The position may appear relatively small, with a modest holding of 59,632 shares valued at $379,856. However, its impact proves to be quite significant.

NNOX stock surged in pre-market trading

The news of ownership by the microchip giant had a significant impact on NNOX stock, as its value surged by more than 80% at one point in the after-hours trading, settling at $9.58 in the pre-market at the time of press, which represents an increase of 50.63% from the previous closure.

NNXOX 24-hour stock price chart. Source: Google Finance
NNXOX 24-hour stock price chart. Source: Google Finance

It would seem that analysts from TradingView are pretty bullish on this stock as well, as they awarded it with a ‘strong buy’ rating based on three ratings over the past three months, which all advise towards a ‘strong buy.’

The price target is $18.30, representing a significant upside of 187.74% from the current level, with the most optimistic forecasts going for as much as a 252.20% increase.

The price target for NNOX stock. Source: TradingView
The price target for NNOX stock. Source: TradingView

Other notable investments by Nvidia

In the same filing, Nvidia disclosed significant holdings in several noteworthy companies. These include ARM Holdings (NASDAQ: ARM) shares valued at $147.3 million, Recursion Pharmaceuticals (NASDAQ: RXRX) stock worth $76 million, SoundHound AI (NASDAQ: SOUN) with shares worth $3.67 million, and Tusimple Holdings Inc (OTCMKTS: TSPH) with holdings valued at $3 million.

It appears that the news of NVDA’s ownership has brought prosperity to these stocks, as they are currently experiencing gains in the market.

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