Cyngn (NASDAQ: CYN) shares surged by almost 18% on Thursday as the company revealed plans to integrate Nvidia AI computers into its DriveMod autonomous industrial vehicles.
Cyngn (CYN) has declared a pivotal transition towards Nvidia AI computers, a move set to transform the technology underpinning its DriveMod autonomous industrial vehicles fleet.
In a move reminiscent of Tesla’s Autopilot hardware evolution, the company is initiating a strategic shift from Intel microprocessors to Nvidia AI computers. This comprehensive transition will affect the entire DriveMod range, which includes the DriveMod Tugger, DriveMod Stockchaser, and DriveMod Forklift.
The decision by Cyngn to switch to Nvidia AI computers is a strategic step designed to enhance the performance and efficiency of its vehicles and concurrently reduce manufacturing costs. Computers from Nvidia, recognized for their superior processing capabilities and sophisticated development environment, align with Cyngn’s progressive vision for autonomous robotic platforms.
Lior Tal, the Chairman and CEO of Cyngn, recently expressed his confidence in Nvidia’s AI computers, describing them as the “platforms of the future.” He claimed that incorporating these computers into their vehicles could lead to a substantial decrease in both power usage and cost.
Tal said,
“By integrating them into our vehicles, we will not only see a reduction in power consumption but also a significant decrease in cost”.
He believes this is achievable by reducing the number of components in their DriveMod system.
According to Tal,
“We are convinced that Nvidia’s AI computers are the clear winner when it comes to powering advanced robotics platforms like DriveMod”.
He added that this initiative aligns with their ongoing investment in research and development, which is evident from their rapidly growing patent portfolio.
In his words,
“This initiative is in line with our continuous investment in R&D as evident from our rapidly growing patent portfolio”.
Cyngn (NASDAQ: CYN) Stock Movement
A remarkable upswing of 17.55% was observed in the value of CYN stock this past Thursday. The trading activity was unusually high, with 97.58 million shares traded compared to the typical daily volume of 7.43 million.
