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Luminar skyrockets as much as 44% after striking deal with Nvidia for self-driving car technology

<figure> <img src="https://i.insider.com/618a8ad080dab90018daeb4f?format=jpeg" alt="A sign is posted in front of the Nvidia headquarters on May 10, 2018 in Santa Clara, California." height="1500" width="3000" charset=""> <figcaption>Nvidia headquarters in Santa Clara, California <span class="copyright">Justin Sullivan/Getty Images</span> </figcaption> </figure><ul class="summary-list"> <li>Luminar stock shot up as much as 44% after a new self-driving car deal with Nvidia.</li> <li>Nvidia plans to implement Luminar's lidar technology in a new autonomous vehicle reference platform.</li> <li>Nvidia is rolling out several products and technologies in a push to capitalize on the metaverse opportunity. </li> </ul><p>Shares of Luminar Technologies Inc. jumped Tuesday after it announced Nvidia Corp. is using its technology in a new self-driving vehicle collaboration. </p><p>The stock was up as much as 44% in pre-market trading before paring gains. The shares were trading higher by about 20%, at $21.14 as of 10:15 a.m. ET. </p><p>Luminar said its Lidar (Light Detection and Ranging) technology will be part of the sensor suite of the Nvidia Drive Hyperion autonomous vehicle reference platform. </p><p>Luminar Technologies specializes in long-range Lidar products, with the goal of making widely available autonomous driving technology. In addition to inking a deal with Nvidia, Luminar also made a deal with Volvo earlier this year. The tech company will report earnings on Thursday later this week. </p><p>Nvidia, meanwhile, is looking to lead the way into the metaverse era with a slate of new tools. </p><p>At the company's virtual GPU Technology Conference, <a href="https://www.marketwatch.com/story/nvidia-seeks-to-lead-gold-rush-into-the-metaverse-with-new-ai-tools-11636445322">the chip maker announced</a> the rollout of several products as an expansion of its Omniverse Enterprise platform. Nvidia topped a <a href="https://www.marketwatch.com/story/nvidia-stock-rockets-toward-best-day-in-19-months-as-optimism-grows-for-metaverse-opportunity-11636041759?mod=article_inline">$700 billion valuation</a> for the first time last week. </p><p>"Nvidia has led the modern compute revolution, and the industry sees them as doing the same with autonomous driving," Luminar CEO Austin Russell said.</p><div class="read-original">Read the original article on <a href="https://www.businessinsider.com/luminar-stock-price-nvidia-lidar-autonomous-vehicles-metaverse-ai-technology-2021-11">Business Insider</a></div>
Luminar skyrockets as much as 44% after striking deal with Nvidia for self-driving car technology