Beamr Imaging Ltd. made headlines on Monday as its stock price soared following an announcement of its collaboration with chip powerhouse Nvidia Corp. The Israel-based content-adaptive video company saw its stock, BMR, surge by a staggering 1,556% to an intraday high of $34.94 before closing the day with a 371.6% gain. After hours, the shares rose an additional 20%, marking a significant uptrend in trading volume which spiked to 141.1 million shares, compared to the 30-day average of 268,000 shares.
The announcement revealed that Beamr will be presenting its joint research with Nvidia at the ACM Mile-High-Video 2024 conference in Denver. The research focuses on automated video modernization and aims to facilitate the transition to the AOMedia Video 1 (AV1) format from the current AVC/H.264 format used in most videos. The collaboration between Beamr and Nvidia will introduce an automated process to transfer video libraries and repositories into the AV1 format while ensuring video quality with an optimized bitrate using Nvidia’s hardware.
Beamr’s stock had closed at $2.11 on Friday, compared to the initial public offering price of $4. The company’s collaboration with Nvidia, a leading stock in the S&P 500 index, has generated significant investor excitement. However, it’s important to note that the collaboration was already mentioned in the company’s IPO filing last year, indicating that the news is not entirely new.
