Cyngn Inc has unveiled a strategic shift that promises to reshape the technological landscape of its fleet of DriveMod autonomous industrial vehicles by declaring its intention to transition from Intel microprocessors to Nvidia AI computers, a move reminiscent of Tesla’s revolutionary shift with its Autopilot hardware.
The announcement has sent shockwaves through the market, triggering a surge in Cyngn Inc’s stock. Thursday morning witnessed the stock opening at $0.20, a notable increase from its previous close of $0.18. The momentum is underscored by heavy trading volume, with an extraordinary 83.0M million shares changing hands, dwarfing the average of 7.09 million.
At the time of this publication, CYNGN Inc stock (CYN) has witnessed a surge.
CYNGN Inc
Current Price: $0.22
Change : +0.04
Change (%): (22.53%)
Volume: 83.0M
Source: Tomorrow Events Market Data
This strategic pivot is not merely a change in hardware; it represents a commitment by Cyngn Inc to enhance both the efficiency and capability of its entire DriveMod lineup. The DriveMod Tugger, DriveMod Stockchaser, and DriveMod Forklift will all undergo this transformative integration of Nvidia AI computers.
The decision is rooted in Cyngn’s pursuit of improved performance coupled with cost reduction. By harnessing the unparalleled processing power and advanced development ecosystem of Nvidia AI computers, Cyngn aims to streamline its DriveMod system. Chairman and CEO Lior Tal, in a statement, highlighted the forward-thinking nature of Nvidia’s AI computers, emphasizing the potential reduction in power consumption and overall cost as components within the DriveMod system are minimized.
Tal stated, “Nvidia’s computers are the platforms of the future. By integrating them into our vehicles, we will not only see a reduction in power consumption but also a significant decrease in cost as we reduce the number of components in our DriveMod system. We are convinced that Nvidia’s AI computers are the clear winner when it comes to powering advanced robotics platforms like DriveMod. This initiative is in line with our continuous investment in R&D as evident from our rapidly growing patent portfolio.”
As Cyngn embarks on this transformative journey, the integration of Nvidia AI computers into its DriveMod vehicles signifies a bold leap into a future where innovation and efficiency converge to redefine the landscape of robotic technologies. The company remains steadfast in its dedication to pushing boundaries and delivering cutting-edge solutions, with a focus on elevating the performance and safety of its autonomous vehicles in the field. This move positions Cyngn Inc at the forefront of the evolving autonomous industrial vehicle sector, showcasing its commitment to staying ahead in the rapidly advancing world of robotics.
