Two Tech Companies Team Up to Make Autonomous Car
NVIDIA Corporation (NASDAQ:NVDA) and Baidu Inc (ADR) (NASDAQ:BIDU) are in the spotlight after the two companies agreed to work together to build a self-driving AI vehicle. As China’s dominant search company, Baidu is one of the leaders in terms of researching and developing AI software. Given its GPUs, Nvidia is also one of the sector leaders in terms of developing chips suited for AI purposes. Nvidia’s CEO Jen-Hsun Huang said:
“No company in the world today has demonstrated the ability to integrate this system and deploy it at scale for millions of cars to drive by themselves. We are going to bring together our technical capabilities and expertise in AI.”
If the two companies succeed in their efforts, revenue for both companies will likely increase. Of the 749 hedge funds that we track which filed 13F’s for the latest reporting period, 50 owned $1.47 billion worth of NVIDIA Corporation (NASDAQ:NVDA) shares, while 56 were long Baidu Inc (ADR) (NASDAQ:BIDU) at the end of June.
Vera Bradley Earnings Ahead of Expectations, Shares Rise 5%
Traders are bidding up Vera Bradley, Inc. (NASDAQ:VRA) today after the company reported better-than-expected fiscal 2017 second quarter results. For the three months, Vera Bradley earned $0.14 per share on revenue of $119.2 million, beating the consensus marks by $0.01 and $0.47 million respectively. Comparable-store sales dropped by 5.7% year-over-year, pushing the company’s operating margin down by 90 basis points to 7%. For its full 2017 fiscal year, Vera Bradley expects EPS of $0.88-to-$0.92 and revenue of $510 million-to-$515 million. 16 hedge funds in our system owned shares of Vera Bradley, Inc. (NASDAQ:VRA) as of the most recent 13F reporting period, down by one fund quarter-over-quarter.