Shares of Beamr Imaging and Nvidia reached all-time highs after the companies joined forces in an effort to boost the adoption of the new video standard, AV1.
Beamr Imaging‘s stock, which has been trading for approximately a year, soared to an all-time high of $14.92 during early trading. This represents a significant increase from last week’s closing price of $2.11, reflecting a sixfold rise.
On the other hand, Nvidia experienced a 1.9% increase in shares, reaching an unprecedented high of $734.96. The stock has witnessed a growth of 48% since the beginning of the year and was valued at around $212.65 at this time last year.
Beamr Imaging, headquartered in Israel, expressed concerns on Monday regarding the sluggish adoption of their new AOMedia Video 1 format (AV1). This issue arises from the challenges posed by the complex and costly procedures involved in upgrading existing video libraries in expanding markets.
Both Beamr Imaging and Nvidia have announced plans to address this challenge during the ACM Mile-High-Video 2024 conference this week. They will present a joint solution that focuses on an automated process for seamlessly transferring video libraries and repositories into AV1, ensuring a streamlined and efficient transition on a large scale.
