By Dean Seal
Shares of Beamr Imaging soared after the company said it has teamed with Nvidia to accelerate adoption of its newest video standard, AV1.
The stock was up 80% at $3.80 in premarket trading. When the market closed Friday, shares had already risen 46% since the start of the year.
The Israeli company said Monday morning that its new AOMedia Video 1 format, or AV1, is facing slow adoption due to the complex and costly processes of upgrading existing video libraries in growing markets, including artificial intelligence, machine learning, streaming and user-generated content.
Beamr and Nvidia intend to jointly present a solution to that challenge at the ACM Mile-High-Video 2024 conference this week, Beamr said. The companies will describe an automated process for transferring video libraries and repositories into AV1 and facilitating that process at scale.
Write to Dean Seal at firstname.lastname@example.org
(END) Dow Jones Newswires