Why WeRide Inc. (WRD) Soared Last Week

We recently compiled a list of the Last Week’s Top 10 Stocks Post Double-Digit Gains. In this article, we are going to take a look at where WeRide Inc. (NASDAQ:WRD) stands against the other stocks.

The stock market may have registered losses on Friday, but remained firmer on a week-on-week basis, with the bellwether indices continuing to track further developments from the growing trade tensions globally.

On a weekly basis, the Dow Jones was up 0.5 percent, the S&P 500 grew 1.47 percent, while the tech-heavy Nasdaq increased 2.57 percent.

Meanwhile, ten companies mirrored broader market optimism, booking as much as double-digit gains in just the last five trading days.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A pick-up and delivery truck speeding down a busy city street.

WeRide Inc. (NASDAQ:WRD)

Shares of WeRide Inc. (NASDAQ:WRD) nearly doubled its share prices last week, ending higher by 97.6 percent at $31.5 apiece versus the $15.94 apiece as investors gobbled up shares following giant chipmaker Nvidia Corp.’s (NVDA) purchase of 1.7 million shares in the company.

At intra-day trading on Friday, WeRide Inc. (NASDAQ:WRD) stock price soared as high as 146 percent to $42.24 apiece before early profit-taking pulled the company’s valuation lower towards the end of the trading session.

NVDA released its stake positions in several companies on the same day, which saw its 44-percent ownership reduction in British chipmaker Arm Holdings, while also exiting Serve Robotics and SoundHound AI.

Meanwhile, WeRide Inc. (NASDAQ:WRD) uses NVDA’s advanced graphic processors and AI software to power its vehicles, pushing its market capitalization to $4.71 billion as of the market close.

According to an analyst from Triple D Trading, “There is no greater vote of confidence than Nvidia taking a stake in your company.”

Overall WRD ranks 1st on our list of last week’s top gainers. While we acknowledge the potential of WRD as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than WRD but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.