Recursion Pharmaceuticals stock soars following $50 million investment from AI chipmaker Nvidia

Recursion Pharmaceuticals Inc.
RXRX,
+80.09%
shares soared Wednesday after the drug developer said that graphics processing unit maker Nvidia Corp.
NVDA,
+2.45%
invested $50 million in the company to boost drug discovery efforts using artificial intelligence. Recursion shares surged as much as 120% to an intraday high of $14.99, and were last up 64% at $11.11 in morning trading. The company said Nvidia, which is expected to carry about 90% of the AI chip market in initially, made the private investment in public equity to help Recursion accelerate development of its AI foundational models in biology and chemistry. Recursion said it has more than 23 petabytes of data — how much storage one needs for about 5.13 million movies on DVDs — and 3 trillion searchable gene and compound relationships. The company will use Nvidia’s BioNeMo cloud drug discovery service, which was unveiled at Nvidia’s GTC event in March.