Movano Inc. (NASDAQ:MOVE) jumped 114.92% in after-hours trading to $14.98 on Wednesday after Virginia-based Corvex, the AI cloud company merging with Movano, announced a long-term GPU lease agreement.
Nvidia H200 Cluster Powers AI Development
Corvex plans to use a dedicated cluster of Nvidia Corporation’s (NASDAQ:NVDA) H200 GPUs to support an AI-powered battery technology company’s core development and proprietary algorithms.
According to Movano, the customer selected Corvex for its strong value, secure AI capabilities and large-scale operational capacity compared with other providers.
Movano stated that Corvex is providing secure, on-premise GPU clusters with hardware-enforced encryption and remote attestation, enabling customers to expand into security-conscious enterprise markets.
Jay Crystal, co-chief executive officer of Corvex, said the deployment “reflects how leading AI innovators are scaling production AI without compromising economics, market access, or operational velocity.”
Trading Metrics, Technical Analysis
Movano has a market capitalization of $5.82 million, with its stock trading in a 52-week range of $4.67 to $57.50.
The stock of the California-based health technology company has a Relative Strength Index (RSI) of 41.32.
Looking at the longer-term picture, Movano stock has faced a significant decline of 85.83% over the past 12 months. This steep drop highlights the volatility and challenges the stock has encountered, making it crucial for traders to approach with caution.
Price Action: According to Benzinga Pro data, MOVE closed Thursday at $6.97, down 2.24%.
Currently, the stock is positioned at 4.35% of its 52-week range, indicating it’s closer to the lower end of that spectrum.
Benzinga’s Edge Stock Rankings indicate MOVE stock has a negative price trend across all time frames.
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