Israeli medical imaging system manufacturer Nano-X Imaging Ltd. ADR (NNOX) closed up 36.32% to $12.95 on Friday, continuing its 49.37% increase on February 15 (up over 103.6% in two days). The cumulative increase this week was 120.99%, approaching the 149.26% increase for the week of May 5, 2023. The market value of the medical device company, which develops X-ray sources based on a novel digital MEMS semiconductor cathode, increased its market value by about $400 million in just two trading days.
This week, Nvidia revealed that it holds shares in this company, but how Nvidia holds about $380,000 worth of company shares is not what most investors expected. Nvidia reported in 2017 that it holds shares in Zebra Medical, an Israeli startup focused on using artificial intelligence (AI) technology to read medical images. Four years later, Nano-X acquired Zebra Medical in an all-share deal, so that part of Nvidia's shares was converted into Nano-X shares. John Hempton, chief investment officer of Bronte Capital Management, recently stated that (after Nvidia disclosed this week's Nvidia report) the market believes that Nvidia “consciously bought” Nano-X shares, but (in fact) “Nvidia did not intentionally choose to buy Nano-X shares.”
Nano-X shares fell 9.5% during Friday's after-hours trading, and the stock closed up 36% on Friday.
On Wednesday, Nvidia revealed in a regulatory filing that it holds shares in several listed companies, including Arm, SoundHound AI, Recursion Pharmaceuticals, Nano-X Imaging, and Tucson Future. On Thursday, with the exception of a slight increase in Arm's recent market capitalization that surpassed 130 billion US dollars, the stock prices of other companies supported by Nvidia soared like crazy after the release of this 13F document.