Why Gores Metropoulos Stock Skyrocketed Today
Shares of Gores Metropoulous (NASDAQ: GMHI) have skyrocketed today, up by 17% as of 12:30 p.m. EST, after Luminar announced a major design win with Intel's (NASDAQ: INTC) Mobileye subsidiary. Gores Metropoulous is a special purpose acquisition company (SPAC) that is in the process of merging with Luminar to take the latter company public.
Luminar will provide automotive lidar hardware to Mobileye as it continues to develop autonomous vehicle technologies. Mobileye has historically eschewed laser-based lidar in favor of relying primarily on cameras and computer vision, so the adoption of lidar marks a significant strategic shift for the company, which was acquired by Intel in 2017.
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Source Fool.com
