Why BlackBerry Stock Zoomed Over 13% Higher on Monday
Key Points
And that was just one of the two new deals it announced on Monday.
The second is a major software agreement with a Chinese EV manufacturer.
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A pair of deals announced by BlackBerry (NYSE: BB) got Mr. Market rather excited about the veteran tech company's future. Collectively, they pushed into the stock throughout Monday's trading session, and by the closing bell, it had gained more than 13%.
That's one powerful partner
For years now, BlackBerry's Internet of Things (IoT) division, QNX, has been the engine of the company's growth, particularly since its technology is used in many next-generation assisted-driving applications.
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Arguably, the more impactful of the two Monday deals was the one BlackBerry struck with the titan of graphics processing, Nvidia. Under this arrangement, the two companies will expand their collaboration to integrate QNX's operating system with Nvidia's "super edge" IGX Thor computer.
According to BlackBerry, this will help advance both edge computing and the development of artificial intelligence (AI). The company quoted QNX's president, John Wall, as saying that the agreement "brings together a trusted real‑time safety foundation and a powerful functional safety platform for edge AI."
Separately but on the same day, the company announced that China-based electric vehicle (EV) company Leapmotor had selected QNX as a key software solutions provider. QNX technology will become foundational in Leapmotor's D19 electric SUV, the production of which is planned to begin this month.
A solid one-two punch
BlackBerry did not disclose the financial details of either arrangement, but that wasn't necessary to generate the waves of investor excitement on Monday.
Both deals are significant "gets" for QNX, and together they bolster the business unit's already-strong reputation as a developer of highly reliable -- and rather flexible -- technology solutions. I'd say either is reason alone to buy or hold BlackBerry stock.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends BlackBerry. The Motley Fool has a disclosure policy.
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