Nvidia partners with Beamr on newest AV1 video format
Beamr Imaging Ltd (NASDAQ: BMR) is up a whopping 70% in premarket on Monday following news that it has partnered with Nvidia Corp (NASDAQ: NVDA) to ramp up adoption of the newest AV1 video format.
Why hasn’t AV1 format gained popularity so far?
AOMedia Video 1 is a highly complex but efficient video format.
Still, its adoption has not been particularly encouraging so far as it costs a bundle to upgrade existing video libraries to the AV1 standard.
But today, Nvidia – together with the Israel based Beamr will jointly propose a solution to that problem at the ACM Mile-High-Video 2024 conference.
The news arrives only days after the semiconductor behemoth was reported setting up a new business unit for custom chips (find out more). $NVDA is currently up 50% versus the start of this year.
Watch here: https://www.youtube.com/embed/SpRdd8kR_o4?feature=oembedBeamr CTO comments on teaming up with Nvidia
Note that the majority of videos today use the AVC/H.264 format – a 20-year-old standard that emerged before the smartphones. According to Tamar Shoham – the chief of technology at Beamr Imaging:
Beamer technology powered by Nvidia’s encoder (NVENC) addresses [upgrading] challenges by using Nvidia’s hardware accelerated AV1 encoding with performance that is even superior to previous formats.
Beamr is slated to roll out its video cloud service powered by Nvidia on AWS on February 20th.
Nvidia Corp is also expected to report its financial results for the fourth quarter next week. Consensus is for it to earn $4.17 a share versus 65 cents per share only a year ago. Wall Street currently has a consensus “buy” rating on $NVDA.
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