Chipmaker Nvidia's (NVDA) - Get NVIDIA Corporation Report shares fell sharply on Tuesday afternoon after the company confirmed that it's temporarily halting its self-driving car tests on public roads following a fatal crash involving an autonomous vehicle test by Uber last week in Arizona.
In a statement to CNBC, Action Alerts Plus holding Nvidia said that "ultimately [autonomous vehicles] will be far safer than human drivers, so this important work needs to continue. We are temporarily suspending the testing of our self-driving cars on public roads to learn from the Uber incident." The chipmaker noted that its global fleet of manually driven vehicles that are collecting data continues to operate.
The news was first reported by Reuters and attributed to an unnamed source at Nvidia's annual GPU conference being held in San Jose, California this week. The stock of Nvidia, one of the leaders in developing autonomous vehicle technology and chips, fell 7.8% to $225.52 on the news. Year to date, it's still up close to 17% and over the last 12 months, it's up 109%.
Nvidia CEO Jensen Huang gave a keynote at the conference to discuss the company's latest news and advancements around artificial intelligence, deep learning, self-driving cars and an array of other technology trends.