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Synaptics (SYNA) stock soared more than 6% on Thursday after the Internet of Things (IoT) technology developer announced an artificial intelligence (AI) collaboration with Alphabet’s (GOOGL)-owned Google.
The company said it will partner with Google on Edge AI to “define the best implementation of multimodal processing for context-aware computing in the IoT.”
Synaptics said the deal will integrate Google’s machine learning core with Synaptics Astra hardware. It said the combination will accelerate the development of AI devices for IoT that “support the processing of vision, images, audio, sound, and other modalities” used in a variety of applications.
Chief Product Officer Vikram Gupta said the world is “on the brink of a transformative era for edge AI devices,” and said the collaboration with Google “is based on our shared commitment to leverage open frameworks as a catalyst for disruption in the edge IoT space.” It reflects our vision.”
Despite today’s gains, Synaptics stock has lost more than a quarter of its value over the past year. Alphabet’s stock price has fallen less than 1%, but is up nearly 40% since the beginning of 2024.
