Please ensure Javascript is enabled for purposes of website accessibility
Free Article Join Over 1 Million Premium Members And Get More In-Depth Stock Guidance and Research

Why BlackBerry Stock Is Skyrocketing Today

By Chris Neiger - Dec 1, 2020 at 1:33PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

BlackBerry and AWS announced an agreement to develop an intelligent vehicle data platform.

What happened

Shares of BlackBerry ( BB -0.55% ) shot up today after the company announced that it's joining forces with's cloud computing branch, Amazon Web Services (AWS), to develop and market its intelligent vehicle data platform, called IVY.

The tech stock spiked as much as 65.1% and shares were up by 45.5% as of 1:14 p.m. EST.

So what

BlackBerry said that its IVY platform will allow automakers "to provide a consistent and secure way to read vehicle sensor data" and use it to create new vehicle services or provide a better experience for drivers. For example, BlackBerry said IVY could analyze hazardous weather conditions using a vehicle's sensors and recommend that a driver enable their traction control or lane-keeping assist features. 

Three line graphs pointing up.

Image source: Getty Images.

AWS CEO Andy Jassy said in a statement that "AWS and BlackBerry are making it possible for any automaker to continuously reinvent the customer experience and transform vehicles from fixed pieces of technology into systems that can grow and adapt with a user's needs and preferences."

The joint effort between the two companies is a multi-year, global agreement that will provide automakers with vehicle insights and capabilities through the IVY platform. BlackBerry said it will utilize AWS' Internet of Things and machine-learning systems for some of IVY's capabilities.

Now what 

Investors were clearly happy with today's agreement between the two companies and sent BlackBerry's stock soaring. BlackBerry's share price has been in negative territory most of this year, but with today's gains, its stock is up 38% year to date.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis – even one of our own – helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

BlackBerry Stock Quote
$9.26 (-0.55%) $0.05

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning service.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 12/09/2021.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Our Most Popular Articles

Premium Investing Services

Invest better with the Motley Fool. Get stock recommendations, portfolio guidance, and more from the Motley Fool's premium services.