What's Going On With Ginkgo Bioworks Stock?

Ginkgo Bioworks Holdings Inc DNA shares are on the move again Wednesday. The stock appears to be pulling back after rallying 24% on Tuesday following a strategic partnership with Google Cloud.

What Happened: On Tuesday, Ginkgo and Alphabet Inc's GOOG GOOGL Google Cloud announced a five-year partnership focused on enabling the development and deployment of AI tools for biology and biosecurity.

Ginkgo said it will work to develop new large language models (LLMs) running on Google Cloud's Vertex AI platform focused on genomics, protein function and synthetic biology. The LLMs will help customers accelerate innovation and discovery in several segments. 

Google Cloud said it will provide funding to help Ginkgo achieve certain milestones over the next three years. Ginkgo intends to make Google Cloud its primary cloud services provider and discuss the new partnership at the Google Cloud Next conference. 

On Wednesday, the cell programming platform company announced that it will hold an Investor Day on Oct. 3. The event is set to feature conversations with senior management about generative AI capabilities and investments in the wake of the Google Cloud partnership. 

See Also: Analyst Eyes $1T AI-Driven Opportunity with Alphabet, Amazon, and Meta Leading the Charge

DNA Price Action: Ginkgo shares closed Tuesday up 24%. The stock traded as low as $2.11 Wednesday morning, but was down just 0.45% at $2.21 at the time of publication, according to Benzinga Pro.

Photo: N-region from Pixabay.