Nvidia Unveils Even More New AI Products, Pushes Stock Within Inches of $1 Trillion Mark
Key takeaways
- Nvidia announces new supercomputer for AI which Microsoft, Meta and Google will test pilot
- Other news included a new robotics platform, generative AI content engine for digital marketing, Spectrum X data center system to support AI companies and generative AI for gaming
- Nvidia’s stock price lifted 3% ahead of markets opening
For investors, Nvidia can do no wrong: it’s not just partaking in the AI wars, it’s defining them. Eclipsing even the likes of Microsoft and Google, Nvidia has released another flurry of AI products set to further corner its position in the new market. Here’s what’s been announced and what the market reaction was.
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What was the Nvidia announcement?
Is there anything Nvidia can’t do? In a presentation in Taiwan Nvidia CEO and founder, Jensen Huang, revealed a suite of new AI-fueled products including a new supercomputer capable of hosting the most powerful AI systems, the DGX GH200. Apparently Microsoft, Meta and Google have all signed up to be the first users of the new product.
Other announcements included a new robotics platform to help the company expand beyond its tech roots, a new partnership with British comms company WPP to build a generative AI content engine for digital advertising, and its Spectrum X networking system to speed up data centers that handle AI systems.
A more fun announcement, and a return to the company’s roots, was its unveiling of its new ACE program for gaming companies to make NPCs less… NPC, and more interactive.
“We have reached the tipping point of a new computing era,” Huang said, likely basking in the glory of leading a company that isn’t stepping a foot wrong in the AI boom.
Wall Street’s reaction
Nvidia was already flying high from a whopping 24% rally in its share price last week, sparked by the insane guidance it provided for its Q2 earnings which was $4 billion more than what analysts predicted.
Now it’s inched ever closer to that trillion-dollar valuation with a 3% boost to the share price before trading opened on Tuesday. Nvidia stock has soared 172% since the start of 2023 thanks to its barrage of AI announcements, new products and partnerships.
The stock needs to close at $404.86 to join the exclusive trillion-dollar club.
The bottom line
We’d like to be Jensen Huang right now. He’s deftly positioned Nvidia over the last decade to take advantage of the AI frontier, and now the company is reaping the rewards. Investors shouldn’t expect Nvidia to slow down on this newfound capitalization anytime soon — and it won’t be long before it breaks the coveted $1 trillion mark.
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