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NVIDIA stocks rise 9% due to AI interest

Written by Thu 23 May 2024

Image Credit: Reuters

Stocks in NVIDIA rose 9% on Thursday triggered by the semiconductor company announcing an optimistic revenue forecast. This prediction strengthened investor’s beliefs in a rise in demand for chips driven by advancements in artificial intelligence (AI).

On Wednesday, NVIDIA announced a 10-for-1 stock split and a 150% increase in its quarterly dividend, responding to surging demand for its high-end AI chips, including those powering OpenAI’s ChatGPT. 

NVIDIA is set to add £165.1 billion ($210 billion) to its market value of £1.8 trillion ($2.335 trillion). Its shares surpassed £786 ($1,000), and a close above this level would mark a significant milestone for the company, whose stock has risen over 90% this year after more than tripling in 2023.

Reuters reported that CEO Jensen Huang expects new AI models that can create video and interact with human-like voices to drive more orders for NVIDIA’s processors.

In March, NVIDIA announced the ‘world’s most powerful chip for artificial intelligence (AI)’ as part of the semiconductor company’s Blackwell chip ecosystem.

NVIDIA said the Blackwell GPU architecture features six technologies for accelerated computing, intended to facilitate breakthroughs in data processing, engineering simulation, electronic design automation, computer-aided drug design, quantum computing and generative AI.

As part of the Blackwell chip lineup, the B200 represents a new generation of NVIDIA AI graphics processors designed to deliver significant performance upgrades over previous generations.

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Written by Thu 23 May 2024

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