Why Nvidia Stock Climbed Today
Shares of Nvidia (NASDAQ: NVDA) rose on Wednesday, as investors applauded the chipmaker's recent moves to bolster its position in the booming artificial intelligence (AI) market. By the close of trading, Nvidia's stock price was up more than 1% after rising over 5% earlier in the day.
Nvidia proved that innovation is alive and well at the semiconductor titan's developer conference on Tuesday. Nvidia showed off a new AI supercomputing service, high-performance processors, and computing infrastructure designed to help train AI models, among a host of other announcements. These products and services are intended to help Nvidia bring the power of AI to every industry, according to CEO Jensen Huang.
Nvidia also struck a blockbuster partnership with cloud computing leader Amazon (NASDAQ: AMZN). The two companies will work together to build highly scalable, cloud-based tools that are expected to drive down the cost of AI model training by as much as 40%. Nvidia now has deals with the top three public cloud providers, including Microsoft and Alphabet.
Source Fool.com
