Why Nvidia Stock Rallied This Week
Week to date, shares of Nvidia (NASDAQ: NVDA) were up 7% as of 11:20 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence. Nvidia's return outperformed the Nasdaq Composite's return of 2.6% over the last week.
A new partnership with Oracle gave Nvidia a much-needed boost. The stock has fallen 58% year to date over concerns about weakening demand across the semiconductor industry.
On Tuesday, Oracle and Nvidia announced an expanded partnership to power Oracle's cloud infrastructure with the A100 and upcoming H100 graphics processing units (GPUs). It's a testament to Nvidia's growing competitive position in accelerated computing with its solutions covering chip hardware, systems, and software.
Source Fool.com
