(MENAFN- Baystreet)
Cloudflare's Stock Rises 25% On Earnings Beat
Pinterest's Stock Drops 10% As Earnings Miss Targets
NAAS Gains on News
Thomson Reuters Announces Strong Earnings And A.I. Licensing Deals
Arm's Stock Jumps 25% Higher On Strong Outlook Previous Articles Subscribe to Get Small Cap News & Alerts
Glenn Wilkin - Friday, February 9, 2024
Nvidia Opens New Unit Nvidia (NASDAQ:NVDA) is building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence processors, according to nine sources familiar with the company's plans.
The dominant global designer and supplier of AI chips aims to capture a portion of an exploding market for custom AI chips and to protect itself from the growing number of companies interested in finding alternatives to its products.
The Santa Clara, California-based company currently controls about 80% of the market for high-end AI chips, a position that has sent its market value up 40% so far this year to $1.73 trillion after it more than tripled in 2023.
Its customers, which include ChatGPT creator OpenAI, Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Meta Platforms (NASDAQ:META) , have raced to snap up the dwindling supply of Nvidia chips to compete in the rapidly emerging generative AI sector.
Nvidia's H100 and A100 chips serve as a generalized, all-purpose AI processor for many of those major customers. But the tech companies have started to develop their own internal chips for specific needs. Doing so helps reduce energy consumption, and potentially can shrink the cost and time to design.
NVDA shares leaped $11.12, or 1.6%, to $707.53.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN09022024000212011056ID1107833444
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.