Nvidia (NVDA) – Get Free Report shares hit a record Monday, with the stock adding more than $450 billion in value so far this year, as investors continue to bet on the prospects of the AI-chip maker amid a surge in demand from the biggest tech companies
Nvidia, which has seen its market value more than triple over the past year, has cemented its place at the world’s biggest producer of chips for artificial-intelligence applications.
Its lineup of powerful semiconductors is integral to the expansion plans of cloud-computing giants such as Microsoft (MSFT) – Get Free Report and Alphabet as well as Magnificent 7 peers Meta Platforms and Amazon (AMZN) – Get Free Report.
Related: Big tech stocks are doubling down on AI
In fact, Meta (META) – Get Free Report Founder and CEO Mark Zuckerberg told investors earlier this month that the company would have around 350,000 H100 graphics-processing units, the AI-focused chips Nvidia makes, in place by the end of the year.
That would take Meta’s total of Nvidia GPUs to around 600,000, a level that would establish it as one of the largest AI systems in the world, as the company consolidates its AI-research team more closely to its business unit.
Nvidia, which is expected to post its fourth-quarter earnings after the close of trading on Feb. 21, is likely to see revenue rise to more than $20.2 billion, a more than three-fold increase from a year earlier, amid the surge in AI demand.
Taiwan Semi outlook adds to NVDA optimism
Taiwan Semiconductor, (TSM) – Get Free Report the world’s biggest contract chipmaker and a lead supplier for Apple (AAPL) – Get Free Report iPhones, added to that optimism last month when it said 2024 sales would likely rise around 20% following a better-than-expected fourth-quarter earnings report.
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