Nvidia shares cannot be stopped
Nvidia shares rose this time with Elon Musk’s statement.
Nvidia shares, which added hundreds of billions of dollars to its market value after the announcement of its balance sheet and future evaluation, rose this time with Elon Musk’s statement.
While Elon Musk challenged the artificial intelligence initiative OpenAI, which he had previously supported, with his new initiative xAI, the three-day rally reached 20 percent with the thought that the new competition would benefit chip manufacturer Nvidia.
According to The Information, Musk will use Nvidia’s H100 graphics processor to create the xAI supercomputer. Cantor Fitzgerald analyst CJ Muse said the xAI news gives investors “more confidence” that AI chip spending will continue.
Muse said Nvidia’s balance sheet and expectations “completely eliminate the possibility of a gap” in demand for the company’s chips in 2024