Nvidia, the chip maker, continues to soar as it forges partnerships to embed its hardware in data-center equipment. On Tuesday, Nvidia shares surpassed $700, reaching a new record high. In premarket trading, the stock was up 1.5% at $703.92.
The positive momentum of Nvidia stock was fueled by favorable opinions from analysts at Goldman Sachs and Raymond James. These analysts firmly back Nvidia and expect its strong performance to persist. The positive sentiment surrounding the company was further solidified by news that Nvidia has teamed up with Cisco Systems, a networking company, to offer data center infrastructure. Cisco will incorporate Nvidia’s graphics processing units into its server computers.
Nvidia’s CEO, Jensen Huang, emphasized the significance of the partnership: “Working closely with Cisco, we’re making it easier than ever for enterprises to obtain the infrastructure they need to benefit from AI, the most powerful technology force of our lifetime.”
On Tuesday, Nvidia outperformed other chip makers in the market. Advanced Micro Devices saw a slight increase of 0.3% in premarket trading, while Intel remained flat.
While competitors such as AMD are making progress with their MI300 platform, Goldman analyst Toshiya Hari believes that Nvidia will maintain its position as the industry leader due to its robust hardware, software offerings, and unwavering commitment to innovation.
Over the past month, Nvidia stock has skyrocketed by 30%, surpassing the performance of the S&P 500 and Nasdaq Composite Index, which rose by 3.9% and 5%, respectively, during the same period.
In summary, Nvidia’s continued success is attributed to its strategic partnerships and unmatched technological advancements. As the company expands its reach in data centers, investors are optimistic about its future growth potential.
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