Nvidia's shares see a record-high close following an announcement of a partnership with Google. This collaboration is set to bolster the distribution of Nvidia's artificial intelligence technology, contributing to a significant increase in stock value.
Nvidia's record stock close post-Google partnership
Nvidia, a major chip manufacturer, saw a significant 4.2% rise in its shares on Tuesday, closing at an all-time high. This surge in stock value came in the wake of their announcement of a partnership with tech giant Google. This strategic alliance aims to enhance the distribution of Nvidia's ground-breaking artificial intelligence technology, providing a major fillip to Nvidia's market performance.
Nvidia's shares continue their impressive streak, showing an astonishing 234% increase in 2023 alone. This leap has positioned Nvidia as the undisputed top performer among the S&P 500 companies, leaving other tech companies like Meta, Facebook's parent company, trailing behind with a 148% increase.
Nvidia's GPUs driving AI model development
Nvidia's skyrocketing success is primarily attributed to the widespread adoption of its graphics processing units (GPUs). Cloud companies, government agencies, and emerging startups are heavily utilizing Nvidia's GPUs to train and implement generative AI models. This technology serves as the backbone for advanced applications like OpenAI's ChatGPT.
Google Cloud customers to benefit from Nvidia's H100 GPUs
The strategic partnership between Google and Nvidia offers Google's cloud customers increased access to Nvidia's robust H100 GPUs. This collaboration not only expands Nvidia's market reach but also empowers Google's customers with high-end, efficient AI technology.
In addition to Google, Nvidia's powerful GPUs are also available on other competing cloud platforms, including Amazon and Microsoft. This widespread accessibility further amplifies Nvidia's market presence and influence in the industry.