Nvidia stock rebounds after CFO says new chip to ship in 2024

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Nvidia stock rebounds after CFO says new chip to ship in 2024

Read more here:
https://globalnews.ca/news/10369260/nvi ... t-trading/

Nvidia’s stock climbed on Tuesday after the heavyweight chipmaker said its new flagship AI processor is expected to ship later this year and CEO Jensen Huang said he is chasing a data center market potentially greater than US$250 billion.

Nvidia’s stock rose nearly two per cent to US$901 after Huang and Chief Financial Officer Colette Kress answered questions from investors at the company’s annual developer conference in San Jose, California. The shares had dipped nearly four per cent earlier in the day.

“We think we’re going to come to market later this year,” Kress said, referring to the company’s new AI chip, which the company debuted on Monday.

Huang estimated that companies operating data centers will spend more than US$250 billion a year to upgrade them with accelerated computing components that Nvidia specializes in developing.

He said that market was growing by as much as 25 per cent a year.

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