Nvidia President and CEO Jensen Huang speaks at the COMPUTEX forum in Taiwan, May 28, 2023.
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Nvidia shares experienced a 4.2% increase on Tuesday, reaching a record high. This surge came after the chipmaker announced a partnership with Google that has the potential to expand the distribution of its artificial intelligence technology.
Nvidia’s stock has been on a phenomenal run in 2023, with a staggering increase of 234%. This makes it the top performer in the S&P 500 index. The second-best performer in the index is Meta, the parent company of Facebook, with a 148% increase.
The record-setting close of Nvidia’s stock comes just a week after the company reported doubling quarterly revenue from the previous year and provided a forecast indicating a potential 170% rise in sales for the current period. Following the impressive earnings report, the stock reached an all-time high of $502.66 before retracting later in the day.
The demand for Nvidia’s graphics processing units (GPUs) is skyrocketing as cloud companies, government agencies, and startups rely on them for training and deploying generative AI models like OpenAI’s ChatGPT.
Nvidia’s CEO Jensen Huang recently appeared at a Google conference to highlight an AI agreement between the two companies. Through this partnership, Google’s cloud customers will have enhanced access to Nvidia’s powerful H100 GPUs, enabling developers to accelerate their work while improving energy efficiency and reducing costs.
Nvidia’s GPUs are also available on other major cloud platforms, including Amazon and Microsoft.
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