Nvidia Stock Approaching All-Time Highs on Continued AI Chip Sales Optimism

Key Takeaways

• Nvidia shares are nearing their all-time highs on continued optimism about sales of its artificial intelligence (AI) products.
• Foxconn said demand for Nvidia’s Blackwell system was “awfully huge.”
• Nvidia executive Bob Pette said with AI will “revolutionize” industry everywhere.

Shares of Nvidia (NVDA) are nearing their all-time highs Wednesday morning on positive news about the chipmaker’s artificial intelligence (AI) products.

Nvidia shares, which have ended higher the past five sessions, recently edged up to $133.30. Their all-time closing high is $135.58, achieved on June 18, and record intraday high is $140.76, recorded the following session two days later, after markets were closed for Juneteenth.

On Tuesday, contract electronics manufacturing giant Foxconn reported strong demand for its servers powered by Nvidia’s GB200 semiconductors, part of the latter’s Blackwell architecture. Microsoft announced it was “the 1st cloud” running the Blackwell system with GB200-powered AI servers. OpenAI also thanked Nvidia for delivering “one of the first engineering builds of the DGX B200 to our office.”

Nvida Says Blackwell Slashes Energy Consumption

Also yesterday, Nvidia noted that the Blackwell platform has slashed energy consumption by up to 2,000 times over the last decade for AI training models such as OpenAI’s GPT-4.

Bob Pette, vice president and general manager of Nvidia’s enterprise platforms, told participants at the company’s AI Summit that “We are in the dawn of a new industrial revolution,” adding that the firm is “designing our systems with not just performance in mind, but with energy efficiency in mind.”

Nvidia shares have soared about 170% this year.

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