Nvidia Corp Shares Rise Due to Prevalent AI
by Tech Mainstream
September 18, 2017
Chipmaker Nvidia Corp. shares reached a record high, $190.10, on Monday according to Reuters. The company's progress in artificial intelligence is one reason for the surge. Wall Street favors Nvidia with 22 of 38 brokerages having a “buy” recommendation. Adding to the momentum, Nvidia was declared a "top pick by Bank of America Merrill Lynch.
Once known primarily for designing graphics processing chips, Nvidia has recently ventured in newer technologies including artificial intelligence, cloud computing, self-driving cars and cryptocurrency transactions.
In particular, Nvidia announced in May a partnership with Toyota Motor Corp which will utilyze Nvidia's AI self-driving vehicle technology. Indeed "Nvidia has created an industry standard for AI systems that will be nearly impossible to replicate,” an Evercore analyst recently stated.