Good afternoon - While the news media are understandably captivated by the most visible applications of artificial intelligence, including OpenAI’s ChatGPT bot, investors aren’t forgetting about the implications for chipmakers, including Nvidia Corporation (NASDAQ: NVDA). Shares of Nvidia advanced 33.69% in January and started February with a gain of 11.12%. The moves come as Wall Street analysts are increasingly bullish on chip stocks, partly because the notorious chip shortages of 2021 and 2022 are easing and partly on robust prospects for AI chips for use in almost every industry. Although Nvidia made a name for itself with graphics chips for video games and other applications, the company has been carving a niche in the growing field of AI. It recognizes the potential for AI, and makes that clear on its Web site, saying, “From speech recognition and recommender systems to medical imaging and improved supply chain management, AI technology is providing enterprises the compute power, tools, and algorithms their teams need to do their life’s work.”
Click here to learn more about the rally of Nvidia.
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William Bushee
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