Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups.
All eyes have been on Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) this year, thanks to a boom in artificial intelligence (AI). Microsoft has soared to the top of the software part of the market, while Nvidia dominates in hardware. These companies have solid long-term outlo
Oracle ORCL has demonstrated its commitment to delivering innovative cloud infrastructure services across Mexico, by becoming the first hyperscaler to open two cloud regions in the country. This expansion is part of ORCL's distrib
U.S. stock index futures slipped on Thursday as soaring oil prices cemented the prospects for a prolonged restrictive monetary policy, while investors awaited economic data and Federal Reserve Chair Jerome Powell's remarks during the day.
Amazon (NASDAQ: AMZN) is used to being at the center of the conversation when it comes to new technology. The company has been a pioneer in everything from e-commerce to e-books to cloud computing. However, the tech giant has been somewhat left out of market discussions around ar
There is a lot of excitement around Adobe (NASDAQ: ADBE) stock right now. The software specialist is trouncing the market in 2023 and its returns are topping other successful tech giants, including Microsoft (NASDAQ: MSFT).
When the going gets tough on Wall Street, investors have often turned to time-tested businesses that offer a history of outperforming the broader market. In 2023, the "Magnificent Seven" fits that definition perfectly.
U.S.-based IT services provider Kyndryl Holdings is planning to separate its China business and has told some employees about the decision, the Financial Times reported on Wednesday, citing three people with knowledge of the matter.
Several
tech stocks, including Nvidia (
NASDAQ:NVDA
), have witnessed a sell-off recently due to persistent macro challenges and concerns about elevated interest rates. Nvidia stock has declined about 8% over the past month. Nonetheless, the stock has
rallied by an impressive 191% year-to-date, thanks to the demand for its advanced graphics processing units (GPU) that are needed to build and train generative
artificial intelligence (AI) models. Despite macro uncertainty and worries over slowing demand, analysts remain bullish on NVDA stock and see the pullback as an attractive opportunity to build a long-term position in the leading
chip giant.
Nvidia’s Recent Performance
Last month,
Nvidia crushed Wall Street’s expectations by reporting a 101% growth in its fiscal second-quarter
revenue to $13.51 billion. Further solid margins and top-line growth fueled a
429% jump in adjusted earnings per share (EPS) to $2.70.
In particular, the company’s Data Center segment generated a 171% revenue growth, backed by a spike in demand for its HGX platform from cloud service providers and large consumer internet companies. During the Q2 2023 earnings call,
CFO Colette Kress called the HGX platform the “engine” of generative AI and large language models (LLMs), which is being deployed by major companies, including Amazon’s (
NASDAQ:AMZN
) Amazon Web Services, Alphabet’s (
NASDAQ:GOOGL,
GOOG
) Cloud, Meta Platforms (
NASDAQ:META
), Microsoft (
NASDAQ:MSFT
) Azure, and Oracle (
NYSE:ORCL
) Cloud.
Analysts Optimistic on NVDA’s Future Growth
Expressing his bullish stance,
Morgan Stanley analyst Joseph Moore said on Monday that the recent pullback in the stock due to worries about slowing AI orders for Nvidia from Microsoft has created yet another opportunity to buy the AI leader. Moore highlighted that an analyst at a data-centric boutique research firm noted that Microsoft was lowering its H100 requirements for 2024, a concern that was heightened by an SEC filing revealing that NVIDIA has significant exposure to a single cloud customer, which the analyst thinks is “very likely Microsoft.”
Moore contended that while he can’t comment on specific 2024 budgets for any single customer, checks show that demand is well above supply for NVDA’s H100 chips in many regions and with several customers. Also, supply chain reports indicate that Microsoft is pushing for more product than they are currently getting, which assures that “there isn’t a near term air pocket with that customer.”
Moore reiterated a Buy rating on NVDA stock with a price target of $630, as he expects the company to benefit from continued AI investments, growth in inference platforms, and a B100 GPU product cycle.
Like Moore,
Truist analyst William Stein is also bullish on Nvidia and reaffirmed a Buy rating on the stock with a price target of $668 on Tuesday. Stein called Nvidia and semiconductor company Monolithic Power Systems (
NASDAQ:MPWR
) his favorite ideas. He believes that NVDA’s chips are the “default choice” for most engineers building AI systems. He also thinks that the company has sustainable market leadership in gaming and autonomous driving end markets.
What is the Prediction for Nvidia Stock?
With 40 Buys against just one Hold recommendation,
Nvidia stock earns a Strong Buy consensus rating on TipRanks. The average price target of $635.48 implies about 50% upside potential from current levels.
Conclusion
Despite macroeconomic woes, Wall Street remains bullish on Nvidia and sees continued upside in the stock even after a phenomenal year-to-date rally. Analysts expect the demand for Nvidia’s AI chips to boost its revenue and earnings over the long term.
Disclosure
Chinese hackers who breached Microsoft's email platform this year managed to steal tens of thousands of emails from U.S. State Department accounts, a Senate staffer told Reuters on Wednesday.
The U.S. Federal Trade Commission set a date on Wednesday for its internal judge to hear its arguments on why Microsoft should not be allowed to buy games maker Activision Blizzard for $69 billion.
The U.S. Federal Trade Commission’s monopoly lawsuit against Amazon.com filed on Tuesday poses perhaps the biggest legal test so far for the platoons of lawyers who have defended the technology giant for years against allegations of antitrust and consumer protection violations.
Microsoft-backed OpenAI said on Wednesday that ChatGPT can now browse the internet to provide users with current information and that browsing is no longer limited to data before September 2021.
Amazon AMZN is firing on all cylinders in the cloud computing space on the back of its growing generative AI efforts.This is evident from its latest investment plans in its OpenAI rival, Anthropic. Amazon will invest $4 billion to
Wall Street's main indexes slipped in choppy trading on Wednesday as Treasury yields rose modestly, while investors awaited developments on a U.S. funding bill and inflation data this week to gauge the Federal Reserve's monetary policy outlook.
The U.S. Federal Trade Commission (FTC) set a date on Wednesday for its internal judge to hear its arguments on why Microsoft should not be allowed to buy games maker Activision Blizzard.
Infosys INFY and Microsoft MSFT have collaborated to leverage its artificial intelligence (AI) solutions, such as Infosys Topaz, Azure OpenAI Service and Azure Cognitive Service, to develop industry-scale solutions.
Oracle ORCL Retail Merchandising and its Fusion Cloud Financials were selected by the online supermarket Flink to enable swift grocery deliveries within minutes in Germany, the Netherlands and France. These systems enhance automat
Zacks
Checked
22 minutes 10 seconds ago
This feed is responsible for generating the rss feed related to the topic MSFT