Nvidia (NVDA) revealed its new flagship gaming chips as well as attempts to expand the availability of its artificial intelligence capabilities. However, Nvidia’s stock on tuesday was changed a little.
Nvidia made its statements during the virtual Computex trade fair on Monday.
The yearly event, which is traditionally hosted in Taipei, Taiwan, is being hosted online this year because due to Covid-19 outbreak. Because of the health concerns, organizers canceled last year’s concert.
Nvidia officials announced the company’s latest top-of-the-line graphics processing units, or GPUs, for PC video games during a video presentation. The GeForce RTX 3080 Ti will go on sale in the United States on Thursday for $1,199. The RTX 3070 Ti, a less powerful variant, will be available next week for $599.
According to Jeff Fisher, senior vice president of Nvidia’s GeForce division, the new gaming GPUs outperform their predecessors in terms of performance and realism. They claim to offer games with crisper visuals, improved lighting, and smoother video action.
Nvidia Stock Drops Following Computex News
On the stock market today, Nvidia stock finished the regular session a bit higher at 650.58. Nvidia’s shares dropped as high as 2.1 percent to 636.17 earlier in the day.
According to IBD MarketSmith charts, Nvidia stock broke out of a cup base on Friday at a purchase price of 648.67. According to IBD trading standards, the 5% purchase zone extends to 681.10.
However, Nvidia stock’s past three breakthrough efforts have all failed. Nvidia’s shares closed Friday’s regular session up 4.9 percent at 649.78.
Two days ago, the Santa Clara, Calif.-based business significantly above Wall Street’s expectations for its fiscal first quarter, thanks to robust sales of gaming and data-center processors.
Nvidia aims to ‘democratize’ artificial intelligence.
Nvidia also revealed hundreds of new servers that have been certified to run Nvidia AI Enterprise software on Monday. Systems from Dell Technologies (DELL), Lenovo, and Hewlett Packard Enterprise are among them (HPE). Nvidia AI Enterprise software is now approved on more than 50 systems.
In addition, the chipmaker stated that Alphabet’s (GOOGL) Google will be among the first cloud computing service providers to offer Nvidia Base Command, a cloud-hosted development hub for AI projects.
“It is time to democratize AI by making its transformational power available to every organization and its customers,” said Manuvir Das, Nvidia’s head of enterprise computing. Chipmakers Advanced Micro Devices (AMD) and Intel (INTC) also gave video briefings during Computex. At the expo, AMD and Intel both unveiled new central processor units.
According to IBD Stock Checkup, Nvidia stock ranks top out of 30 stocks in the fabless chipmaker sector group. It gets a 97 out of 99 IBD Composite Rating. The Composite Rating compares a stock’s main growth characteristics to all other companies in the market, independent of industry group.
AMD is ranked ninth among fabless chipmakers. Meanwhile, Intel is ranked 22nd in the semiconductor manufacturing industry group by IBD.