Shares of chip giant, Nvidia (NASDAQ: NVDA) ticked up higher in morning trading on Tuesday even as the company’s GTC developer conference was underway after a Digi Times report that the company has placed more orders for its A100 and H100 chips with the Taiwan Semiconductor Mfg. Co. (TSM). Nvidia’s A100 and H100 chips are linked to artificial intelligence (AI).
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According to the report, Nvidia has also placed more orders for the A800 series of chips that are specially designed for the Chinese market.
In the past month alone, Nvidia’s shares have gained more than 26% as investors and analysts alike are expecting the company to benefit from the rising competition for AI. This is because the race for AI could see a rising demand for Nvidia’s AI-based GPUs (graphics cards). This has also resulted in analysts upgrading the stock.
Analysts are cautiously optimistic about NVDA stock with a Moderate Buy consensus rating based on 25 Buys, five Holds, and two Sells.
