Multinational technology firm Nvidia (NVDA) has revealed that it is teaming up with Google Cloud to set up the industry’s first artificial intelligence (AI)-on-5G Innovation Lab. Nvidia makes chipsets, computer graphics processors, and related multimedia software.
The lab will allow AI software partners and network infrastructure players to develop, test, and implement solutions that will boost the creation of smart factories, smart cities, and other advanced 5G and AI applications.
Furthermore, the lab will enable enterprises to access NVIDIA’s accelerated computing software and hardware platforms, as well as Google Cloud’s Anthos platform, and utilize AI and data to optimize safety and reliability, improve operational efficiency, and drive business performance.
Nvidia and Google Cloud will start developing the lab in the second half of the year. (See Nvidia stock chart on TipRanks)
Senior Vice-President of Telecom at Nvidia Ronnie Vasishta said, “Our collaboration with Google Cloud will help network operators and infrastructure players conceive and create new profit centers built on AI and machine learning.”
Tigress Financial analyst Ivan Feinseth recently maintained a Buy rating on the stock with a price target of $920 (21% upside potential). The analyst said the company’s acquisition of ARM Holdings would lead to the creation of an AI-focused industry leader.
Overall, the stock has a Strong Buy consensus rating based on 28 Buys and 1 Hold. The average Nvidia price target of $758.78 implies that shares are fully valued at current levels. The company’s shares have gained 107% over the past year.
According to TipRanks’ Smart Score rating system, Nvidia scores an 8 out of 10, suggesting that the stock is likely to outperform market averages.
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