Multiple companies are pursuing the AI arms race. It’s not just Microsoft (NASDAQ:MSFT) and its ChatGPT systems, or Alphabet (NASDAQ:GOOG) and its Bard, or even OpenAI. A still very much involved participant is Nvidia (NASDAQ:NVDA), and it ticked up slightly in Tuesday’s trading thanks to some further new plans to cement its position in this potentially massive new market.
Nvidia pulled out all the stops at its GTC 2023 developer conference, starting with the DGX Quantum, a complete quantum computing platform that’s built with, not surprisingly, quantum machines. It’s actually got the ability to train other platforms, reports note. That includes the CUDA Quantum platform to aid researchers in further quantum developments.
Additionally, Nvidia brought out an array of new partnerships and other arrangements that will help advance AI. Partnerships with AT&T (NYSE:T) and Medtronic (NYSE:MDT) were on hand, among several others. It also revealed its AI Foundations system, a customizable service that allows businesses to build their own chatbots or text-to-image services as they see fit. This has convinced a growing number out there that AI’s day has truly arrived, that it’s had its “iPhone Moment.”
Whether that’s true or too pie-in-the-sky, analysts are well in favor. Analyst consensus calls Nvidia shares a Moderate Buy, with 25 Buy recommendations, five Holds, and two Sells. Nvidia stock also boasts modest upside potential since it’s very close to its average price target of $263.47 per share.