Nvidia stock was rising early Monday morning, with its valuation hovering near the $2 trillion mark. Chipmakers are pushing to expand artificial intelligence technology in more industries, including telecommunications.
Nvidia shares rose 1.2% to $797.50 in pre-market trading.
On Friday, shares rose 0.4% to close at $788.17, but fell from…
Nvidia stock was rising early Monday morning, with its valuation hovering near the $2 trillion mark. Chipmakers are pushing to expand artificial intelligence technology in more industries, including telecommunications.
Nvidia shares rose 1.2% to $797.50 in pre-market trading.
Shares closed Friday at $788.17, up 0.4%, but down from the above $800 level reached during intraday trading. This gives the company a total value of about $1.97 trillion.
Wall Street analysts still largely support the stock’s rise on the back of insatiable demand for Nvidia’s graphics processing units to train and run AI systems.
The company hopes to emphasize that through further industry partnerships. Its latest is expanding its collaboration with workflow management software company ServiceNow and targeting the telecommunications industry.
Advertisement – SCROLL TO CONTINUE
Nvidia and ServiceNow state: Joint statement The company announced Sunday that it is building a generative AI product specifically for carriers, and that its first product will be a customer service platform. The companies did not disclose financial details of the deal.
Other semiconductor stocks were also rising early Monday, with Advanced Micro Devices up 0.7% in premarket trading and Intel up 0.7%.
Nvidia’s stock price has risen 59% since the beginning of the year through Friday’s close. Compared to this,
S&P500 index
and an increase of 6.6%.
Nasdaq Composite Index
over the same period.
Advertisement – SCROLL TO CONTINUE
Email Adam Clark at adam.clark@barrons.com.
