Shares of Nvidia (NVDA 4.16%) gained for the fifth day in a row, as enthusiasm continued to build on Wall Street and among its customers for the new Blackwell platform. In addition, the company's artificial intelligence (AI) summit rolled on in its second day.
That news was enough to drive Nvidia up 4.1% at market close.
Image source: Getty Images.
Nvidia shines again
Wall Street continued to up its estimates on the AI chip leader, and news also broke that Foxconn and Nvidia are building Taiwan's largest supercomputer, built on the new Blackwell platform. Additionally, Foxconn is building the world's largest manufacturing facility for bundling Nvidia's GB200 Superchips in Mexico.
The move should help assure investors and customers that Nvidia has an adequate supply of the new Blackwell components and shows the company diversifying away from Taiwan, which will help protect that supply from potential Chinese meddling.
Nvidia's vice president and general manager of enterprise platforms, Bob Pette, also talked up the power of the company's accelerated computing stack at his keynote address at the Nvidia AI Summit. Pette told the audience, "We are in the dawn of a new industrial revolution," and said the Blackwell platform improves both performance and energy efficiency.
Finally, Nvidia continued to earn plaudits from Wall Street, as Cantor Fitzgerald said Nvidia's updated investor presentation sets up a revitalization in the stock. The Information also said the latest $6.6 billion funding round would set off another wave of investments in AI.
NASDAQ: NVDA
Key Data Points
Can Nvidia keep climbing?
Fears of an AI bubble seem to be subsiding following the OpenAI funding round that sent its valuation to $157 billion, and falling interest rates should help drive spending on AI infrastructure.
We'll soon get a look at third-quarter results of AI stocks like Microsoft and Alphabet, and Tesla's robotaxi event on Thursday should also provide some insight into the potential of autonomous vehicles.
Nvidia's business continues to thrive, and it will likely report another blowout quarter next month. There's room for the stock to move higher, but investors should expect the stock to remain volatile.
