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What: Shares of chip designer and longtime Stock Advisor recommendation NVIDIA (Nasdaq: NVDA) are setting fresh 52-week highs today after a 12.8% gain over last night's closing price.

So what: It's the middle of electronics trade show CES, and NVIDIA is busy extolling the smartphone and tablet virtues of its Tegra 2 chips. If that wasn't enough, Microsoft (Nasdaq: MSFT) also just announced that it's working on a Windows version for mobile chips, specifically naming NVIDIA as one of the key partners in that effort.

Now what: If the buzz around this year's CES is any indication, the company is shifting gears with authority. The graphics-card ghosts of NVIDIA's past may soon fade to a memory, as the company's future clearly rests in the mobile processor space. It's going to be a tough slog against deeply entrenched competitors Texas Instruments (NYSE: TXN) and Qualcomm (Nasdaq: QCOM), but NVIDIA is no stranger to fighting uphill battles.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. Microsoft is a Motley Fool Inside Value selection. NVIDIA is a Motley Fool Stock Advisor pick. Motley Fool Options has recommended a diagonal call position on Microsoft. The Fool owns shares of Microsoft and Texas Instruments. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.