Nvidia Stock News: NVDA pulls back on Tuesday despite Snowflake partnership
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CLAIM OFFER- Nvidia partners with Snowflake to provide customized internal chatbots.
- Nvidia stock loses 3.7% in Monday session.
- NVDA stock searches for support after June’s intense rally.
- CEO Jensen Huang held a talk with Snowflake CEO Slootman at Las Vegas conference.
NVIDIA Corp (NVDA) closed Monday's market session at $406.32. On Tuesday, NVDA stock opened at $405.36 and, at the time of the writing, the company's shares are trading at $405.36 (-0.24%). The company led by Jensen Huang has found the price of its shares decrease by $0.96 since Monday.
Nvidia stock gained 0.5% at Tuesday's open to $408.17 after garnering fresh press on Monday from CEO Jensen Huang’s attendance at the data warehousing company Snowflake’s (SNOW) eponymous conference. Huang announced that Nvidia is partnering with Snowflake to offer the latter’s customers access to customized artificial intelligence-powered virtual assistants.
Nvidia stock lost 3.7% on Monday, while Snowflake stock retreated 4.7% in a session that saw the S&P 500 index drop 0.45%.
Nvidia stock news: Slootman, Huang, NeMO
Two of Silicon Valley’s most well-known lights, Nvidia’s Huang and Snowflake CEO Frank Slootman, held a fireside chat at the Snowflake Summit conference in Las Vegas on Monday. The two discussed the future of AI and how the technology would be integrated into a number of different business models.
Huang talked about how using Nvidia’s insights, Snowflake’s 8,000 customers would be able to integrate unique AI assistants that could answer difficult questions using the firms’ own data. Snowflake provides a cloud data product that organizes corporate data to give C suites macro-level insights into product, customer and marketing performance.
Nvidia has designed a toolkit based on a large language model (LLM) AI platform it calls NeMO. The NeMO application allows users to develop their own AI chatbots for internal company use. Think of it as a Google search engine equipped to answer queries at the microscopic level of a single firm.
Nvidia formed a similar partnership with ServiceNow (NOW) back in May, although that agreement gives ServiceNow the ability to build chatbots for customers rather than customers doing it themselves. That relationship is interesting since Slootman was the chairman who took ServiceNow public a decade ago.
Microsoft (MSFT) released the Azure AI Studio last month, which offers a similar service based on its equity partnership with ChatGPT-creator OpenAI. That product provides customized AI applications that it calls “copilots”.
Nvidia FAQs
What is Nvidia known for?
Nvidia is the leading fabless designer of graphics processing units or GPUs. These sophisticated devices allow computers to better process graphics for display interfaces by accelerating computer memory and RAM. This is especially true in the world of video games, where Nvidia graphics cards became a mainstay of the industry. Additionally, Nvidia is well-known as the creator of its CUDA API that allows developers to create software for a number of industries using its parallel computing platform. Nvidia chips are leading products in the data center, supercomputing and artificial intelligence industries. The company is also viewed as one of the inventors of the system-on-a-chip design.
What is the history of Nvidia?
Current CEO Jensen Huang founded Nvidia with Chris Malachowsky and Curtis Priem in 1993. All three founders were semiconductor engineers, who had previously worked at AMD, Sun Microsystems, IBM and Hewlett-Packard. The team set out to build more proficient GPUs than currently existed in the market and largely succeeded by late 1990s. The company was founded with $40,000 but secured $20 million in funding from Sequoia Capital venture fund early on. Nvidia went public in 1999 under the ticker NVDA. Nvidia became a leading designer of chips to the data center, PC, automotive and mobile markets through its close relationship with Taiwan Semiconductor.
What is Nvidia’s relationship to artificial intelligence?
In 2022, Nvidia released its ninth-generation data center GPU called the H100. This GPU is specifically designed with the needs of artificial intelligence applications in mind. For instance, OpenAI’s ChatGPT and GPT-4 large language models (LLMs) rely on the H100’s high efficiency in parallel processing to execute a high number of commands quickly. The chip is said to speed up networks by six times Nvidia’s previous A100 chip and is based on the new Hopper architecture. The H100 chip contains 80 billion transistors. Nvidia’s market cap reached $1 trillion in May 2023 largely on the promise of its H100 chip becoming the “picks and shovels” of the coming AI revolution.
Why does Jensen Huang have a cult following?
Long-time CEO Jense Huang has a cult following in Silicon Valley and on Wall Street due to his strict loyalty and determination to build Nvidia into one of the world’s leading companies. Nvidia neary fell apart on several occasions, but each time Huang bet everything on a new technology that turned out to be the ticket to the company’s success. Huang is seen as a visionary in Silicon Valley, and his company is at the forefront of most major breakthroughs in computer processing. Huang is known for his enthusiastic keynote addresses at annual Nvidia GTC conferences, as well as his love of black leather jackets and Denny’s, the fast food chain where the company was founded.
Nvidia stock forecast
Nvidia stock dropped to $401 on Monday before settling $5 higher. That $400 psychological level could act as support momentarily, but the Relative Strength Index (RSI) has spent considerable time in the overbought position above 70. That makes it more likely that the sell-off will continue for a period until the RSI reaches a reading of 50 or so.
Expect some consolidation in the NVDA price action during the end of June and into July. NVDA stock may retouch support in the $373 to $378 region that held up earlier this month after Nvidia experienced its recent gap up after it raised Q2 revenue guidance to $11 billion. That guidance raise was mostly related to strong demand for its H100 and A100 GPUs designed specifically for LLM workloads.
Principal Financial Group highlighted Nvidia on Monday over worrying signs that the equity rally in 2023 has relied too heavily on five large-cap stocks. The analysis said the wide breadth in the equity market could lead to a broad pullback if positive earnings guidance did not arrive in the second half of the year as expected.
“Until mid-June, the five best-performing stocks in the S&P 500 had contributed 60% to S&P 500 returns this year compared to an average positive contribution of 35% over the past decade,” Principal Financial Group wrote in its investor note.
NVDA daily chart
- Nvidia partners with Snowflake to provide customized internal chatbots.
- Nvidia stock loses 3.7% in Monday session.
- NVDA stock searches for support after June’s intense rally.
- CEO Jensen Huang held a talk with Snowflake CEO Slootman at Las Vegas conference.
NVIDIA Corp (NVDA) closed Monday's market session at $406.32. On Tuesday, NVDA stock opened at $405.36 and, at the time of the writing, the company's shares are trading at $405.36 (-0.24%). The company led by Jensen Huang has found the price of its shares decrease by $0.96 since Monday.
Nvidia stock gained 0.5% at Tuesday's open to $408.17 after garnering fresh press on Monday from CEO Jensen Huang’s attendance at the data warehousing company Snowflake’s (SNOW) eponymous conference. Huang announced that Nvidia is partnering with Snowflake to offer the latter’s customers access to customized artificial intelligence-powered virtual assistants.
Nvidia stock lost 3.7% on Monday, while Snowflake stock retreated 4.7% in a session that saw the S&P 500 index drop 0.45%.
Nvidia stock news: Slootman, Huang, NeMO
Two of Silicon Valley’s most well-known lights, Nvidia’s Huang and Snowflake CEO Frank Slootman, held a fireside chat at the Snowflake Summit conference in Las Vegas on Monday. The two discussed the future of AI and how the technology would be integrated into a number of different business models.
Huang talked about how using Nvidia’s insights, Snowflake’s 8,000 customers would be able to integrate unique AI assistants that could answer difficult questions using the firms’ own data. Snowflake provides a cloud data product that organizes corporate data to give C suites macro-level insights into product, customer and marketing performance.
Nvidia has designed a toolkit based on a large language model (LLM) AI platform it calls NeMO. The NeMO application allows users to develop their own AI chatbots for internal company use. Think of it as a Google search engine equipped to answer queries at the microscopic level of a single firm.
Nvidia formed a similar partnership with ServiceNow (NOW) back in May, although that agreement gives ServiceNow the ability to build chatbots for customers rather than customers doing it themselves. That relationship is interesting since Slootman was the chairman who took ServiceNow public a decade ago.
Microsoft (MSFT) released the Azure AI Studio last month, which offers a similar service based on its equity partnership with ChatGPT-creator OpenAI. That product provides customized AI applications that it calls “copilots”.
Nvidia FAQs
What is Nvidia known for?
Nvidia is the leading fabless designer of graphics processing units or GPUs. These sophisticated devices allow computers to better process graphics for display interfaces by accelerating computer memory and RAM. This is especially true in the world of video games, where Nvidia graphics cards became a mainstay of the industry. Additionally, Nvidia is well-known as the creator of its CUDA API that allows developers to create software for a number of industries using its parallel computing platform. Nvidia chips are leading products in the data center, supercomputing and artificial intelligence industries. The company is also viewed as one of the inventors of the system-on-a-chip design.
What is the history of Nvidia?
Current CEO Jensen Huang founded Nvidia with Chris Malachowsky and Curtis Priem in 1993. All three founders were semiconductor engineers, who had previously worked at AMD, Sun Microsystems, IBM and Hewlett-Packard. The team set out to build more proficient GPUs than currently existed in the market and largely succeeded by late 1990s. The company was founded with $40,000 but secured $20 million in funding from Sequoia Capital venture fund early on. Nvidia went public in 1999 under the ticker NVDA. Nvidia became a leading designer of chips to the data center, PC, automotive and mobile markets through its close relationship with Taiwan Semiconductor.
What is Nvidia’s relationship to artificial intelligence?
In 2022, Nvidia released its ninth-generation data center GPU called the H100. This GPU is specifically designed with the needs of artificial intelligence applications in mind. For instance, OpenAI’s ChatGPT and GPT-4 large language models (LLMs) rely on the H100’s high efficiency in parallel processing to execute a high number of commands quickly. The chip is said to speed up networks by six times Nvidia’s previous A100 chip and is based on the new Hopper architecture. The H100 chip contains 80 billion transistors. Nvidia’s market cap reached $1 trillion in May 2023 largely on the promise of its H100 chip becoming the “picks and shovels” of the coming AI revolution.
Why does Jensen Huang have a cult following?
Long-time CEO Jense Huang has a cult following in Silicon Valley and on Wall Street due to his strict loyalty and determination to build Nvidia into one of the world’s leading companies. Nvidia neary fell apart on several occasions, but each time Huang bet everything on a new technology that turned out to be the ticket to the company’s success. Huang is seen as a visionary in Silicon Valley, and his company is at the forefront of most major breakthroughs in computer processing. Huang is known for his enthusiastic keynote addresses at annual Nvidia GTC conferences, as well as his love of black leather jackets and Denny’s, the fast food chain where the company was founded.
Nvidia stock forecast
Nvidia stock dropped to $401 on Monday before settling $5 higher. That $400 psychological level could act as support momentarily, but the Relative Strength Index (RSI) has spent considerable time in the overbought position above 70. That makes it more likely that the sell-off will continue for a period until the RSI reaches a reading of 50 or so.
Expect some consolidation in the NVDA price action during the end of June and into July. NVDA stock may retouch support in the $373 to $378 region that held up earlier this month after Nvidia experienced its recent gap up after it raised Q2 revenue guidance to $11 billion. That guidance raise was mostly related to strong demand for its H100 and A100 GPUs designed specifically for LLM workloads.
Principal Financial Group highlighted Nvidia on Monday over worrying signs that the equity rally in 2023 has relied too heavily on five large-cap stocks. The analysis said the wide breadth in the equity market could lead to a broad pullback if positive earnings guidance did not arrive in the second half of the year as expected.
“Until mid-June, the five best-performing stocks in the S&P 500 had contributed 60% to S&P 500 returns this year compared to an average positive contribution of 35% over the past decade,” Principal Financial Group wrote in its investor note.
NVDA daily chart
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