What's Going On With Nvidia Stock Wednesday

  • NVIDIA Corp NVDA shares are ticking higher Wednesday since hedge funds increased exposure to the chipmaker.
  • At least three hedge funds ramped up exposure to the stock this week, including Chase Coleman's Tiger Global Management, Philippe Laffont's Coatue Management, and David Tepper's Appaloosa. The growing interest reflects optimism over AI-fueled prospects for the chipmaker.
  • Separately, this week, reports suggested Taiwanese fabless semiconductor company Media Tek Inc MDTKF integrate an Nvidia GPU into its next-generation flagship mobile processor by 2024.
  • Besides co-developing mobile handset platforms to drive AI and gaming functionalities of MediaTek's application processors, MediaTek and Nvidia will also cooperate in developing WOA (Windows on Arm) platform products for notebook applications, Digitimes reports.
  • Nvidia has continued landing large-volume orders for its A100 and H100 chips from general customers and the nerfed A800 and H800 GPUs from Chinese customers.
  • Nvidia will likely see its performance improve quarterly in the year's second half, backed by growing GPU order momentum from a seasonal demand in the gaming market.
  • Price Action: NVDA shares traded higher by 1.13% at $295.43 on the last check Wednesday.
  • Photo via Wikimedia Commons
Market News and Data brought to you by Benzinga APIs
Posted In: M&ANewsMoversTechMediaBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!