July 14, 2024
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Find Out Why Nvidia and AMD Stocks are Soaring Today!

Find Out Why Nvidia and AMD Stocks are Soaring Today!

As the sun rises on Wednesday, the tech world is buzzing with the latest updates on Nvidia and AMD stocks. Artificial intelligence chip giants like Nvidia Corp and Advanced Micro Devices, Inc. are witnessing a surge in trading activity following the impressive financial results reported by Taiwan Semiconductor Manufacturing Co.

Here’s a breakdown of what’s causing the excitement in the AI chip industry:

  • Taiwan Semiconductor Manufacturing Co reported a remarkable 33% year-on-year revenue growth in June, with second-quarter revenue growing by 32% Y/Y. This robust performance is a clear indicator of the thriving AI sector.

  • Analysts have singled out Nvidia as the foremost beneficiary of the AI boom, closely followed by AMD. Both companies are at the forefront of innovation in the AI chip market.

  • AMD’s stock received a boost from its recent acquisition of Silo AI, a prestigious AI lab based in Europe. The all-cash deal, valued at $665 million, positions AMD as a key player in the AI solutions space.

  • Silo AI, with a presence in Europe and North America, specializes in developing cutting-edge AI solutions for seamless integration into various products and services. Their open-source multilingual LLMs, such as Poro and Viking, are designed for AMD platforms, enhancing the company’s AI capabilities.

  • With $6.04 billion in cash and equivalents on hand as of March 30, 2024, AMD is well-positioned to capitalize on the rapidly growing AI market.

  • Following the acquisition, Silo AI’s CEO and co-founder, Peter Sarlin, will lead the Silo AI team within the AMD AI Group, further strengthening AMD’s foothold in the AI sector.

  • Nvidia’s stock has seen an impressive 217% growth in the last 12 months, while AMD’s stock has surged by 63%, showcasing the robust performance of these AI chip leaders.

For investors looking to capitalize on the AI boom through Nvidia, options like Vanguard S&P 500 ETF and Invesco QQQ Trust, Series 1 provide exposure to the market.

In the latest trading activity, NVDA shares were up by 2.4% at $134.62, while AMD showed a 3.3% increase at $183.05, indicating a positive market sentiment towards these tech giants.

As the AI frenzy continues to gain momentum, Nvidia and AMD are poised to lead the charge in shaping the future of artificial intelligence. Stay tuned for more updates on this dynamic market segment.

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