Nvidia (NASDAQ:NVDA) sets a new all-time high and gains on xAI partnership, AMD (NASDAQ:AMD) gains on strong market performance, NCLH gains after an analyst upgrade.
Elon Musk’s AI startup, xAI, has announced plans to build the world’s most powerful supercomputer using Nvidia chips, while AMD and Norwegian Cruise Line (NYSE:NCLH) stocks are soaring due to positive market developments. These three companies have captured the attention of investors as they make significant strides in their respective industries in today’s trading session.
Nvidia’s Stock Gains on xAI Partnership
Nvidia’s stock is rising following the news that Elon Musk’s xAI startup aims to build the world’s most powerful supercomputer using Nvidia’s H100 GPUs. The startup raised $6 billion in a fresh funding round, with Musk personally investing $750 million and X contributing $250 million worth of computing power.
The planned supercomputer cluster, dubbed a “gigafactory of compute” by Musk, will be more than four times larger than Meta’s. xAI is also purchasing Nvidia’s new Blackwell chips, which are due for delivery later this year. This project underscores the importance of Nvidia’s GPUs for AI firms, boosting the company’s stock as demand for its chips is expected to increase significantly. At the time of writing, Nvidia’s shares are trading at $1,126.25, up 5.78% over the trading session so far.
AMD’s Stock Surges on Strong Market Performance, Norwegian Cruise Line’s Stock Rises on Analyst Upgrades and Earnings Beat
AMD’s stock is gaining momentum due to its impressive 33% share in the server CPU market and its upcoming launch of next-gen “Turin” processors.
During the JP Morgan conference, AMD’s CFO highlighted significant growth in servers, CPUs, and GPUs. The company has also partnered with major companies like Microsoft (NASDAQ:MSFT) to run AMD GPUs in virtual machine instances in the Azure cloud. Additionally, AMD announced plans for a next-generation AI PC to launch in the second half of the year.
The company’s strategic focus on power efficiency and cost-effectiveness is attracting notable clients, including American Express (NYSE:AXP), Shell, and STMicroelectronics (NYSE:STM). AMD’s stock is trading higher due to strong double-digit growth in server CPUs and the desktop/laptop segments and optimistic earnings expectations. AMD shares are up over 3.5% over today’s trading session at the time of writing, trading at $172.28.
Norwegian Cruise Line’s stock is also gaining today following an upgrade by Mizuho from “neutral” to “buy” with a new target price of $24.00, up from $21.00. The upgrade suggests a potential upside of 50% from the previous close.
Other analysts, including Stifel Nicolaus and Truist Financial (NYSE:TFC), also raised their price targets for NCLH, contributing to positive sentiment. The company reported better-than-expected quarterly earnings, with $0.11 EPS, beating the consensus estimate of $0.06. NCLH’s stock opened at $16.00, with a notable increase in its price. At the time of writing, the firm’s shares were trading at $16.71, up 4.44% over today’s trading session.
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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
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