Benzinga - by Anusuya Lahiri, Benzinga Editor.
Nvidia Corp's (NASDAQ: NVDA) stock price has surged by approximately 240% this year, driven by an artificial intelligence (AI) frenzy and its impact on demand for graphics chips.
The firm continues to broaden its horizons regarding sector exposure. L&T Technology Services Limited, a global pure-play engineering services company, recently tapped Nvidia to develop software-defined architectures for medical devices focused on endoscopy, enhancing product image quality and scalability.
This collaboration aims to improve visualization in image processing and support AI-driven decision-making, including tasks like detecting and classifying polyps.
SandboxAQ, an Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL) spinoff, plans to leverage Nvidia's quantum platforms to simulate the quantum mechanics fundamental to chemistry, biology, and materials science through tensor networks.
SandboxAQ is reported worth $4 billion.
Nvidia's director of high-performance computing and quantum, Tim Costa, noted the necessity of powerful computing platforms for quantum chemistry and molecular modeling. The collaboration aims to enable scientific breakthroughs in material science.
Last week, behind the Gates Foundation's endowment, the Bill & Melinda Gates Foundation Trust made its first-ever purchase of Nvidia stock, acquiring approximately 9,200 shares valued at $4 million. Despite its relatively small size, the investment in Nvidia ranked among the top holdings in the trust's portfolio.
Price Action: NVDA shares traded higher by 0.47% at $495.30 premarket on the last check Monday.
Image: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.