- Nvidia, which makes graphics processing units, or GPUs, has been a key beneficiary of the artificial intelligence boom thanks to demand for its chips.
- The company’s shares were briefly off 10% from their most recent all-time closing high of more than $950 apiece. The stock closed at a price of $853.54 on Tuesday, down 2% for the session.
- On Tuesday, rival chipmaker Intel unveiled a new AI chip called Gaudi 3, aimed at powering large language models, to compete with Nvidia’s most advanced chips.
Chipmaking giant Nvidia
entered “correction territory,” after shares briefly fell 10% from their most recent all-time closing high.
Shares had recovered by Tuesday afternoon when they were only about 9% off the high.
The company, which makes graphics processing units — or GPUs — has been a key beneficiary of the artificial intelligence boom, which boosted demand for its chips.
Nvidia GPUs are commonly used for compute-intensive AI applications, such as OpenAI’s ChatGPT AI chatbot. Its server chips are also a key component of data centers.
www.cnbc.com/2024/04/10/nvidia-nvda-stock-down-10percent-from-highs-in-correction-territory.html
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