Chip manufacturer NVIDIA (NVDA) recently introduced its eighth-generation AI software, the TensorRT 8, which can reduce inference time for language queries by half. This will enable the development and delivery of high-performance search engines, ad recommendations and chatbots from the cloud to the edge.
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The TensorRT 8 bridges an important operational gap. Earlier, companies would significantly reduce the size of transformer-based models to develop search engines. This resulted in less accurate search results. Meanwhile, the TensorRT 8 creates far more accuracy in language applications.
NVIDIA’s GPUs (graphic processing units) are quickly gaining traction from the proliferation of AI. The company has partnered with top cloud server providers such as Amazon (AMZN), Baidu (BIDU) and Facebook (FB), which are leveraging AI in various applications. Furthermore, partnerships with the likes of IBM (IBM), Microsoft (MSFT) and SAP (SAP) have successfully brought AI to the enterprise users’ table. (See NVIDIA stock chart on TipRanks)
Greg Estes, vice president of developer programs, NVIDIA, said, “AI models are growing exponentially more complex, and worldwide demand is surging for real-time applications that use AI. That makes it imperative for enterprises to deploy state-of-the-art inferencing solutions.”
He added, “The latest version of TensorRT introduces new capabilities that enable companies to deliver conversational AI applications to their customers with a level of quality and responsiveness that was never before possible.”
On July 15, Mizuho Securities analyst Vijay Rakesh maintained a Buy rating, and increased the price target to $900 from $710 on the stock, implying a 383.6% upside potential from current levels.
Rakesh raised estimates for NVIDIA’s upcoming second-quarter results, encouraged by the belief that Nvidia continues to dominate the promising space of accelerated artificial intelligence compute.
Consensus among analysts is a Strong Buy based on 26 Buys and 1 Hold. The average Nvidia price target of $808.25 implies 334.3% upside potential to current levels.
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