Chip giant Nvidia (NASDAQ: NVDA) got a boost as it announced a collaboration with Google (GOOGL) regarding AI. As a part of this partnership, Google’s cloud computing customers will have greater access to technology powered by Nvidia’s H100 Graphics Processing Unit (GPUs).
Nvidia’s CEO, Jensen Huang stated in a blog post, “Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software and services that supercharge energy efficiency and reduce costs.”
Shares of Nvidia have seen a stellar run in the past year, soaring by more than 200%, making it one of the star performers in the S&P500 (SPY) index. The company’s robust second-quarter performance has further bolstered investors’ confidence in the stock.
Analysts remain bullish about NVDA stock with a Strong Buy consensus rating based on 39 Buys and one Hold.
