What’s happening with Nvidia and AMD stocks on Wednesday?

What’s happening with Nvidia and AMD stocks on Wednesday?

Artificial intelligence chip stocks lead Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc. (NASDAQ:AMD) is trading higher on Wednesday after leading the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Company (NYSE:TSM) reported June revenue growth of 33% over one year.

Preliminary second-quarter revenue increased 32% year-on-year. Taiwan Semiconductor’s revenue growth reflects continued AI frenzy.

Analysts have touted Nvidia as the biggest beneficiary of AI, followed by AMD.

Read also : Nvidia absent from China AI show, Chinese GPU makers mobilize

AMD shares also benefited from support from the company agreement to acquire Silo AI, a leading AI lab in Europe, in an all-cash transaction valued at $665 million.

Headquartered in Helsinki with operations in Europe and North America, Silo AI offers comprehensive AI-powered solutions for easy integration into products, services and operations. Silo AI also develops advanced open source multilingual LLMs, including Poro and Viking, on AMD platforms, as well as on its SiloGen model platform.

As of March 30, 2024, AMD held $6.04 billion in cash and cash equivalents.

CEO and Co-Founder of Silo AI Pierre Sarlin will continue to lead the Silo AI team within the AMD AI Group. The acquisition is expected to close in the second half of 2024.

Nvidia stock has gained more than 217% in the past 12 months. AMD stock has gained 63%.

Investors can gain exposure to Nvidia through Vanguard S&P 500 Exchange Traded Fund (NYSE: VOO) and Invesco QQQ Trust, Series 1 (NASDAQ: QQQ).

Price Actions: NVDA shares were up 2.4% at $134.62 at last check Wednesday. AMD was up 3.3% at $183.05.

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This item What’s happening with Nvidia and AMD stocks on Wednesday? originally appeared on Benzinga.com

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