What’s happening with Nvidia stock on Wednesday?

What’s happening with Nvidia stock on Wednesday?

Nvidia Corp. (NASDAQ: NVDA) intends to increase its investments in Taiwan, emphasizing the critical role of the local chip supply chain and its long-standing partnership with Taiwan Semiconductor Manufacturing Company (NYSE: TSM), CEO Jensen Huang said in Taipei.

Despite geopolitical uncertainties, Nvidia plans to build another supercomputer in Taiwan after launching Taipei-1 last year. The stock is trading higher on Wednesday.

Huang praised TSMC for its advanced technology and flexibility, highlighting its 25-year collaboration with Nikkei Asia. reports.

Read also: Nvidia Emails Reveal Musk’s GPU Rework: What’s at Stake for Tesla’s Future of AI and Robotics

Additionally, Huang expressed interest in evaluating Intel Corp. (NASDAQ:INTC) as a potential provider of contract chip manufacturing services.

Recent reports have indicated that TSMC expects a price hike, which is what the Nvidia chief predicted. already discussed.

The leading contract chipmaker is looking to increase the price of its AI chip production services. TSMC chief CC Wei cited the example of Nvidia, which was already charging a higher price for its products.

Analysts have maintained Nvidia as the main beneficiary of AI after the recent Computex event in Taiwan, citing the opportunities offered by its Hopper platform, Blackwell B100/200, and the ASP boost provided by the GB200 NVL72 full rack solution.

Nvidia also contacted Samsung Electronics Co. for the supply of high-bandwidth memory (HBM) chips as the industry struggled with supply chain constraints.

A separate report noted that Tesla Inc (NASDAQ: TSLA) will spend between $3 billion and $4 billion in 2024 on hardware purchases from Nvidia.

Nvidia stock has gained more than 197% in the past 12 months as the AI ​​frenzy is in no hurry to die down. Investors can gain exposure to the stock via VanEck Semiconductor ETF (NASDAQ: SMH) and iShares US Tech ETF (NYSE:IYW).

Price action: NVDA shares were up 2.96% at $1,198 at last check on Wednesday.

Read also: Intel Targets Chinese Export Market – What Investors Need to Know

Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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