Will NVIDIA (NVDA) Have the Momentum to Carry It Through July?

The business world is abuzz with excitement as companies from various industries debut their latest generative AI-powered chatbots, AI assistants, and AI services, revolutionizing how we travel, organize data, and create content. The biggest story of the first half of 2023 is the explosion of interest around generative AI, which is poised to transform our lives and work.

The frenzy around Artificial Intelligence (AI) has overtaken the stock market. Shares of renowned chipmaker NVIDIA Corporation (NVDA – Get Rating) have gained more than 185% year-to-date. Moreover, the stock has gained 261.4% over the past month and 165.1% over the past six months to close the last trading session at $421.80.

NVDA expects to generate a revenue of around $11 billion in the second quarter, crushing the Street expectations for $7.13 billion. For the first quarter, the company reported sales of $7.19 billion, also higher than the expected $6.52 billion. The Street is now projecting $10.05 billion in sales for the company’s second quarter.

The chipmaker also gained traction with the news of strategic partnerships with renowned companies. On June 26, the company partnered with Snowflake Inc. (SNOW – Get Rating) to help businesses leverage their data for generative AI in the data cloud. Applications.

By integrating NVIDIA NeMo with Snowflake, businesses can securely build custom large language models using their own proprietary data in the Snowflake Data Cloud. The partnership will help enterprises create groundbreaking new applications and services, which can be run from the cloud platform they use to run their businesses.

On May 28, WPP teamed up with NVDA to create a cutting-edge content engine for digital advertising that utilizes generative AI. The engine, built on NVIDIA AI and Omniverse, connects creative 3D and AI Tools from leading software makers to revolutionize brand content and experiences at scale.

The partnership aims to develop a…

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