Nvidia slips even as Citi reiterates buy after unveiling of GH200 'superchip'
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Nvidia (NASDAQ:NVDA) shares fell nearly 2.5% in early morning trading on Wednesday even as Citi reiterated its buy rating after the company unveiled its GH200 Grace-Hopper superchip yesterday.
Analyst Atif Malif, who also has a $560 price target on Nvidia (NVDA), said the move to boost memory on the new chip adds to its prowess.
"This falls in line with our expectations that NVIDIA will provide new versions of its AI accelerators with higher bandwidth and capacity given AMDâs strategy to offer more in-chip memory in its upcoming MI300 GPUs than the H100," Malik wrote in an investor note.
AMD (AMD) is slated to release its MI300 GPU AI accelerator chips later this year.
In addition, Malik said that Nvidia's (NVDA) "continuous push" to make AI more accessible with its new NVIDIA RTX Ada Generation GPUs and NVIDIA AI Workbench will allow pre-trained AI models on workstations and PCs to "seamlessly scale to virtually any AI data center or cloud platform."
Nvidia (NVDA) will report second-quarter results on August 24 after the close of trading. A consensus of analysts expect the company will earn $2.07 per share on $11.06B in revenue.
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