As GTC kicks into high gear, Nvidia reportedly boosts orders for AI chips
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Nvidia's (NASDAQ:NVDA) GTC developer conference is slated to kick into high gear on Tuesday and the GPU giant is reportedly increasing its orders for chips linked to artificial intelligence.
The Jensen Huang-led company has boosted orders for its A100 and H100 chips with Taiwan Semiconductor (NYSE:TSM), DigiTimes reported, citing industry sources.
The news outlet added that Nvidia (NVDA) has also raised the level of output for its A800 chips, which are designed for the Chinese market.
Nvidia (NVDA) and Taiwan Semiconductor (TSM) shares were both fractionally higher in premarket trading.
Huang will give the keynote address at GTC (which officially started on Monday), where he is widely expected to discuss the company's vision for the future of AI.
Ahead of GTC, investment firm Baird raised its per-share price target on Nvidia (NVDA) and added the firm to its fresh picks list, noting that "meaningful" orders for ChatGPT are coming in, resulting in the firm raising its second-half data center revenue estimate.
Analyst Tristan Gerra noted that the company's Hopper chips are likely to benefit from the growth of large language models and become a "secular trend."
Gerra added he expects Nvidia (NVDA) to expand on the company's cloud strategy as it becomes a full-stack cloud centric company.
Last week, Morgan Stanley upgraded Nvidia (NVDA), calling the company's involvement in AI "one of the most significant developments in technology since the development of mobile internet."