When it comes to revolutionary innovations in artificial intelligence and generative AI, Nvidia (NVDA) is just getting started. As fellow Magnificent Seven stocks like Microsoft (MSFT), Meta Platforms (META) and Amazon (AMZN) also ride the AI boom, Nvidia stock has generated a new breakout after a 365% surge off its October 2022 lows.
Amazon stock has already fueled a fresh breakout while also unveiling its own AI model code-named Olympus. Of course, Microsoft and Google also have long-established their bona fides as top AI stocks to watch.
Now Nvidia is upping the ante as it unveils steps to turbocharge generative AI training and accelerate the adoption of generative AI in the $1.7 trillion telecom industry.
Nvidia Stock, Microsoft, Meta Lead The Magnificent Seven
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Nvidia Unveils AI Accelerants
Aiming to further embed and expand AI technologies, Nvidia has announced two new moves in the AI space.
In a blog post Wednesday, the company said its artificial intelligence platform has raised the bar for AI training and high-performance computing in the latest MLPerf industry benchmarks. The company also put particular focus on Nvidia Eos, an AI supercomputer powered by a whopping 10,752 Nvidia H100 Tensor Core graphics processing chips and Nvidia Quantum-2 InfiniBand networking.
Emphasizing the rapidly improving speed of the testing, the company said the Nvidia Eos completed a training benchmark nearly three times faster than the record Nvidia set when the test was introduced less than six months ago.
Earlier in the week, Nvidia and Amdocs also announced they are collaborating to optimize large language models to speed adoption of generative AI applications and services across the $1.7 trillion telecommunications and media industries.
With roughly 30,000 employees around the world, Amdocs (DOX) helps communications and media clients migrate to the cloud and drive the 5G era. Further, the Nvidia-Amdocs collaboration aims to empower communications service providers to efficiently deploy generative AI use cases across their businesses.
Nvidia Stock Charges Into Buy Zone
With earnings due Nov. 21, Nvidia has now moved past the 476.09 entry. With a huge run already behind it and the buzz around the AI darling shining brightly, all eyes will soon be on how Nvidia reports — and how Wall Street reacts.
For now, a new market uptrend and emerging Santa Claus rally both continue to boost Nvidia stock, as well as Microsoft, Amazon, Meta, Alphabet and Apple.
Among the Magnificent Seven stocks, only Tesla (TSLA) and Google stock remain below their 50-day moving averages. Building on its new climb, Google stock is closing in on the 50-day line, looking to leave Tesla stock as the sole laggard stymied well below that benchmark.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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