NVDA Stock Gets a Lift from Audi, CES, and Analysts
NVIDIA Corporation (NASDAQ:NVDA) saw its NVDA stock rise 3.3% by early afternoon trading on Monday, following a round of upgrades and increased price targets after a strong showing at the 2017 Consumer Electronics Show (CES 2017).
NVDA stock has been a darling of the stock market recently. It’s coming off a strong 2016, in which the company saw its value rise by over 230%, with potential for huge growth in machine learning and artificial intelligence (AI) going forward.
On Monday, the company experienced the residual effect of having several analysts push up their price forecasts recently for NVDA stock.
Another feather in NVIDIA stock’s cap is its partnership with Audi AG (ETR:NSU, FRA:NSU). NVIDIA will be helping to bring autonomous vehicles to the market by 2020 alongside the German auto manufacturer. The deal was announced at CES 2017, adding an exclamation point to an already dominant showing for the chipmaker.
NVIDIA CEO Jen-Hsun Huang gave a keynote address at CES 2017, where he introduced the technology behind the new self-driving cars, a low-power AI chipset called “NVIDIA Drive PX2.” Part of his speech was focused on overcoming the potential safety deficit and some of the other common concerns surrounding autonomous vehicles. (Source: “Nvidia Earns Another Round of Upgrades (NVDA),” Investopedia, January 6, 2017.)
“Deep learning has made it possible to crack that nut,” said Huang. “We can now perceive our environment surrounding our car. We can predict using artificial intelligence where other people and cars will be.”
All in all, the company’s success streak has begun generating large amounts of goodwill among investors, which will likely see NVDA stock push higher in the near future, barring any unforeseen dramatic hitches. With an increased focus on machine learning and AI learning among several of the biggest tech and auto producers in the world, NVIDIA stock seems poised to continue its journey upward in value.