- NVIDIA Corp. (NDAQ:NVDA; NEO:NVDA) stock opened Tuesday trading on a positive note, showing a significant upward trend
- This surge follows a record-setting performance earlier this week when the stock reached an all-time intraday high
- The company recently unveiled the Omniverse Cloud Sensor RTX, a tool designed to generate synthetic data
- NVIDIA stock opened trading at C$125.82 per share on the NEO Exchange and US$133.10 on the Nasdaq
NVIDIA Corp. (NDAQ:NVDA; NEO:NVDA) stock opened Tuesday trading on a positive note, showing a significant upward trend.
This surge follows a record-setting performance earlier this week when the stock reached an all-time intraday high. The boost was fuelled by news that State Street Global Advisors indicated NVIDIA would likely see a weighting exceeding 20 per cent in the rebalance of its prominent tech-focused exchange-traded fund (ETF), the Technology Select Sector SPDR Fund (XLK). The increased weighting in such a significant ETF is expected to drive more institutional and retail interest, providing further momentum to the stock.
NVIDIA has also been making headlines with its latest advancements in AI and machine learning technologies. The company recently unveiled the Omniverse Cloud Sensor RTX, a tool designed to generate synthetic data. This synthetic data is crucial for accelerating the development of AI systems, especially where extensive training data for optimal performance is required.
The Omniverse Cloud Sensor RTX could have an impact on various industries, including autonomous vehicles, robotic arms, mobile robots, humanoids and smart spaces. By creating high-quality synthetic data, the platform can simulate a wide range of scenarios and environments, facilitating the training and testing of AI models with greater efficiency and accuracy.
This addresses a significant bottleneck in AI development: the need for vast amounts of labelled data, which can be time-consuming and expensive to gather. With the ability to generate this data synthetically, NVIDIA is not only speeding up the AI development process but also enabling the creation of more deep and adaptable AI systems.
The chipmaker also recently conducted a 10-for-1 stock split, significantly increasing the number of shares outstanding while reducing the stock price to make it more accessible to a broader range of investors.
NVIDIA Corp. accelerates computing to help solve computational problems. The company has two segments. The computer and networking segment includes its data centre accelerated computing platform, networking, automotive AI cockpit, autonomous driving development agreements and autonomous vehicle solutions, as well as electric vehicle computing platforms, Jetson for robotics and other embedded platforms, along with NVIDIA AI Enterprise and other software and cryptocurrency mining processors. The graphics segment includes GeForce GPUs for gaming and personal computers.
NVIDIA stock (NDAQ:NVDA; NEO:NVDA) opened trading more than 1.6 per cent higher at C$125.82 per share on the NEO Exchange and US$133.10 on the Nasdaq.
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(Top image: NVIDIA Corp.)
