Nvidia Stock Rallies As Chipmaker Named To Stargate AI Venture

Blockhead02:04

Nvidia (NVDA) stock rallied on Wednesday after the chipmaker was named a technology partner for a massive U.S. artificial intelligence infrastructure initiative called Project Stargate. SoftBank and ...

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SoftBank has financial responsibility for the venture while ChatGPT creator OpenAI has operational responsibility. The initial equity funders in Stargate are SoftBank, OpenAI, Oracle (ORCL), and investment fund MGX.\n\n\n\n↑\nX\n\nNOW PLAYING\nThis AI Energy Play Surged 150% In 2024. Can Earnings Growth Keep Up?\n\n\n\n\nKey initial technology partners in Project Stargate are Arm (ARM), Microsoft (MSFT), Nvidia, Oracle and OpenAI.\nIn afternoon trades on the stock market today, Nvidia stock popped more than 4% to 146.93.\nArm, Microsoft and Oracle also saw their shares jump on the news.\nOther stocks moving higher on enthusiasm for Project Stargate included chip foundry Taiwan Semiconductor Manufacturing (TSM) and server makers Dell Technologies (DELL) and Hewlett Packard Enterprise (HPE). Data center infrastructure provider Vertiv (VRT) also gapped up on the news.\n\"We expect Nvidia will remain a primary beneficiary of forthcoming spend which should if anything drive future revenue expectations higher,\" Wedbush Securities analyst Matt Bryson said in a client note. He rates Nvidia stock as outperform with a price target of 175.\nThe Stargate announcement should ease some investor about AI spending, UBS analyst Mayur Ramdhani said in a client note.\n\"While investors have become increasingly concerned about peak compute demand, this should go a long way to quelling these concerns and potentially adding growth runway for Nvidia beyond calendar 2026,\" Ramdhani said.\nMelius Research analyst Ben Reitzes said the Project Stargate news helps Nvidia's long-term growth story. He maintained his buy rating on Nvidia stock with a price target of 195.\n\nFollow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.\nYOU MAY ALSO LIKE:\nOracle Stock Surges As Trump Unveils Stargate AI Plan With OpenAI, SoftBank\nHow S&P 500 Nuclear Power Giants Are Responding To Trump's Stargate AI Announcement\nSee Stocks On The List Of Leaders Near A Buy Point\nFind Winning Stocks With MarketSurge Pattern Recognition & Custom Screens\nJoin IBD Live For Stock Ideas Each Morning Before The Open","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.2","shortVersion":"4.30.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2505054367"}