Despite the recent turmoil in the banking sector, the manufacturer of Nvidia chips was able to easily cope with problems in the market and is now the leader in growth among all S&P 500 companies, having gained 81% since the beginning of the year. Nvidia managed to increase its market value by $87 billion after one of the main outsiders of the current crisis, SVB Bank, was transferred to regulatory authorities. Today Nvidia has significantly overtaken its main competitor Intel in terms of market capitalization: its figure of $654 billion is almost 6 times higher than Intel's figure of $112 billion. In this regard, Morgan Stanley last week upgraded Nvidia's stock rating to «above the market average» and raised the target price to $304. The company owes this growth to the optimism of investors who believe that Nvidia has good opportunities to take advantage of the boom in artificial intelligence: today the company is the No. 1 manufacturer of graphics chips needed for AI computing. This week, Nvidia founder and CEO Jensen Huang announced a partnership with a number of companies, including Google, Microsoft and Oracle, that develop AI applications for various industries. The company also introduced the DGX Cloud supercomputer service, focused on AI, which will be available by subscription for any business. DGX Cloud is a supercomputing AI service that gives enterprises immediate access to infrastructure and software for training advanced models of generative AI and other innovative applications.
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