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close video Nvidia has huge shoes to grow into: Sarah Kunst

Cleo Capital Managing Director Sarah Kunst provides insight on key stocks to look at on Making Money.

Nvidia has emerged as one of the leaders of the tech companies racing to incorporate advanced artificial intelligence (AI) tools into their products, and the company’s stock has surged amid growth in demand with a 20% plus gain on Thursday alone. 

While there are no "pure play" AI stocks, as all the publicly-traded companies heavily involved in AI have other business offerings, Nvidia has come to be considered one of the leaders in the field despite being in a similar position. Ticker Security Last Change Change % NVDA NVIDIA CORP. 371.46 +66.08 +21.64%

Nvidia stock has soared by 113% year-to-date as of Wednesday’s close – outpacing some of the biggest names in tech and AI including Google and Microsoft which have enjoyed 30% growth in their share prices in the same period. After the market closed Wednesday and Nvidia held its earning call, its share price surged as much as 28% in after-hours trading to extend its lead as the world’s most valuable chipmaker and the fifth most valuable company on Wall Street.

Nvidia .

"Generative AI is driving exponential growth in compute requirements and a fast transition to Nvidia accelerated computing, which is the most versatile, most energy efficient and the lowest [total cost of ownership] approach to train and deploy AI," said Colette Kress, Nvidia chief financial officer and executive vice president. "Generative AI drove significant upside in demand for our products, creating opportunities and broad-based global growth across all markets."

NVIDIA STOCK SURGES ON DOMINANT A.I. MARKET POSITION, BUY RECOMMENDATION FROM HSBC

Nvidia has emerged as a major player in the tech sector’s push to deploy AI solutions. (Photo by Justin Sullivan/Getty Images / Getty Images)

Nvidia is deeply involved in AI in a number of areas, as it produces semiconductors, high-end graphics processing units (GPUs) and application programming interfaces (APIs) used in supercomputers and machine learning applications. Both GPUs and APIs are used in the process of training machine-learning models, and require sophisticated semiconductors, or computer chips, to generate the computing power needed to carry out the task of processing vast quantities of data.

Kress explained that several prominent tech companies with cloud data storage offerings – including Google Cloud, Oracle Cloud and Microsoft Azure – are seeing "strong demand" from "generative AI pioneers" and deploying Nvidia’s tools to satisfy it.

"Enterprise demand for AI and accelerated computing is strong. We are seeing momentum in verticals such as automotive, financial services and telecom where AI and accelerated computing are quickly becoming integral to customers’ innovation roadmaps and competitive positioning," Kress said.

ARTIFICIAL INTELLIGENCE: FREQUENTLY ASKED QUESTIONS ABOUT AI

Nvidia’s stock prices surged to record highs after a blockbuster earnings report. (REUTERS/Robert Galbraith / Reuters)

Nvidia AI Enterprise has more than 100 frameworks, pre-trained models and development tools that are focused on various tasks, such as speeding up data science tasks and AI model development.

She went on to say that Bloomberg is using Nvidia tools for a 50 billion parameter model, while AT&T is "working with us on AI to improve fleet dispatches so their field technicians can better serve customers."Ticker Security Last Change Change % MSFT MICROSOFT CORP. 313.85 -1.41 -0.45%GOOGL ALPHABET INC. 120.90 -1.66 -1.35%ORCL ORACLE CORP. 98.32 -0.22 -0.22%

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Nvidia has a partnership with Microsoft in which it will integrate enterprise-ready AI software into Microsoft’s Azure Machine Learning platform to help Azure customers rapidly build and deploy custom applications. 

"Our collaboration with Microsoft transformed Windows into the ideal platform for creators and designers harnessing generative AI to elevate their creativity and productivity," Kress noted.

Reuters contributed to this report.

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Marchand’s OT score cuts Panthers’ deficit to 2-1

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Marchand's OT score cuts Panthers' deficit to 2-1

SUNRISE, Fla. — Brad Marchand scored on a deflected shot at 15:27 of overtime and the Florida Panthers beat the Toronto Maple Leafs 5-4 on Friday night to cut their deficit in the Eastern Conference semifinal series to 2-1.

Aleksander Barkov, Sam Reinhart, Carter Verhaeghe and Jonah Gadjovich scored for Florida, which got 27 saves from Sergei Bobrovsky. Evan Rodrigues had two assists for the Panthers. They 13-2 in their last 15 playoff overtime games.

John Tavares scored twice, and Matthew Knies and Morgan Rielly also scored for the Maple Leafs. Joseph Woll stopped 32 shots.

Game 4 will be in Sunrise on Sunday night.

Florida erased deficits of 2-0 and 3-1, and that’s been almost impossible to do against Toronto this season.

By the numbers, it was all looking good for the Maple Leafs.

  • They were 30-3-0 when leading after the first period, including playoffs, the second-best record in the league.

  • They were 38-8-2, the league’s third-best record when scoring first.

  • They had blown only 11 leads all season, none in the playoffs.

  • They were 44-3-1 in games where they led by two goals or more.

Combine all that with Toronto having won all 11 of its previous best-of-seven series when taking a 2-0 lead at home, Florida being 0-5 in series where it dropped both Games 1 and 2, and leaguewide, teams facing 0-2 deficits come back to win those series only about 14% of the time.

But Marchand — a longtime Toronto playoff nemesis from his days in Boston — got the biggest goal of Florida’s season, rendering all those numbers moot for now.

The Leafs got two goals that deflected in off of Panthers defensemen: Tavares’ second goal nicked the glove of Gustav Forsling on its way past Bobrovsky for a 3-1 lead, and Rielly’s goal redirected off Seth Jones’ leg to tie it with 9:04 left in the third.

Knies scored 23 seconds into the game, the second time Toronto had a 1-0 lead in the first minute of this series. Tavares made it 2-0 at 5:57 and just like that, the Panthers were in trouble.

A diving Barkov threw the puck at the night and saw it carom in off a Toronto stick to get Florida on the board — only for Tavares to score again early in the second for a 3-1 Leafs lead.

Florida needed a break. It came.

Reinhart was credited with a goal after Woll thought he covered up the puck following a scrum in front of the net. But after review, it was determined the puck had crossed the line. Florida had life, the building was loud again and about a minute later, Verhaeghe tied it at 3-3.

Gadjovich made it 4-3 late in the second, before Rielly tied it midway through the third.

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Vegas’ Roy dodges suspension for G2 cross-check

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Vegas' Roy dodges suspension for G2 cross-check

NEW YORK — Vegas Golden Knights forward Nicolas Roy was fined but not suspended Friday for cross-checking the Edmonton OilersTrent Frederic in the face in overtime of Game 2 of the teams’ second-round playoff series.

The NHL Department of Player Safety announced the fine of $7,813, the maximum allowed under the collective bargaining agreement, after a disciplinary hearing with him.

Roy attempted to play the puck while it was airborne but made contact with Frederic’s head instead, resulting in a laceration for the Oilers forward.

Frederic briefly exited the game before making a quick return to the ice. Edmonton, however, failed to capitalize on the ensuing five-minute power play but won not long after on a goal by Leon Draisaitl from Connor McDavid.

Vegas trails the best-of-seven series 2-0 with Game 3 on Saturday night at Edmonton.

Information from The Associated Press and Field Level Media was used in this report.

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Red Sox’s Henry, disgruntled Devers have sit-down

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Red Sox's Henry, disgruntled Devers have sit-down

KANSAS CITY, Mo. — Boston Red Sox owner John Henry met with disgruntled star Rafael Devers on Friday afternoon, making a rare trip to meet the team on the road after Devers expressed disillusionment with the organization’s suggestion he switch positions for the second time in two months.

Joined by Red Sox chief baseball officer Craig Breslow and president Sam Kennedy, Henry flew to Kansas City on Friday to address the firestorm after Devers objected to moving from designated hitter to first base after Triston Casas‘ season-ending knee injury.

Devers, who signed a 10-year, $313.5 million contract with Boston in January 2023, told reporters Thursday that he would not move to first base and criticized Breslow, saying: “I don’t understand some of the decisions that the GM makes.” During spring training, Devers said he did not want to move off third base — the position he had played in his first eight major league seasons — after the free agent signing of reigning American League Gold Glove winner Alex Bregman. Eventually, Devers agreed to become Boston’s DH, where he has played in each of the team’s 40 games this season.

Devers met with Henry and manager Alex Cora before Friday’s game and had what Breslow deemed “an honest conversation about what we value as an organization and what we believe is important to the Boston Red Sox.” The Red Sox have been using Romy Gonzalez and Abraham Toro — both utility men — to plug the hole at first base amid a 20-19 start.

“He expressed his feelings. John did the same thing,” Cora said. “I think the most important thing here is we’re trying to accomplish something big here. And obviously there’s changes on the roster, situations that happened, and you have to adjust.”

Breslow had introduced the possibility of moving to first base to the 28-year-old Devers, a three-time All-Star who, after a poor start, entered Friday’s game against the Kansas City Royals hitting .255/.379/.455 with 6 home runs, 25 RBIs and an AL-leading 29 walks.

Devers did not take kindly to the idea, saying Thursday: “They told me that I was going to be playing this position, DH, and now they’re going back on that. So, I just don’t think they stayed true to their word.”

The pointedness of Devers’ comments prompted Henry, who declined to comment, to fly halfway across the country and attempt to put to bed issues that have festered since spring training.

The signing of Bregman, who has been the Red Sox’s best player, accelerated moving Devers off third base, which evaluators long thought was an inevitability, even with his improvements at the position. First base had been viewed as his likeliest landing spot, but the presence of Casas pushed Devers to DH, a move he rebuffed at first before eventually complying.

Devers’ disappointment during the spring, sources said, stemmed from feeling blindsided by the lack of communication regarding the initial position switch.

“It’s my job to always put the priorities of the organization first,” Breslow said, “but I should also be evaluating every interaction I have with players, and I’ll continue to do that.”

Whether Devers eventually accepts moving to first — which could free up a lineup spot for Roman Anthony, the top prospect in baseball, or incumbent DH Masataka Yoshida after he recovers from offseason shoulder surgery — is a “secondary” issue at the moment, Breslow said.

“That decision was never going to be made on a couch in an office in Kansas City,” he said, “and that conversation is ongoing. The most important thing here is we believe that we’ve got a really good team that’s capable of winning a bunch of games and playing meaningful games down the stretch. That’s what we need to remain focused on.”

Added Cora: “The plan is to keep having conversations.”

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