Nvidia shares surge on results as company leads AI charge

Published

11 months ago

May 25, 2023

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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.

Science

Profluent Unveils AI DNA Editor Generator OpenCRISPR to Cure Diseases

Published

40 mins ago

April 26, 2024

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Profluent Unveils AI DNA Editor Generator OpenCRISPR to Cure Diseases

Profluent, a California-based artificial intelligence (AI)-first protein design company, announced its AI model that can generate CRISPR-like proteins that do not occur in nature on Tuesday. CRISPR or Clustered Regularly Interspaced Short Palindromic Repeats is a complex containing important proteins that scientists can use for precise gene editing in organisms. The company claims the usage of AI can create a vast number of such proteins that can help in creating bespoke cures for diseases which, at present, remain incurable.

Ali Madani, the founder and CEO of Profluent announced the AI model in a series of posts on X (formerly known as Twitter). The company has also made a blog post detailing the initiative and a pre-print version of its research paper has been published on bioRxiv. Besides announcing the DNA editor-generating AI model, the company also launched OpenCRISPR-1, one of the AI-created gene editors, as an initial open-source release licencing it for both ethical research and commercial uses.

Why OpenCRISPR AI Model matters

While CRISPR is a major focus of scientists, the research is limited due to the protein Cas9, which acts as a gene editor, and its equivalent being only available in nature. As a result, scientists spend a significant amount of time discovering different types of gene editors and their impact. Profluent claims its AI model, which is powered by an in-house large language model (LLM) trained on “massive scale sequence and biological context”, can now generate millions of diverse CRISPR-like proteins that do not occur in nature. In theory, these synthetic gene editors can play a pivotal role in finding cures for diseases previously thought to be incurable.

In its blog post, the company said, “OpenCRISPR-1 gene editor maintains the prototypical architecture of a Type II Cas9 nuclease but is more than 400 mutations away from SpCas9 and nearly 200 mutations away from any other known natural CRISPR-associated protein.”

What is CRISPR

CRISPR, put simply, is a complex or system found in bacteria and some other unicellular organisms. This complex contains the Cas9 (or similar proteins like Cas12 and Cas13) proteins that have a specific ability to make precise cuts in gene strands of DNA to enable editing. It was first discovered in 1987, and ever since scientists have been researching it extensively. The technology has vast applications and has already been used to artificially create crop variants that have a higher yield, are resistant to diseases, and are drought tolerant.

It is also used to change the DNA of mosquitoes so that they cannot spread diseases like malaria. Experiments are being conducted to cure patients suffering from diseases such as sickle-cell anaemia. It is also theorised that the technology can be used to edit the DNA of the embryo to create babies who are naturally resistant to diseases and possess genes that promote higher physical and mental abilities.

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Politics

FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers

Published

1 hour ago

April 26, 2024

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FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers

A recent FBI announcement urging Americans not to use unlicensed money-transmitting services misses “a great deal of nuance” about how crypto services operate, says Piper Alderman Partner Michael Bacina.