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Nvidia CEO Jensen Huang at COMPUTEX 2024, an industry trade show, in Taipei, Taiwan, on June 2, 2024Key Takeaways
Nvidia shares surged Wednesday after CEO Jensen Huang said the chipmaker is seeing "incredible" demand.
“Everything is sold out,” Huang said, as customers clamor for Nvidia’s products to support artificial intelligence.
The CEO also touted the return on Nvidia products for customers, saying every dollar a cloud company might spend on Nvidia infrastructure translates to $5 in rentals for the company.
Nvidia Corporation (NVDA) shares surged 8% Wednesday after CEO Jensen Huang said the chipmaker is seeing "incredible" demand.
Huang said at Goldman Sachs' Communacopia + Technology Conference that “everything is sold out,” as customers clamor for Nvidia infrastructure to support artificial intelligence (AI).
“Our company works with every AI company in the world today,” Huang said, according to a transcript provided by AlphaSense. "Everybody's counting on us."
Nvidia's chips are used by several major cloud providers, including Microsoft (MSFT) and Amazon (AMZN). Both companies have told investors they expect to boost spending on AI infrastructure.
Huang touted the return on Nvidia's products for customers as well, saying every dollar a cloud company might spend on Nvidia infrastructure translates to $5 in rentals for the company.
Nvidia GPS on Display at Oracle CloudWorld
Nvidia GPUs were also on display at Oracle’s (ORCL) CloudWorld conference Wednesday. The company unveiled an Oracle Cloud Infrastructure (OCI) Supercluster supported by Nvidia's Blackwell platform equipped with more than 100,000 GPUs to train and deploy AI models. The OCI Superclusters are expected to be available in the first half of 2025.
Oracle and Nvidia partnered at the conference to showcase how Nvidia’s platform can accelerate AI and data processing for enterprise customers.
Shares of Nvidia closed 8% higher at $116.91 Wednesday, partially reversing recent losses following a sales forecast that came up short of lofty expectations.
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