Nvidia Is Gaining Today Despite Big Sell-Offs for the S&P 500 -- Is It Time to Buy the Artificial Intelligence (AI) Stock?

Nvidia (NASDAQ: NVDA) stock is climbing higher in today's trading. The company's share price was up 1.3% as of 3:15 p.m. ET, and had been up as much as 4.8% earlier in the day's trading. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) was down 1.5%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 1.9% due to hawkish comments from Federal Reserve chairman Jerome Powell that were delivered in conjunction with an interest rate cut.Nvidia stock is gaining thanks to multiple catalysts today. TrendForce published a new report today analyzing the production outlook for the artificial intelligence (AI) leader's next-generation Blackwell processors. TrendForce expects production of the company's GB200 processors to ramp rapidly and hit peak output in the second and third quarters of next year. Production of the new chips has largely gone as expected so far, and that's a good thing for Nvidia and its investors. Nvidia stock may have also gotten a boost from a new report from The Financial Times indicating that Microsoft has purchased more than twice as many of the AI processing leader's chips this year than the company's second-largest customer, which is Meta Platforms. This could signal that Meta and other large tech companies still have plenty of investing to do when it comes to AI infrastructure. Additionally, Nvidia announced the Jetson Orin Nano Super Developer Kit, a new generative AI processor for hobbyists and students priced at $249.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool