Microsoft plans to spend even more on Nvidia-based infrastructure next year than it did this year.
Nvidia shares rose over 11% during trading on Wednesday after remarks from top customer Microsoft and from rival chipmaker AMD signaled no slowdown in the multi-billion dollar buildout of AI servers based around GPUs.Jensen Huang, co-founder and chief executive officer of Nvidia Corp., displays the new Blackwell GPU chip during the Nvidia GPU Technology Conference on March 18, 2024.
Nvidia has been the primary beneficiary of the AI boom. Its stock has doubled so far in 2024 and is up more than 500% since ChatGPT's release in November 2022 kicked off intense investor interest in artificial intelligence technology. "Our perception is that the market is taking a very glass half-empty view of some of the hyperscale comments, where there is a clear desire on the part of customers to continue to commit resources to developing multi modal generative AI," Morgan Stanley analyst Joseph Moore wrote.
"Our checks generally show that customers want to deploy GPUs as quickly as possible, and the resilience of the H100 even a few weeks from Blackwell ramping to us makes those spending concerns seem premature," Moore wrote.AMD CEO Lisa Su said the company expected $4.5 billion in AI chip sales this year, an 11% increase over its previous guidance.
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