AlphabetInc.'sformerCEOandChairEricSchmidtonTuesdaypointedtoNvidiaCorporation(NASDAQ:NVDA)asasignificantplayerintheAImarket.TheoriginalvideoofhisconversationpostedbyStanfordUniversity,hasnowbeendeleted.
WhatHappened:Schmidt,wholedGooglefrom2001to2011,notedthatlargetechcompaniesareplanningsubstantialinvestmentsinNvidia-basedAIdatacenters,potentiallycostingupto$300billion.
"I'mtalkingtothebigcompanies,andthebigcompaniesaretellingmetheyneed$20billion,$50billion,$100billion—veryveryhard,"Schmidtsaid,addingthatasignificantportionofthisspendingwasgoingtoNvidia.
SchmidtwentontosuggestthatNvidiaiscurrentlyleadingthemarket."If$300billionisallgoingtoNvidia,youknowwhattodointhestockmarket,"hesaid,immediatelyadding,"That'snotastockrecommendation."
"If$300billionsisallgoingtoNvidia,youknowwhattodointhestockmarket"–EricSchmidt$NVDApic.twitter.com/K0pKdyzyve
—TheAIInvestor(@The_AI_Investor)August14,2024ThenewswasfirstreportedbyCNBC.
SubscribetotheBenzingaTechTrendsnewslettertogetallthelatesttechdevelopmentsdeliveredtoyourinbox.
WhyItMatters:Schmidt'scommentscomeasNvidiapreparestoprovideitslatestmarketupdatewhenitreportsquarterlyresultsonAug.28.
AccordingtoDanIves,ananalystatWedbushSecurities,theearningscallwillcapturetheattentionofinvestorsglobally,astheyawaitinsightsfromNvidiaCEOJensenHuangonthefuturedemandforAIchipsthrough2025.
DuringtheconversationatStanford,SchmidtalsoblamedGoogle'sfocusonwork-lifebalanceandremoteworkforitslosstoAIstartupslikeChatGPT-makerOpenAI.
TheformerCEOhassinceretractedhisstatementaboutremoteworksaying,"ImisspokeaboutGoogleandtheirworkhours."
PriceAction:DuringtheregularsessiononThursday,Nvidia'sstockclosedat$122.86,withasignificant4.05%surgefortheday.Inafter-hourstrading,thestocksawafurtherincreaseof0.073%,accordingtodatafromBenzingaPro.
CheckoutmoreofBenzinga'sConsumerTechcoveragebyfollowingthislink.
'MadeByGoogle'EventMarredByAbsenceOf'DemoSpirits'—GeminiFailsTwiceDuringLiveSession:Pixel9LaunchDetailsHere
Disclaimer:ThiscontentwaspartiallyproducedwiththehelpofAItoolsandwasreviewedandpublishedbyBenzingaeditors.
