Nvidia (NASDAQ: NVDA) jumped again on Tuesday, adding to its ongoing winning streak this year. The stock gained ground as the trading day wore on and by the time the market closed, the stock was up 7.2%.
The broader market was decidedly mixed today, looking for direction, but the catalyst that helped send the chipmaker higher was strong quarterly results by Oracle (NYSE: ORCL). The company cited strong demand for AI-centric cloud services with demand far outstripping supply. Oracle also cited a recent cloud-infrastructure contract with Nvidia and hinted at more to come, saying “We expect to have some very nice joint announcements with Nvidia next week,” at the company’s GPU Technology Conference (GTC), which begins on Monday.
Is Nvidia stock still a buy?
This announcement adds to the growing mountain of evidence that the demand for generative AI is just getting started. Nvidia has…
