The artificial intelligence (AI) narrative is primarily concentrated in a small basket of stocks called the “Magnificent Seven”. Indeed, Microsoft, Apple, Alphabet, Tesla, Amazon, and Meta Platforms are all disrupting AI in their own unique ways.
But among megacap tech companies, perhaps the most important player is Nvidia (NASDAQ: NVDA). The semiconductor manufacturer is at the forefront of generative AI — its graphics processing units (GPUs) and data center operations are playing a critical role in accelerated computing, machine learning, and more.
After generating record revenue in 2023, Nvidia is sitting on a $26 billion cash pile. Let’s see how the company is investing its profits to help position itself for long-term growth.
1. Voice recognition software
A couple of weeks ago, investors learned that Nvidia has a small ownership position in a company called SoundHound AI (NASDAQ:…
