NVDA: Nvidia Stock Powers Up 3.3% amid Tech Pullback as CEO Flexes Chip Demand

What is a tech CEO to do when the industry is reeling? Show up on TV and boast how “insane” demand for your product is.

• Nvidia stock NVDA treaded higher by 3.3% amid a sea of red in the tech sector on Thursday. The reason was a bold statement by the chip maker's CEO Jensen Huang who appeared on CNBC’s “Closing Bell: Overtime.” In the interview, he slammed all the bears by saying that the company is seeing “insane” demand for one of its chips — the new Blackwell artificial intelligence chip. Huang topped it off by noting that Blackwell is in “full production” and is on track for first shipments this quarter.
• In other news, Nvidia shares stayed well-bid thanks to the company’s involvement with ChatGPT developer OpenAI. According to The Wall Street Journal, Nvidia has participated in OpenAI’s $6.6 billion funding round by chipping in $100 million earlier this week. The partnership is likely to cement Nvidia’s bellwether position in the race for AI chips — the $2.9 trillion tech behemoth is supplying the good stuff to every big tech company out there.
• Shares of Nvidia have enjoyed gains of more than 155% this year but not without some stomach-churning hiccups along the way. The company’s heavyweight stock has at times closely resembled the behavior of a small-cap meme play with outsized daily swings of more than 10%, sloshing hundreds of billions around. Still, Nvidia remains the undisputed champion in AI. At least for now — rivals are working hard to close the gap.