Nvidia Stock Rises. Elon Musk's xAI Is About to Boost the AI Chip Market. -- Barrons.com
Nvidia was rising early Tuesday, with the chip maker seen as one of the chief beneficiaries of the funding flowing into Elon Musk's artificial-intelligence start-up.Nvidia shares were up 2.6% at $1,092.50 in premarket trading. The stock closed up 2.6% on Friday, ahead of the Memorial Day weekend.Musk's xAI said it raised $6 billion in its latest venture round on Sunday. The funding brings the valuation of the year-old start-up to $24 billion.For Nvidia to continue its astonishing rate of growth, it needs the AI competition to keep going and xAI's funding is a positive sign for the sector. Importantly, xAI hasn't talked about developing in-house chips, unlike Amazon.com, Google-parent Alphabet, Meta Platforms and Microsoft, meaning plenty of that newly raised cash should be spent on Nvidia's hardware.Musk's xAI partners with cloud-computing company Oracle for access to data centers and computing chips. Oracle recently signed a new cloud-computing infrastructure deal with Nvidia and said
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