Nvidia (NVDA) Stock Gains as Analysts Become Bullish on AI Future

Shutterstock photo Shares of Nvidia Corporation NVDA gained more than 2.5% in early morning trading Monday after several key analysts noted that the graphics chipmaker is positioned well in several emerging tech markets, including the artificial intelligence space. In a recent note to clients, Citigroup analyst Atif Malik praised Nvidia’s new partnership with Chinese internet giant Baidu BIDU , which will see the two companies work hand-in-hand on a number of AI-based projects. Baidu will work to implement Nvidia’s Volta GPUs into its cloud infrastructure, while Nvidia will provide its Drive PX system to Baidu’s ongoing self-driving car programs with Chinese automakers. Nvidia’s Volta GPUs will also be optimized for Baidu’s PaddlePaddle open source deep learning platform. Malik mentioned how Baidu’s chief operations officer recently said that China is entering an AI era, and the search engine behemoth is poised to break into that market. “On top of the core business (search, mobile Baidu, and newsfeed), Baidu has expanded into new businesses like finance, cloud service, DuerOS, and autonomous driving all based on its AI technology,” Malik said. The analyst would ultimately conclude that Nvidia will also benefit from continued adoption of artificial intelligence technology. In addition to its agreement…

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