Fans of Microsoft (NASDAQ:MSFT) stock are going to want to keep an eye on the tech company when Nov. 14 rolls around.
That’s when Microsoft will hold its Ignite 2023, which should see the introduction of new technology from the company. One rumor that investors will want to note is the prospect of Microsoft revealing a new artificial intelligence (AI) chip at the event!
Considering the recent surge in AI, it makes sense that Microsoft would want to get in on the action. This would have it challenging Nvidia (NASDAQ:NVDA), which has been dominating the AI chip space with its own offerings.
Why MSFT Wants to Make Its Own AI Chips
However, reports claim that Microsoft is more interested in reducing its reliance on Nvidia rather than directly taking it on. That would reportedly see its AI chips used in its own data centers. the reports also alleged that MSFT will still continue to buy chips from Nvidia even after developing its own.
Of course, another issue with Nvidia that Microsoft wants to get around is increasing demands. As the AI hype continues, Nvidia is struggling to keep up with demand for its graphics processing units (GPUs). If MSFT creates its own AI chips, it won’t have to worry as much about supply problems facing NVDA.
MSFT stock is largely unmoved as of Monday morning.
Investors who want to check out all of the hottest stock market stories for Monday are in the right place!
We’ve got all of the biggest stock market news that traders need to know about for today! Among that is what’s going on with shares of Polestar Automotive (NASDAQ:PSNY) stock, Rivian Automotive (NASDAQ:RIVN) stock and oil stocks today. All of that news is ready to go at the following links!
More Monday Stock Market News
- Dear Polestar (PSNY) Stock Fans, Mark Your Calendars for Nov. 9
- RIVN Stock Alert: Wedbush Just Slashed Its Rivian Price Target
- Why Are Oil Stocks Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
