Nvidia (NASDAQ:NVDA) stock fell Monday despite delivering news of some promising developments within the company at SIGGRAPH 2024, a computer graphics technologies conference in Denver.
At the event, company CEO Jensen Huang surprised audiences by focusing on the company’s software-side. Indeed, Huang detailed Nvidia’s Inference Microservices platform, which apparently plays a major role in pushing AI development forward. He also maintained that generative AI actually helps in the design of new chips, which are, of course, often used in training generative AI.
“All of our software engineers have AIs that help them debug software. We have AIs that help our chip designers design chips,” Huang said.
The CEO also shared a number of expansions in Nvidia’s AI services, including in helping robot manufacturers speed up humanoid robot development.
Apparently, Nvidia’s AI programs can also assist in teaching robots to perform tasks using devices like Apple’s (NASDAQ:AAPL) Vision Pro, when worn by a human trainer.
The event was essentially a showcase for Nvidia’s most futuristic, provocative development that also hinted at what’s to come for consumers.
“Everybody will have an AI that is an assistant […] Every single company, every single job within the company will have AIs that are assistants to them,” Huang said, when asked about the line between developing AI and protecting human jobs.
NVDA Stock Fails to Climb on SIGGRAPH 2024 News
Nvidia has been one of the biggest movers in the stock market in 2024. Indeed, the chipmaker has grown by hundreds of billions in market capitalization as perhaps the biggest beneficiary of this year’s AI craze.
Still, NVDA stock is down on the day, having lost more than 15% of its value in just the past month. Investors are waiting to hear Big Tech earnings results and the latest rate-cut news, both of which are due this week.
On the date of publication, Shrey Dua held LONG positions in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
