was rising Monday after the chip maker’s stock hit a series of new records last week. CEO Jensen Huang is predicting spending on data centers will double in the next few years in order to support artificial-intelligence technology.
shares were up 1% at $728.50 in premarket trading. The stock finished up 3.6% at $721.33 on Friday, a record closing high.
The company’s stock has more than tripled over the last 12 months, with the latest round of earnings from technology companies reinforcing the rise of AI technology. Nvidia’s graphics processing units are the favored choice for carrying out the accelerated computing which underpins AI systems.
Huang said at the World Government Summit in Dubai on Monday that he expects the shift to accelerated computing to continue and that each country will need to build out its own AI infrastructure.
“There’s about $1 trillion worth of installed base of data centers around the world. And over the course of the next four of five years we’ll have $2 trillion worth of data centers that will be powering software around the world and all of it’s going to be accelerated,” Huang said in an interview at the summit.
Nvidia stock was climbing along with other chip makers.
Advanced Micro Devices
rose 0.8% and
was up 0.1%.
Nvidia shares have risen 32% over the last month through to Friday’s close. That compares with a 5.1% gain for the
and a 6.8% gain for the
over the same period.
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