A Look At One Of Wall Street’s Top Performers And What It Announced On Wednesday
Nvidia (NASDAQ: NVDA) is one of the best performing stocks in the entire stock market this year. The company is engaged in visual computing and investors are familiar with its dominant position with the PC market.
However, many investors are unfamiliar with the fact that Nvidia is also a major player within the autonomous driving space. The company collaborates with companies such as Tesla (NASDAQ: TSLA) for deep learning and accelerated computing.
Shares of Nvidia have gained more than 100 percent since the start of 2016 and more than 185 percent over the past year. Over the past five years shares of gained nearly 400 percent.
By comparison, shares of Apple (NASDAQ: AAPL) have gained just 8 percent since January, a mere 1.30 percent over the past year and just shy of 100 percent over the past 5 years.
On Wednesday, Nvidia made the case as to why its stock still has lots of room to grow.
The company hosted its third regional GPU Technology Conference and announced a new product called Xavier which is a new supercomputer for autonomous driving.
Xavier, a system on a chip (SoC), has the power to process 20 trillion operations per second but it only consumes 20 watts of power.
“This is the greatest SoC endeavor I have ever known, and we have been building chips for a very long time,” Nvidia’s CEO Jen-Hsun Huang said. “Just imagine what an autonomous vehicle can do in the near future with Xavier.”
Nvidia also announced a new collaboration with TomTom, the Dutch based mapping and navigation company. As part of the collaboration, the two companies will partner and develop artificial intelligence and create a cloud-to-car mapping system for autonomous vehicles.
Nvidia explained that self-driving cars are in need of accurate high definition mapping systems that generates an always up-to-date map in the cloud.
In other words, Nvidia will help power the technology that provides vehicles with accurate, real-time map updates through a cloud-based connection.
“Together we will work as an industry to move autonomous driving forward, this is going to be an area of research and development for years to come,” Huang also said
Investors and traders helped push Nvidia’s stock to a new 52-week high of $66.77 on Wednesday