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Nvidia Shares Soar More Than 3% After Preview of Next-Gen Rubin AI Chip
Nvidia Stock (NVDA) rose on Monday after CEO Jensen Huang revealed details about the company’s upcoming AI chip platform during his keynote at Computex conference in Taipei, Taiwan, on Sunday. The new platform, called Rubin, is the successor to Nvidia’s Blackwell platform, launched in March.
While the CEO offered few details about Rubin, he did mention that the platform will also include a new Arm-based CPU called Vera and will hit the market in 2026. Huang also announced a more powerful version of its Blackwell platform called Blackwell Ultra coming in 2025, as well as an Ultra version of the Rubin platform for 2027.
Shares of the AI chip giant were up more than 3% as of midday Monday.
Nvidia is a leader in AI chips thanks to early investments in the technology that put it well ahead of its rivals in terms of hardware and software capabilities. This has helped make the company’s offerings invaluable not only to cloud providers like Amazon, Google and Microsoft, but also to companies ranging from healthcare to the automotive industry. This helped drive Nvidia’s incredible growth last year, with revenue increasing 262% year over year, from $7.19 billion to $26 billion in the first quarter.
Nvidia has the third largest market capitalization in the world among publicly traded companies, at US$2.79 trillion. Microsoft and Apple get US$3.08 trillion and US$2.98 trillion, respectively. And Wall Street expects Nvidia to continue to climb higher and higher.
“We have a $10 trillion market cap target for Nvidia by 2030,” Beth Kindig, chief technology analyst at I/O Fund, told Yahoo Finance following Nvidia’s announcements. “And I’ll be honest and say I think that’s too low.”
Chairman and CEO of Nvidia Corporation, Jensen Huang, delivers a speech during the Computex 2024 exhibition in Taipei, Taiwan, Sunday, June 2, 2024. (AP Photo/Chiang Ying-ying) (ASSOCIATED PRESS)
Nvidia wasn’t the only chipmaker to make news in Taiwan. OMG (OMG) also announced its MI325X AI accelerator, saying it will hit the market in the fourth quarter of this year, as well as its fifth-generation EPYC server processor. The company also revealed its MI350 series accelerator for 2025 and the MI400 for 2026.
In addition to its server chips, AMD also launched its AI 300 chip for AI PC laptops and its Ryzen 9000 series chips for laptops and desktops.
But AMD and Intel’s announcements didn’t give their shares the same boost as Nvidia’s. AMD shares were down more than 3% as of midday Monday, while Intel shares were down more than 2%.
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Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
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