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"Demand was far exceeding the supply of GPU capacity that the whole ecosystem could produce," Scott told the Verge's Nilay Patel. Microsoft, like Google and other tech companies, has been quickly adding generative AI to its own products and selling the technology's capabilities to clients. Training and deploying the underlying AI models has mainly relied on Nvidia's GPUs, creating scarcity of supply. Nvidia expects to increase supply each quarter through next year, finance chief Colette Kress told analysts on last month's earnings call. Traffic to ChatGPT has declined month over month for three consecutive months, Similarweb said in a blog post.
Persons: Nilay Patel, Kevin Scott, Scott, OpenAi, we've, Patel, that's, Colette Kress, Similarweb, I'm, Doug Clinton Organizations: The Ritz, Carlton Laguna, Microsoft, Nvidia, Training, Qualcomm, PCs Locations: Dana Point , California, OpenAI
Microsoft said Thursday that starting Nov. 1, large companies will be able to buy Microsoft 365 Copilot, its artificial intelligence supplement to core productivity apps such as Word and Excel. Microsoft 365 Copilot is one result of the company's close collaboration with San Francisco startup OpenAI, which became a household name after ChatGPT, OpenAI's chatbot, went viral last year. In March, Microsoft first revealed plans for Microsoft 365 Copilot. Microsoft 365 Copilot tools are now in preview with small businesses, Colette Stallbaumer, a general manager, said at Thursday's event. Turning Microsoft 365 Copilot into a big business might take time.
Persons: OpenAI's chatbot, underpins, Satya Nadella, Copilot, Colette Stallbaumer, Amy Hood, Hood, McNamee Organizations: Microsoft, San, Edge, Google Locations: San Francisco, New York, Bing
Nvidia automotive segment primarily sells chip systems for assisted driving. Colette Kress Nvidia's Chief Financial OfficerThe $253 million segment revenue was also well below the $309.3 million forecast by a FactSet analyst poll. Although still a fraction of the chipmaker's business, automotive revenue has grown rapidly from just over $100 million a quarter two years ago. Bloomberg | Bloomberg | Getty ImagesCounterpoint's Wang pointed out that Nvidia's products are concentrated in the high-end automotive segment. Analog Devices on Wednesday reported automotive revenue of $747.6 million for the three months ended July 29, down by 5% from the prior quarter.
Persons: Jensen Huang, Alex Wong, Huang didn't, Colette Kress, Brady Wang, Xpeng, Xpeng's, Xinzhou Wu, Xiaopeng, Huang, Counterpoint's Wang, David Wong Organizations: Nvidia, Getty, Local, Counterpoint Research, Nvidia Nio, Bloomberg, NVIDIA, Robotics, Nomura, Qualcomm, China Passenger Car Association Locations: BEIJING, China, Xpeng, Santa Clara , California
Here are three major reasons why Nvidia stock — which has amore than tripled so far in 2023 — has not finished its climb, justifying our $600-per-share price target. That's because Wall Street's earnings estimates have been revised much higher than Nvidia stock's more-than-3% post-earnings gain. A forward price-to-earnings (P/E) ratio is calculated by dividing a company's stock price by its annual earnings-per-share (EPS). Using Thursday's midday price of roughly $486 per share, Nvidia stock trades at a 46.6 P/E, based on fiscal year 2024 estimates. That makes Nvidia's stock rally largely an earnings-driven story, not an ascent rooted in multiple expansion.
Persons: Nvidia's, , Wall, Jensen Huang, Huang, Colette Kress, Grace Hopper Superchip, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Nvidia, Micro Devices, Intel, Microsoft, Oracle, Consumer, IDC, Broadcom, AMD, Jim Cramer's Charitable, CNBC Locations: Wednesday's, Santa Clara , California
Nvidia issued a fresh warning that further U.S. export curbs on its chips to China would risk a "permanent loss" for American semiconductor firms to lead in one of the world's largest markets. Several reports earlier this year suggested Washington was considering new export restrictions on artificial intelligence-related chips, the likes of which Nvidia designs. This follows rules introduced last year that restricted Nvidia from selling its top-end A100 and H100 graphics processing units to China. "We believe the current regulation is achieving the intended results. "However, over the long term, restrictions prohibiting the sale of our data center GPUs to China, if implemented, will result in a permanent loss of an opportunity for the U.S. industry to compete and lead in one of the world's largest markets."
Persons: Washington, Colette Kress Organizations: Nvidia, U.S Locations: China
New York CNN —The artificial intelligence boom continues to fuel a blockbuster year for chipmaker Nvidia. Nvidia expects revenue to be even higher in the current quarter: forecasting revenue of $16 billion for its fiscal third quarter. Nvidia’s stock has climbed by just over 220% since the start of this year amid a surge in the popularity of and demand for artificial intelligence technology. The American chipmaker produces processors that power generative AI, technology that can create text, images and other media — and which forms the foundation of buzzy new services such as ChatGPT. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” Nvidia CEO Jensen Huang said in a statement, adding that the company is working with “Leading enterprise IT system and software providers … to bring NVIDIA AI to every industry.”“The race is on to adopt generative AI,” he said.
Persons: Zakaria, , Colette Kress, Jensen Huang, Huang, Jacob Bourne, , ” Kress Organizations: CNN, Intelligence, New, New York CNN, Nvidia, Santa, Wall, Companies, NVIDIA, Locations: New York, Santa Clara , California
About half of Nvidia's data center revenue comes from cloud providers, followed by big internet companies. The growth in Nvidia's data center business was in "compute," or AI chips, which grew 195% during the quarter, more than the overall business's growth of 171%. Some startups have even gone into debt to buy Nvidia GPUs in hopes of renting them out for a profit in the coming months. On an earnings call with analysts, Nvidia officials gave some perspective about why its data center chips are so profitable. Nvidia's AI software, called Cuda, is cited by analysts as the primary reason why customers can't easily switch to competitors like AMD .
Persons: Jen, Hsun Huang, Huang, Chaim Siegel, Elazar, OpenAI, Meta, Colette Kress, Raymond James, H100s, Jensen Huang Organizations: Consumer, Audi, Nvidia, Elazar Advisors, Microsoft, AMD, Center Locations: Las Vegas, USA
Besides Apple (AAPL), Nvidia is the only other Club stock to get Jim's "own it, don't trade it" designation. There's no doubt technology giants in the world's second-largest economy want Nvidia's chips to build out their AI systems. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Jim Cramer, I'm, Baird, KeyBanc, Piper Sandler, FactSet, Wei, Biden, Colette Kress, Jim Cramer's, Jim, Hsun Huang, Patrick T Organizations: Nvidia, Apple, HSBC, Barclays, Microsoft, Taiwan Semiconductor Manufacturing Company, Financial, Citigroup, Wall Street Journal, CNBC, Nvidia Corp, Mobile, Fallon, Bloomberg, Getty Locations: China, Washington, U.S, Los Angeles , California
Charles J. Ogletree Jr., a Harvard law professor who helped reframe debates around criminal justice, school desegregation and reparations during the 1990s and 2000s, all the while mentoring a new generation of Black lawyers that included President Barack Obama and Michelle Obama, died on Friday at his home in Odenton, Md. Colette Phillips, a representative of the Ogletree family, said the cause was complications of Alzheimer’s disease. Professor Ogletree was diagnosed with early-onset Alzheimer’s in 2015 and publicly announced his condition a year later. A son of California tenant farmers and the first in his family to graduate from high school, Professor Ogletree rose from poverty to become one of the most prominent civil rights lawyers in the country, leaving a mark on the courtroom and the classroom. As a litigator, he defended clients both famous and unknown, including Tupac Shakur and the survivors of the Tulsa Race Massacre of 1921, whom he helped to sue the city and the state of Oklahoma for restitution in 2003.
Persons: Charles J, Ogletree Jr, Barack Obama, Michelle Obama, Colette Phillips, Ogletree, Tupac Shakur Locations: Odenton, Md, California, Tulsa, Oklahoma
We've now ushered in a "triple peak" day. The result is a "triple peak" day, as The Atlantic's Derek Thompson reported last April. But for those whose work is more solitary or not as time-sensitive, the triple peak day may offer a pathway to greater work-life balance. Working parents, for example, might adopt a triple peak day to spend more time with their kids during the day and finish work once their kids are off to bed. Are you working a "triple peak" day?
Persons: We've, Derek Thompson, Colette Stallbaumer, Mary Czerwinski Organizations: Service, Street Journal, Workers, Microsoft Locations: Wall, Silicon
Insider spoke to three Barbie collectors who seem unfazed by the potential rise in the dolls' worth. As a collector doing it for love, he told Insider those looking to make money should invest in other things. Antique expert Dr. Lori told Insider she estimates a 25% rise in the doll's value in the build-up to the film's release and immediately afterward. "There are too many elements to the concept of value, and it's rarely just about finance," Yang told Insider. Even if these Barbie collectors were looking to make a quick buck in Gerwig's box office weekend, selling Barbies isn't easy.
Persons: Greta Gerwig's, Jian Yang, Yang doesn't, Yang, Barbie, Margot Robbie, Ryan Gosling, MarketBeat, Lori, Hankwitz, Mattel, Tommy Hilfiger, Gigi Hadid, Calvin Klein, Juno, Teresa, Arjen, Queen Elizabeth, Tina Turner, It's, I've Organizations: Service, Google, Mattel, Warner, Air, Nike, billings, eBay Locations: Wall, Silicon, Singapore, Philadelphia, Netherlands, Poland
NVDA YTD mountain Nvidia YTD performance Nvidia shares have, of course, been a stellar performer so far this year due in large part to its AI dominance. To estimate Nvidia's AI revenue opportunity, Goldman broke it down into two computing categories: training and inference. Here's a chart that shows how Goldman sees Nvidia's AI revenue opportunities shaking out from calendar year 2023 through calendar 2025 in each category. To put Goldman's AI computing revenue estimates into perspective: Nvidia's entire companywide revenue over the past three fiscal years totaled $70.5 billion. Goldman's fresh look at the AI opportunity also served as the basis for boosted earnings estimates for Nvidia.
Persons: Goldman Sachs, Jim Cramer, Jim, NVDA, Goldman —, Goldman, Jensen Huang, Biden, Colette Kress, — Goldman, Jim Cramer's, Justin Sullivan Organizations: Nvidia, Apple, Goldman, CNBC Locations: China
Hong Kong CNN —Nvidia warned Wednesday that if the United States imposes new restrictions on the export of AI chips to China, it would result in a “permanent loss of opportunities” for US industry. The rules, as reported, could make it harder for companies like Nvidia (NVDA) to sell advanced chips to China. Fueled by a boom in demand for its AI chips, the company briefly hit a market capitalization of $1 trillion in late May. We do not anticipate any immediate material impact on our financial results,” Kress added. Chinese AI stocks suffered much heavier losses.
Persons: Colette Kress, , ” Kress, , Biden, ” Jefferies Organizations: Hong Kong CNN, Nvidia, Wall Street, Financial Times, US Department of Commerce, CNN, Bloomberg, Chengdu Information Technology, Chinese Academy of Sciences, Baidu, Biden, Micron Technology Locations: Hong Kong, United, China, Washington, Shenzhen, Chengdu, ChatGPT, Beijing
June 28 (Reuters) - Nvidia (NVDA.O) expects no immediate material impact from the reported new restrictions on exports of artificial intelligence chips to China, CNBC reported on Wednesday citing CFO Colette Kress. Shares of the company pared losses and were flat in afternoon trading. The U.S. Commerce Department will stop the shipments of chips made by Nvidia and other chip companies to customers in China as early as July, the Wall Street Journal reported on Tuesday. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Colette Kress, Chavi Mehta, Krishna Chandra Organizations: Nvidia, CNBC, U.S . Commerce Department, Wall Street, Thomson Locations: China, Bengaluru
The Wall Street Journal on Tuesday reported that the Biden administration was considering new restrictions on exporting AI chips to China. The possible rule tightening would hardest hit Nvidia, whose strong position in the AI chip market helped make it worth $1 trillion earlier this year. The current rule around AI chips involves two restrictions. One restriction focuses on how fast chips can communicate with each other, which is important because AI systems such as ChatGPT require thousands of chips to be chained together. The other restriction focuses on how much computing power the chip can have.
Persons: Florence Lo, Biden, Colette Kress, Nvidia's Kress, Stephen Nellis, Karen Freifeld, Kenneth Li, Chris Sanders, Nick Zieminski Organizations: REUTERS, U.S . Commerce, Nvidia, Nvidia Corp, Devices Inc, Intel Corp, Reuters, Tencent Holdings, Intel, AMD, Thomson Locations: of China, U.S, China, HK, San Francisco, New York
Nvidia downplays possible U.S. chip export restrictions
  + stars: | 2023-06-28 | by ( Kif Leswing | ) www.cnbc.com   time to read: +2 min
Nvidia CFO Colette Kress downplayed the effect of the potential export restrictions at a financial conference on Wednesday, saying that they would not have an "immediate financial impact" but that further restrictions could hurt the company's growth in the future. "We are aware of reports that the U.S. Department of Commerce is considering further controls that may restrict exports of A800 and our H800 products to China," Kress said, referring to the company's chips. And the impact on our future business and financial results is there," Kress continued. Nvidia is the leader in the parts needed to build advanced AI systems, and AI engineers covet the company's A100 and new H100 chips. But according to the Journal, new Commerce Department limits could restrict the export of even those chips.
Persons: Colette Kress, Kress Organizations: Street, Nvidia, U.S . Department of Commerce, U.S, Department Locations: U.S, China, Washington
The Philadelphia chip index (.SOX) dropped 0.9%. Last year, U.S. officials had ordered Nvidia to stop exporting its top two AI chips to China to limit the country's technological capability. Months later, Nvidia launched a new advanced chip called A800 in China to meet export control rules. "A handful of tech companies pack a huge punch on Wall Street due to their sheer size, so any wobble in confidence reverberates on indices." The Philadelphia chip index (.SOX) has surged more than 44% so far this year, far ahead of the benchmark index's (.SPX) 14% rise.
Persons: chipmakers, Biden, Colette Kress, Susannah Streeter, Hargreaves Lansdown, Medha Singh, Akash Sriram, Arun Koyyur, Vinay Dwivedi Organizations: Nvidia, Devices, Intel, U.S ., Commerce Department, Wall, AMD, Nordic Semiconductor, Thomson Locations: China, U.S, Philadelphia, Milan, Bengaluru
The weakness in Nvidia's stock — down around 1.8%, at $411 a share, in late trading Wednesday — may prove temporary as a result. The CFO's comments came after The Wall Street Journal reported late Tuesday that the Commerce Department could implement stricter measures around the export of AI chips to China and other countries of concern as early as July. NVDA YTD mountain Nvidia's stock performance so far in 2023. Still, over the long term, Nvidia's future business would feel an impact from strict export controls on AI chips, Kress acknowledged. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Colette Kress, Kress, Piper Sandler, Biden, Jim Cramer's, Jim Cramer, Jim, Katie Tarasov Organizations: Nvidia, Wednesday, Street Journal, Commerce Department, U.S, Club, Devices, AMD, Intel, CNBC Locations: U.S, China, Russia, Washington, Santa Clara , CA
The stock has basically tripled year to date in the artificial intelligence-driven enthusiasm that has recently been gripping Wall Street. The analysts also increased their price target to $500 per share from $472 following discussions with CFO Colette Kress at a recent conference. Bernstein appears to echo this near-term bullish view on Nvidia, reiterating its outperform (buy) rating and $475-per-share price target. Evercore derived its price target by assuming 25x that $30 figure and discounting back to calendar year 2024, using a 10% discount rate . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Jefferies, Colette Kress, Bernstein, , Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Nvidia, supercomputing, Enterprise, Moore's, CNBC, NVIDIA Locations: Santa Clara , California
Google changed its iconic logo, or doodle, to grey on Memorial Day on May 29, 2023 to honor U.S. military members who have lost their lives in service. Posts shared online (here) and (here) show colorful doodles alongside a classic, unmodified doodle for Memorial Day 2023. The Memorial Day 2023 Google doodle was different to the classic design, however. News reports about previous Memorial Day doodles with similar gray themes can be seen (here) and (here). The Google doodle for Memorial Day on May 29, 2023 included a gray Google logo, an image of the U.S. flag and an animation of red poppies in the search results thanking those who have served.
Persons: , , Colette Garcia, Read Organizations: Google, United States, U.S, Reuters, U.S . Locations: U.S
Dutch firm ASML and Taiwan's TSMC , two of the world's most important semiconductor firms, got a share price boost on Thursday after Nvidia's earnings impressed investors. The rise in Nvidia's stock has sparked a rally in chip names globally. And TSMC relies on machines from ASML, which are required to manufacture the world's most advanced semiconductors. The stock price rally across the industry highlights the concentrated nature of the semiconductor supply chain. This tool is required to make cutting-edge chips, the likes of which are required by Nvidia for its top-end GPUs.
Persons: Taiwan's TSMC, Colette Kress, ASML Organizations: Nvidia, Wall, AI, chipmaker, Apple Locations: U.S, Netherlands, Taiwan
Nazi slogans such as “Heil Hitler” and “Sieg heil” were also heard via the train’s intercom, according to several passengers on the train. “Someone has illegally opened the intercom with a duplicate key and played a Hitler speech over a loudspeaker,” a spokesperson for the rail operator ÖBB told CNN on Monday. ‘Completely helpless’After hearing the broadcast of Hitler’s speech, David Stögmüller, member of Austria’s upper house of parliament, tweeted a video of himself expressing disbelief. “Could you please enlighten us as to why an entire train” heard Hitler’s speech, she asked. Speaking to CNN, Schmidt said Hitler’s speech was about 20 seconds long, followed by the Nazi slogans, and that the recording was on a loop.
But new research from Microsoft shows how out of hand our work calendars have gotten: Since February 2020, people are in 3 times more Microsoft Teams meetings and calls per week at work, a whopping 192% increase. The heaviest Teams users are spending close to 8 hours, or an entire workday, each week in online meetings alone. Meetings, at their core, aren't the issue, says Colette Stallbaumer, the general manager for Microsoft 365 and the "future of work" at Microsoft. 1 workplace distraction that hurts productivity, followed closely by having too many meetings, according to a Microsoft survey of 31,000 workers across the globe, which was conducted between February and March 2023. How companies are fighting 'meeting fatigue'Workers can only do so much to fight "meeting fatigue," says Stallbaumer.
Working alongside artificial intelligence will be "as inherent" as how we work with the internet — and employees need to equip themselves with skills for this new future, said Microsoft. Working alongside artificial intelligence will be "as inherent" as how we work with the internet — and employees need to equip themselves with skills for this new future. AI skill sets leaders think employees will needAccording to Microsoft, 82% of leaders globally and 85% of leaders in Asia Pacific said employees will need new skills in an "AI-powered future." The report found that the three top skills that leaders believe are essential are analytical judgment, flexibility and emotional intelligence. These are skills that are "new core competencies," added Microsoft, not just for technical roles or AI experts.
March 7 (Reuters) - Nvidia Corp (NVDA.O), Advanced Micro Devices Inc (AMD.O) and other tech firms are scrambling to assess whether they must halt sales to units of China's Inspur Group Ltd after its addition to a U.S. export blacklist last week. The United States last week added Inspur to its trade blacklist for allegedly acquiring U.S.-origin items in support of the China's military modernization efforts. Executives from AMD and Nvidia were questioned about dealings with Inspur Group Co Ltd. at an investor conference on Monday. An Nvidia spokesperson declined to comment beyond her remarks. An AMD spokesperson did not return a request for additional comment on AMD Chief Technology Officer Mark Papermaster's remarks made at the same conference.
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