After dominating the world tech markers as a leading GPU maker, Nvidia is now inching to dive into the AI business. The firm has quietly penetrated the AI market and launched new AI software that competes with ChatGPT itself.
Will this development help Nvidia amass new volume and revenue? Let’s find out.
Nvidia’s New AI Venture: Details
On Tuesday, Nvidia launched a new AI software dubbed Llama 3.1 Nemotron 70B Instruct. This new model is set to challenge ChatGPT and Anthropic, intending to penetrate the emerging AI software market holistically and compactly. The company has already pioneered the tech that powers the AI sector and is now exploring the AI software model domain to establish its growing reputation.
The release is bullish for Nvidia, considering its expansive ecosystem and growing market dominance. By launching the new AI software model Llama for Meta, the company is challenging the age-old established entities and turning towards the emerging tech of the future.
The new software launched by Nvidia will come with additional nuanced components, such as reinforcement learning from human feedback (RLHF). Built for Meta, this new development is set to imitate and learn human preferences to deliver meticulous results.
The Firm’s Potent AI Move: Stocks To Soar Soon?
With Nvidia launching a new retweaked Meta Llama AI model, the firm is actively challenging the existing AI tech giants. This can be a game-changer event for the company’s stock valuation.
According to TipRanks, Nvidia’s immediate stock price target is $152, with a high of $200. The firm may claim $200 mark within the next 12 months.
“Based on 42 Wall Street analysts offering 12-month price targets for Nvidia in the last 3 months. The average price target is $152.86 with a high forecast of $200.00 and a low forecast of $90.00. The average price target represents an 11.63% change from the last price of $136.93. Nvidia’s analyst rating consensus is a strong buy. This is based on the ratings of 42 Wall Street analysts.”
