NVIDIA Corporation (NVDA) is still in the “pole position” in the AI market, veteran investor Jason Snipe said yesterday on CNBC. Moreover, the firm’s recent deal with the Saudis should boost the stock, Snipe believes.
Snipe is the Principal of Odyssey Capital Advisors.
Still a Top Name in AI
During NVIDIA Corporation (NVDA)’s last earnings call, the company noted that it expected to benefit from “about $1 trillion of (capital spending) over the next few years on AI factories,” the investor noted.
As a result, Snipe believes that the company continues to be poised to benefit tremendously from the AI Revolution.
“A Boost” From the Saudis
Saudi Arabia’s sovereign wealth fund recently agreed to utilize hundreds of thousands of NVDA’s AI chips in the data centers that it’s building. NVIDIA Corporation (NVDA) has gotten “a boost” from the news, said Snipe, adding that the deal “is going to be powerful” for the tech giant.
Wapner Provides Background Information
NVDA stock has climbed “above its 200 day moving average for the first time since February (and) its market cap is back above $3 trillion, “noted CNBC anchor Scott Wapner during the same segment in which Snipe spoke.
“It’s really been a remarkable comeback,” Wapner said.
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This article is originally published at Insider Monkey
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