Today's news related to artificial intelligence (AI) development has drawn attention to the stock price trends of Google (NASDAQ: GOOG), Apple (NASDAQ: AAPL), and Nvidia (NASDAQ: NVDA). The market reacted very positively to reports about his possible AI partnership between Google and Apple.
At the same time, excitement surrounding expected announcements at NVIDIA's annual developer conference led to a rise in the AI company's stock price at market launch.
Google and Apple stocks start higher on potential AI trading
On the morning of March 18, 2024, the technology industry was abuzz with huge stock price increases for two giants: Google and Apple. Google stock opened at $149.38, a significant increase of $7.21 or 5.07% from its March 15 closing price. Similarly, Apple stock opened at an encouraging $175.57, an increase of $2.95, or 1.71%.
Apple and Google are reportedly in talks to integrate Google's Gemini artificial intelligence engine into the iPhone. This potential partnership is aimed at licensing Gemini for iPhone software features to be released in 2024, and represents a major step forward in the deployment of generative AI technology.
Although the specific terms, brand name and implementation details of the agreement have not yet been finalized, the news has already had a positive impact on the stock market. If a deal is reached, the deal could be announced at Apple's annual developer conference in June.
The strategic alliance between Apple and Google promises great benefits for both companies. The deal allows Google to expand its AI services to more than 2 billion active Apple devices, potentially putting it in a position to compete with Microsoft-backed OpenAI.
Additionally, the partnership could address investor concerns over Apple's slow rollout of AI applications, which led to a 10% drop in the company's stock and its valuation as the world's most valuable company. is affecting.
Analysts remain bullish on both companies, with one-year target forecasts of $162.20 for Google and $201.28 for Apple.
NVIDIA stock rises as developer conference begins
Nvidia (NVDA) opened the market on March 18, 2024 and showed strong performance. The company's stock price soared to $903.30, an increase of $24.93 (2.84%) from its March 15th closing price. The company's market capitalization currently stands at a staggering $2.196 trillion, reflecting its dominant position in graphics processing units (GPUs) and artificial intelligence (AI). chip market.
Nvidia's annual developer conference today centered around CEO Jensen Huang's announcement of new chips, particularly the next-generation B100 AI processor, which is expected to significantly outperform its predecessor, the H100. It begins with high expectations.
As the dominant player in the AI semiconductor market, Nvidia, which held an 80% share of the data center AI chip market last year, is trying to maintain its lead despite increasing competition from Intel and AMD. is.
Expansion of the company's software and services business, which achieved an annual run rate of $1 billion last year, will also be a focus of the event. GTC 2024 will be his first in-person event since 2019, with attendance expected to double to around 16,000. Huang's keynote address will take place in the largest venue ever secured by his Nvidia for such an occasion.
Do you think AI will be a long-term story for big tech industries over the next few years? Let us know in the comments below.
Disclaimer: The author does not own or hold any securities discussed in the article.
About the author
Tim Freese is the co-founder of Tokenist. He has a bachelor's degree. He earned his bachelor's degree in mechanical engineering from the University of Michigan and his MBA from the University of Chicago Booth School of Business. Tim is a senior associate on the investment team in RW Baird's US private equity practice and co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
