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<ul class="summary-list"><li>Wall Street's bullishness for Nvidia stock endures even as shares trade at record highs. </li><li>Analysts are upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.</li></ul>Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish. Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">meteoric rise</a> over the past year.Shares traded above $142 each on Monday, hitting a fresh record as investors gear up for the company's next earnings report on November 20. The stock is up 193% year-to-date. But Nvidia still has plenty of room to climb, according to forecasters. They point to signs of frenzied demand for the company's AI-enabling GPU chips and a long list of partnerships with enterprise "hyperscalers." Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock. <h3 id="724900f4-99db-4302-98bd-dea4cac3d847">Bank of America, $190 price target</h3>BofA strategists <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10#:~:text=Bank%20of%20America%20analysts%20raised,helped%20by%20its%20enterprise%20partnerships.">raised their price target</a> for the chipmaker to $190 from $165 per share last week, implying another 35% upside from the stock's current levels.The upside will be driven by Nvidia's competitive advantage over other chipmakers, as well as the "generational opportunity" in the AI market, which is expected to grow to $400 billion, analysts said in a note."Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve," the bank added.Strategists pointed to positive signs for Nvidia's future chip demand, including commentary from <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-impact-q1-earnings-season-ai-nvda-stock-price-capex-2024-5">other tech firms</a> and comments from CEO Jensen Huang, who described the demand for Nvidia's upcoming Blackwell chip as "<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-jensen-huang-blackwell-gpu-demand-ai-tech-2024-10">insane</a>."Nvidia, meanwhile, also has a number of "underappreciated" business partnerships with firms like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/acn-stock">Accenture</a> and <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-reaction-microsoft-partnership-for-minecraft-graphics-overhaul-2019-8">Microsoft</a>, which should contribute to the upside potential. "We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice," the bank said. "NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side."<h3 id="6a528da2-bcac-4a58-87fb-9d0b14415a80">Goldman Sachs, $150 price target</h3>Goldman analysts raised their price target to $150 from $135 a share, implying 6% upside from the stock's current levels.Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings. "Although we acknowledge that the company's revenue trajectory beyond CY2025 remains uncertain, we expect the stock to perform at least consistent with estimate revisions given relative valuation multiples that remain depressed relative to history ... and the potential for a re-acceleration in fundamentals driven by the upcoming Blackwell product cycle," strategists wrote.Blackwell could also help produce several billion dollars in revenue for Nvidia, the strategists estimated."By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia's competitive advantage. The ramp of Blackwell-based products remains on track with several billion dollars in revenue expected in the January quarter followed by further growth in April and beyond."<h3 id="7231a134-d8fb-40e0-8065-37b2205636b4">CFRA Research, $160 price target</h3>The research firm CFRA raised its price target to $160 from $139 per share, implying a 13% upside from current levels. According to Angelo Zino, a senior equity analyst at CFRA, that's due to increased confidence that Nvidia will post better-than-expected growth, particularly as customers scramble to get their hands on the new Blackwell chip."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.<h3 id="1efd5f91-dce2-45d4-bfa2-1ada5f7366f2">Bernstein, $155 price target</h3>Bernstein raised its price target to $155 a share shortly after the chipmaker reported its second-quarter earnings in August. Similar to other firms' forecasts, Bernstein's upside prediction is based on the success of the Blackwell GPU. "People are getting excited about the story again, especially as we approach earnings, and then year-end into next year is their new platform, Blackwell, really starts to ramp. Look, by all indications, their own commentary, all the supply checks and everything else, demand for this product just looks off the charts," Rasgon said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=SM8AcE18AN0">CNBC</a> in early October. "This cycle, if the checks are any indication, must potentially be massive," he added.

Wall Street keeps raising price targets for sky-high Nvidia stock. Here's why analysts are still so bullish. 

<ul><li>For instance, the Nvidia 3070 GPU is priced at ₹45,500 but the partner cards are being sold at ₹90,000 and more. </li><li>The most obvious reason behind the inflated GPU prices is the silicon shortage and <keyword id="6289215" type="UNKNOWN" weightage="20" keywordseo="Crypto-Mining">crypto mining</keyword>. </li><li>Using their network, scalpers acquire the GPU stocks in high volume to sell them at a higher price.</li></ul>Gamers, in India, are going through a depressing phase in their lives. The companies they adore have been launching the best gaming hardware they can’t get their hands on. But, thanks to the pandemic and some other factors, they are literally out of reach. The supply is short. And whenever a product is available, the prices are exorbitantly high. From the new PlayStation 5 (PS5) and Xbox gaming consoles to the new graphics processing units (GPUs) from AMD and Nvidia, there's an acute crunch in supply globally, and in India. While consoles can still be bought at the retail price despite the shortage, it has to be noted that GPUs are being sold at double their cost and even more, in the grey market. On the e-commerce platforms, the <keyword id="656107" type="PERSON" weightage="20" keywordseo="Graphics-card">graphics card</keyword> stocks run out in a jiffy. Akash Bhat, a Bengaluru based gaming enthusiast, who was playing games on his PlayStation 4 decided to get back to PC gaming during the lockdown. The cost? He had to pay double the price of the GPU to build his PC. "I wanted to get back to PC gaming and I decided to do so at the worst possible time. I built a PC for which I overpaid for my GPU by 100% which left a bad taste but at least the gaming experience is better. And not like PS5s are easily available," he told Business Insider India. Offline, it's slightly easier to buy a unit, but prices are highly inflated. For instance, the Nvidia 3070 Founders edition is priced between ₹45500. The partner cards for the same GPU are being sold for more than ₹90,000 by retailers in India at the time of writing this story. Simply put, the demand for graphics cards overweighs the supply globally, but it's worse in India. “The price of GPUs is not only rising in India but also globally. The GPUs have been in high demand since 2020, so it was difficult to lay hands on them. The onset of the COVID-19 pandemic further led to constraints in the supply chain dynamics,” says Parv Sharma from <a href="https://www.counterpointresearch.com/tag/gpu/" data-type="tilCustomLink">Counterpoint Research,</a> a research consultancy. Work-from-home leads to more gaming Sharma says the demand was very high for GPUs due to people working from home and socialising through gaming. “Supply chain issues led to <a href="https://www.businessinsider.in/tech/news/heres-why-theres-a-global-computer-chip-shortage-that-is-slamming-automakers-during-the-pandemic/articleshow/80723862.cms" data-type="tilCustomLink">semiconductor shortages</a> ranging from the substrate materials, RAM shortages (GDDR6), and short supply of wafers as most of these GPUs are fabricated on 7nm and all players are fighting for grabbing max share in the foundry. Further to make the matters worse the huge demand for GPUs for crypto mining, and scalpers are selling the GPUs at 1.5x to 2x prices are making this worse,” he adds. The most obvious reason behind the inflated GPU prices is the Covid-19 pandemic. Due to lockdowns lasting several months and staying at home becoming a norm, the demand for personal electronics has gone up and the closure of manufacturing units has led to shortage of supplies. Also, the supply chains have been disrupted especially for non-essential goods. Since graphics cards fall under non-essential goods, the governments restricted imports for a long time. In February, Taiwan-based electronics firm Asus confirmed that it needs to raise GPU and motherboard prices due to logistical complications and import tariffs, which led other GPU vendors including MSI, Zotac, and Gigabyte to follow suit. Another reason behind rising GPU prices is the global chip shortage, which is said to last for at least one more year. The impact is not just on GPUs but mobile phones, consoles, automobiles and a lot more. Due to the shortage, the quota of units being shipped to India has been cut down to favour bigger markets like the US, Europe and China. <div type="image" title="GPU 2." msid="83305078" hostid="261" caption="&amp;lt;p&amp;gt;GPUs are in high demand for crypto mining. &amp;lt;/p&amp;gt;"></div> How crypto miners come into the picture It is also being said that crypto miners are behind the graphics card shortage. Mining cryptocurrency requires a high-specced rig with a powerful graphics card to mine faster. Cryptocurrency is not just a buzzword anymore. It is here to stay and so are the miners. To mine, you need a minimum of 4GB of video RAM and it gets better as it goes higher. That's why the stocks for graphics cards over 4GB are even rarer to find. Some Indian retailers say that miners are being favoured over gamers as they bulk-buy graphics cards and higher volume gives them a better opportunity to earn after their businesses were hit due to pandemic. The crypto mining issue led <a href="https://www.businessinsider.in/cryptocurrency/news/nvidia-is-desperately-trying-to-stop-its-chips-from-being-used-for-crypto-mining/articleshow/82800344.cms">Nvidia to restrict crypto-mining</a> capability on its cards. It will be making cards with a lower hash rate that makes them unfit for mining. Blaming miners for <keyword id="11397421" type="UNKNOWN" weightage="20" keywordseo="GPU-shortage">GPU shortage</keyword> is unfair. Aditya Kshirsagar, a product marketer and PC enthusiast makes a fair point where he points out how even the low-end graphic cards are also not in stock and overpriced. He says, "I can understand the prices of medium to high tier cards appreciating due to the cryptocurrency boom. But, I want an Nvidia GTX 1030 for a build. These cards are either unavailable or over-priced which points to scarcity. Is this scarcity due to the pandemic, supply constraints, or induced remains unknown? A miner has no use for these cards so why are basic GPUs missing from the market?” He also said companies capping hash rates of GPUs to restrict mining is counterproductive. The miners earn a livelihood out of these cards, and they can’t be differentiated from a normal buyer. “Brands unable to cater to gamers and miners while keeping the appreciating values in check is worrisome. There should be more enforcement on prices so that such a situation is avoided in the future. The loss of consumer trust is real,” he adds. The curious case of bundling Business Insider spoke to Bilal Moolji, founder of Cezor, a custom PC company and online shop for PC hardware, about the stock and price situation of graphics cards in India. Moolji agrees with the factors mentioned above, but he also adds the seller’s perspective. Due to the pandemic, sellers were stuck with non-movable items like PC coolers, chassis, custom PCs and similar that led to an unprojected loss in business. As a result, to cover up the losses, many retailers started bundling other non-moveable items with the GPU to desperate buyers. Some of them intentionally waited for desperate buyers so that they could ask for the desired amount. He did hint that scalping is also an issue, which is not surprising. India's grey market for electronics is huge. Scalpers make the most out of situations where there's a crunch in supply and when demand is high. Using their network, scalpers acquire the GPU stocks in high volume and at a higher price to sell them at an inflated price. In India, you can find these scalpers in online communities and groups and sometimes through retailers, who tell you "we don't have it, but you can call this guy and ask". That "guy" obviously asks you to pay a premium way over the maximum suggested retail price (MSRP) depending on your desperation. We reached out to Asus, Zotac and Gigabyte, three major GPU makers, to get their comments on how brands are dealing with the crunch and what the future looks like. Gigabyte responded to inform Business Insider that their team is busy with Computex, a computer expo in Taiwan, while Zotac did not reply. We will update the story with inputs from these brands if and when we receive it.

GPU prices are skyrocketing in India — this is how crypto miners and scalpers are making it worse

<ul class="summary-list"><li>Mega-cap tech giants have continued their record capex spending on AI despite high interest rates.</li><li>Typically, higher rates slow capex spending, but the AI opportunities seem to be too enticing.</li></ul>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-hardware-vs-softare-tech-performace-nvidia-tsmc-broadcom-2024-6">ongoing boom in artificial intelligence</a> has flipped traditional economic principles on its head.That's according to Apollo chief economist Torsten Sløk, who highlighted in a Wednesday note the continued surge in capex spending by mega-cap tech giants despite high interest rates."Despite the Fed funds rate being at the highest level in decades, capex spending by the Magnificent Seven is at record-high levels," Sløk said.Typically, when interest rates rise, as they did aggressively beginning in 2022, capital expenditure spending slows down due to the rising cost of capital and the expected slowdown in aggregate demand.But this time, the mega-cap tech giants see the potential opportunity in AI as too good to pass up and are spending heavily on it, which has blunted the impact of the Fed's monetary policy."This is another reason why the monetary policy transmission mechanism is much weaker than usual. Fed hikes are having a much smaller negative impact than normal on business investment decisions because of the strong appetite among firms to invest in AI," Sløk said.And the capex boom is showing no signs of slowing down, according to a recent note from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley's</a> director of research Katy Huberty.Huberty said <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/META-stock">Meta Platforms</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> are on track to generate $176 billion in operating cash flow in 2025, giving them plenty of cash to spend on more AI-enabled GPU chips.<div type="image" title="A chart showing the profits of mega-cap tech giants" height="572" width="841" msid="112874585" hostid="261" sizebytes="28732"></div>"Hyperscalers' pockets are still deep enough for further spending," Huberty said, adding that the average AI capex / EBITDA ratio is about 40%.Those growing profit trends should continue to fuel the AI capex boom and "dispel concern and drive share-price rebounds for the overall AI supply chain," Huberty said.Now the question is whether <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-labor-market-federal-reserve-jerome-powell-unemployment-2024-8#:~:text=The%20Fed%20is%20shifting%20from,the%20end%20of%20the%20year.">imminent rate cuts from the Fed</a> will add even more fuel to the fire of the ongoing AI capex boom.

The AI boom is turning traditional economics on its head as tech giants boost spending despite high interest rates

<ul class="summary-list"><li>The Cloud 1.0 era was dominated by Amazon Web Services. </li><li>The generative AI boom has ushered in the Cloud 2.0 era. </li></ul>When you're building a house, you can do it in various ways. You can build all the tools you need and then hike into a forest to chop down wood and turn that into your final structure. Or, you can go to Home Depot and buy wood that's already been chopped down, along with all the nails, hammers and other equipment you need.Or, you can pay a contractor to do most of the work. Over the past 15 years, <a target="_blank" href="https://www.businessinsider.com/amazon-aws-struggles-in-saas-business-applications-cloud-market-hubspot-2021-11">Amazon Web Services</a> became the go-to contractor for anyone wanting to build something online. A website, an app, a business software service. Nowadays, very few developers venture into the digital forest and chop down their own semiconductors and build their own servers and data centers. AWS does it all for you, and provides most of the tools you need. This is what turned AWS from a fringe idea in 2006 into a $80 billion business with juicy profit margins and a huge, sticky customer base. This is the essence of a technology platform. The rise of <a target="_blank" href="https://www.businessinsider.com/generative-ai-threat-to-saas-companies-software-as-a-service-2023-5">generative AI</a> has created what some technologists are calling Cloud 2.0. There's a new stack of hardware, software, tools, and services that will power AI applications for years to come. Which company will be the go-to contractor in this new world? When you're building your AI house, who will you turn to for all that digital wood and the right tools that just work well together to get the job done?At the moment, AWS doesn't look like the leader here, while <a target="_blank" href="https://www.businessinsider.com/nvidia-shocker-1-trillion-spent-ai-data-centers-4-years-2023-8">Nvidia</a> has a massive head start. <div type="image" title="jensen huang drive nvidia ces" height="1274" width="2000" msid="104157223" hostid="261" sizebytes="151410"></div>Nvidia designs and sells <a target="_blank" href="https://www.businessinsider.com/tech-giants-spending-nvidia-gpus-google-meta-amazon-2023-7">GPUs</a> that are the go-to chip used by almost everyone who is creating large language models and other big AI models. These components were being used by AI researchers more than a decade ago when <a target="_blank" href="https://www.businessinsider.com/andrew-ng-ai-artificial-intelligence-playbook-2018-12">Andrew Ng</a> and others discovered GPUs could handle many computations in parallel. In contrast, AWS launched its Trainium GPU for AI model training in December 2020, almost a decade later. During that decade, Nvidia also built a platform around its GPUs that helped AI developers do their jobs. The company created compilers, drivers, an operating system, tools, code libraries, training notes and videos, and more. The core of this platform is a programming language called CUDA. There are now more than 4 million registered Nvidia developers who use CUDA all its related tools. That's up from 2 million in August 2020, and 1 million two years before that. The closest thing AWS has right now is called Neuron. This was released in 2019, according to <a target="_blank" href="https://github.com/aws-neuron/aws-neuron-sdk/releases/tag/v1.0.0">its Github page</a>. CUDA came out in 2007. <h2>Libraries, models, and frameworks</h2>Michael Douglas, a former Nvidia executive, spoke to Bernstein analysts recently about all this, explaining that the chipmaker's software and tools are far ahead of the competition: <ul><li>There are 250 software libraries available to developers that sit on top of CUDA. A library is pre-built code that performs a function like handling video or audio or doing something in graphics.</li><li>There are also 400 pre-built models that Nvidia offers developers for AI tasks such as image recognition and voice synthesis.</li><li>These libraries and models are weaved together with popular software frameworks such as PyTorch, TensorFlow, Windows and VMware. </li><li>This all sits in stacks on top of 65 platforms. A platform provides most of the other software developers need to operationalize something in an environment in a data center, or at the edge, with AI. </li></ul>"What that means is that, it's like if you want to build a house, the difference between going into the forest and having to cut down your own trees and make your own tools or going into Home Depot, where you buy the lumber and the tools and get everything to work together," Douglas said. <h2>Cloud 2.0</h2>Another key point here: Most AI developers already know how to use CUDA and Nvidia GPUs. All the hacks, tricks, and other shortcuts are embedded in the community. Arguably, Nvidia has already created an AI cloud platform – as AWS once did for the Cloud 1.0 era. As we move into Cloud 2.0, this will be hard for AWS, or anyone else, to break. "Nvidia has been betting on AI for a long time. They have a level of software maturity that no other provider can match," said Luis Ceze, CEO and cofounder of AI startup OctoML. "With Amazon, there's still a lot to mature there. People must have confidence that the silicon is good and the system software is there." Amazon's offering is just not as complete yet, he added. "Look at the experience of developers trying to bring AI models to train on AWS versus Nvidia. These are world's apart right now," Ceze explained.<h2>The Amazon-Anthropic feedback loop</h2>Don't count AWS out yet, though. It's early days, as <a target="_blank" href="https://www.businessinsider.com/andy-jassy-amazon-web-services-ceo-2021-1">Andy Jassy</a> and <a target="_blank" href="https://www.businessinsider.com/aws-ceo-adam-selipsky-stressed-about-amazon-day2-culture-2023-7">Adam Selipsky</a> keep saying. <a target="_blank" href="https://www.businessinsider.com/amazon-vp-distinguished-engineer-james-hamilton-profile-aws-jassy-boat-2021-8">James Hamilton</a> is an AWS cloud infrastructure genius who can take on Nvidia, even if the chipmaker has a major head start. "Nvidia has a lock on the market due to advantages in software," said Oren Etzioni, a technical director at the AI2 Incubator and a partner at Madrona Venture Group. "There's an argument that this window is starting to close."The Cloud 2.0 race really kicked off in late September when Amazon announced an <a target="_blank" href="https://www.businessinsider.com/amazon-invests-4-billion-in-anthropic-2023-9">investment of up to $4 billion</a> in an AI startup called <a target="_blank" href="https://www.businessinsider.com/anthropic-cofounder-daniela-amodei-trust-safety-generative-artificial-intelligence-2023-4">Anthropic</a>. This relatively small San Francisco-based company is packed with researchers who helped create the core GPT technology at the heart of today's generative AI boom. Anthropic has one of the most capable large AI models out there, called Claude.<div type="image" title="Dario Amodei Anthropic" height="5179" width="5179" msid="104157225" hostid="261" sizebytes="2214932"></div>Anthropic will now use AWS's in-house Trainium and Inferentia chips to build, train, and deploy its future AI models, and the two companies will collaborate on the development of future Trainium and Inferentia technology.A key part here is the feedback loop between Anthropic and AWS. Those AI pioneers at Anthropic are now committed to using AWS's GPUs, along with all the related software and tooling. If AWS is lacking here, Anthropic can help identify the biggest holes and suggest ways of filling them. To catch Nvidia, AWS really needed a marquee developer like this. All it took was $1 billion to $4 billion. "Amazon needs a major AI player using its own silicon," said Ceze. "Amazon being able to show Anthropic running their workloads on Amazon chips is a win. They want other folks building AI models to feel confident that the silicon is good and the software is mature."<h2>Avoiding the Nvidia tax</h2>Making your own AI chips is a really important advantage for winning the Cloud 2.0 race. If AWS has to keep buying Nvidia GPUs, it will have to pay a margin to Nvidia. (Some AI experts call this the Nvidia tax). That will make AWS's Trainium and Inferentia cloud services more expensive to run. If, instead, AWS can make its own AI chips, then it gets to keep that Nvidia profit margin for itself. That means it can offer AI training and inference cloud services that are more cost effective. At a recent AWS event in Seattle, Selipsky, AWS's CEO, hammered this message home: AWS's AI cloud services will be competitive based on "price performance." This means it should be more efficient to build AI models on AWS, according to the CEO. <div type="image" title="Adam Selipsky reInvent" height="1996" width="3000" msid="104157227" hostid="261" sizebytes="115550"></div>In the Cloud 1.0 era, AWS pulled this off partly through the acquisition Annapurna Labs in 2015. This startup helped Amazon design its own Gravitron CPUs for its cloud data centers. Suddenly, AWS no longer needed to buy as many expensive Xeon chips from Intel. This was an important element that made AWS such a competitive and successful cloud provider. <h2>How easy it is to switch from Nvidia?</h2>Here's the problem though: You can have great AI chips and great prices, but will anyone switch from using Nvidia GPUs and the CUDA platform? If they don't, AWS might not win Cloud 2.0 in the way it did with Cloud 1.0. This brings us back to the house-building analogy. At the moment, Nvidia probably offers the best combination of wood and tools to get the job done. If you're already using this, can you switch easily? I asked Sharon Zhou, cofounder of Lamini AI. Her startup spent months building a data center from scratch to help customers train AI models. When it was unveiled in September, the surprise was that Lamini used AMD GPUs rather than Nvidia chips. How was the switch? Zhou said Lamini didn't even try because it would have been so hard. "We never switched. We started the company on AMD. That's why it works," she said. "Switching would be more difficult than starting from scratch. If you want to switch, you'd have to apply a major refactor to your entire codebase."She also went back to one of the same points that Douglas, the former Nvidia exec, made: The AI libraries and other frameworks and tooling around CUDA are just more developed. "Libraries are heavily integrated with Nvidia today," Zhou said. "You need to reimplement fundamental abilities to work with large language models. Outside of the fundamentals, you need to do so for other common libraries, too."<h2>Nvidia's lock-ins</h2>Etzioni said Nvidia still has 2 main lock-ins with AI developers. The first is that PyTorch, a popular AI framework, is optimized really well for CUDA and therefore Nvidia GPUs. OctoML, the startup Ceze runs, is working on a bunch of gnarly technical fixes that it hopes will make it easier for AI developers to use any GPU with different frameworks and platforms in the future, including AWS's offerings. Second, once you can efficiently connect to another AI software stack, that alternative platform has to be at least as good as CUDA. "And the alternatives are just not there yet," Etzioni said. AMD may be the closest to Nvidia at the moment, according to Etzioni. That chipmaker has ROCm, a software platform that gives AI developers access to popular languages, libraries and tools. He didn't mention AWS or Trainium, though.

Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time. 

<ul><li><a href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a> rallied as much as 7.4% Thursday, hitting an intraday record high for the first time since June 5, 2000.</li><li>The chipmaker's surge follows a winning year, as AMD closed out 2019 as <a href="https://markets.businessinsider.com/news/stocks/best-performing-sp-500-stocks-2019-amd-target-highest-gains-2019-12-1028786555#1-advanced-micro-devices11">the best-performing stock in the S&amp;P 500</a>.</li><li>The semiconductor company is positioned to jump in 2020 due to its exposure to next-generation gaming consoles, its focus on both GPU and CPU products, and the inability for <a href="https://markets.businessinsider.com/stocks/intc-stock">Intel</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> to copy many of its key advantages, Rosenblatt Securities analyst Hans Mosesmann wrote in a Tuesday note.</li><li><a href="https://markets.businessinsider.com/stocks/amd-stock">Watch AMD trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a> soared as much as 7.4% Thursday, hitting an intraday record high for the first time in nearly two decades.The chipmaker passed its previous record of $48.50 for the first time since June 5, 2000, <a href="https://www.bloomberg.com/news/articles/2020-01-02/amd-hits-all-time-high-taking-out-record-that-stood-since-2000">Bloomberg</a> reported. AMD traded as high as $49.25 before falling slightly.The Thursday surge follows a winning year for AMD, as the company ended 2019 as <a href="https://markets.businessinsider.com/news/stocks/best-performing-sp-500-stocks-2019-amd-target-highest-gains-2019-12-1028786555#1-advanced-micro-devices11">the best-performing stock in the S&amp;P 500</a>. The company soared nearly 150% during the year.The chipmaker also helped boost the index's information technology sector to its best yearly gain in a decade. <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> led the gain, jumping roughly 88% on the success of its iPhone 11 and growing wearables business. The sector was <a href="https://markets.businessinsider.com/news/stocks/tech-sector-apple-amd-drive-best-yearly-performance-decade-semiconductors-2019-12-1028786391">the best performing in the S&amp;P 500</a> and ended the year up nearly 50%.Analysts are already eyeing AMD as the best-positioned semiconductor stock of the new year. Rosenblatt Securities analyst Hans Mosesmann deemed it his top pick in a Tuesday note, citing the "secular importance" of its popularity in both CPU and GPU markets.The company is also positioned to benefit from next-generation gaming consoles, its multi-year CPU cycle, and the inability for rivals <a href="https://markets.businessinsider.com/stocks/intc-stock">Intel</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> to copy many of its winning products, Mosesmann wrote.Rosenblatt listed <a href="https://markets.businessinsider.com/stocks/mu-stock">Micron</a> and <a href="https://markets.businessinsider.com/stocks/xlnx-stock">Xilinx</a> as its second and third picks, respectively.The analyst firm reiterated its "buy" rating for the chipmaker and boosted its price target for the stock to $65 from $52. The new price target is the highest among firms covering the company and implies a 33% increase from Tuesday's $49.10 closing price.The company has 15 "buy" ratings, 23 "hold" ratings, and four "sell" ratings from analysts, with a consensus price target of $36.66, according to Bloomberg data.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/baby-yoda-mandalorian-helping-disney-plus-succeed-stock-rosenblatt-says-2020-1-1028792134">The massive popularity of Baby Yoda memes highlights just how successful Disney Plus has been, one analyst says</a><a href="https://markets.businessinsider.com/news/stocks/trump-tariffs-driving-job-losses-production-cost-hikes-fed-says-2020-1-1028791979">Trump's tariffs are driving job losses and production cost hikes, the Fed says</a><a href="https://www.businessinsider.com/virgin-trains-investor-wes-edens-interview-brightline-florida-passenger-rail-2019-4">Brightline is on the cusp of connecting Disney World to Miami by train. Its owner explains what's next in the railroad's quest to beat Amtrak at its own game.</a>Get the latest Intel stock price<a href="http://markets.businessinsider.com/stock/intc-Quote"> here.</a>

AMD leaps to its first record high in nearly 2 decades

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Ethan Miller / Getty ImagesNvidia Founder, President and CEO Jen-Hsun Huang displays Nvidia's Xavier AI car supercomputer as he delivers a keynote address at CES 2017 at The Venetian Las Vegas on January 4, 2017 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs from January 5-8 and is expected to feature 3,800 exhibitors showing off their latest products and services to more than 165,000 attendees. (</div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> is set to report its first-quarter results after Thursday's closing bell.</li><li>Analysts and investors will be on the lookout for any updates on how business is being impacted by the trade war.</li><li>Semiconductors are particularly sensitive to Chinese demand.</li><li><a href="https://markets.businessinsider.com/stocks/nvda-stock">Watch Nvidia trade live</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> is set to report its first-quarter results after Thursday's closing bell. The chipmaker is expected to earn an adjusted $0.81 a share on revenue of $2.19 billion, according to analysts surveyed by Bloomberg. On a GAAP basis, it's expected to make $0.56 a share. Nvidia, and other chipmakers have been under pressure for much of the past month as trade tensions between the US and China have reignited. Last week, President Donald Trump raised tariffs on $200 billion worth of Chinese goods to 25% and said another $325 billion of Chinese goods could soon see their tariffs go up. China responded by hiking tariffs on $60 billion of US goods. The renewed trade tensions have put semiconductor shares under the microscope as they are <a href="https://markets.businessinsider.com/news/stocks/amd-stock-price-nvidia-trump-trade-war-tariff-escalation-major-concern-2019-5-1028171160">particularly sensitive to Chinese demand</a>. "A major concern here, the products would be deemed mission-critical and the US would prevent shipments to China, or tax them heavily (a large buyer of GPUs)," RBC analyst Mitch Steves wrote in a recent note. "We think China trade talks will negatively impact our universe. Most notably, we think GPUs and Semi-cap are most at risk to the downside if tensions continue to rise." Ahead of the release, SunTrust Robinson Humphrey analyst William Stein said investors should focus on the company's long-term growth prospects and not the short-term volatility that has been impacting its share price."We believe NVDA's IP (chips and software) address some of the most attractive end markets in all of tech (Gaming, server acceleration, AI training &amp; inference, and autonomous driving) that represent a &gt;$100B TAM in the mid-2020s," he wrote."The company's competitive advantage is not isolated to its GPU chips (which competitors can market), but instead relate to its culture of innovation, software tool investment, and ecosystem of incumbency." Stein has a "buy" rating and $210 price target - 31% above the $160 where shares were trading on Thursday. Nvidia is up 20% this year. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://markets.businessinsider.com/stocks/nvda-stock">Markets Insider</a></div></div></div>Get the latest Nvidia stock price<a href="http://markets.businessinsider.com/stock/NVDA-Quote"> here &gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/game-of-thrones-season-8-episode-3-details-you-missed-2019-4">12 details you may have missed in 'Game of Thrones' season 8 episode 3</a></h3> <div> </div> </div>

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