Nvidia’s (NVDA) stock has more room to run higher, CNBC’s Jim Cramer said Wednesday, as he digested the $1 trillion chipmaker’s latest artificial intelligence announcements.
On Tuesday, at a conference about the future of digital art and interactive design, Nvidia offered details on a second-generation Grace Hopper Superchip, which is tailored to run AI models, and an updated version of its Omniverse platform, which companies can use to design virtual factories before building them in the real world.
Shares of Nvidia, a stock in the CNBC Investing Club portfolio, have roughly tripled so far year to date, due in large part to its dominant position in the AI landscape. Cramer said Nvidia’s slate of announcements Tuesday underscores the strength of the company’s AI ecosystem. “It’s about power,” Cramer said on “Squawk on the Street.”
The CNBC Investing Club is working on a broader story about Nvidia’s latest AI announcements and why Jim believes this stock can still move higher from here.
(Jim Cramer’s Charitable Trust is long NVDA. See here for a full list of the stocks.)
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