Elon Musk's Big Bet: Tesla to Ramp Up AI Development with Nvidia's Powerful Chips

Benzinga04-24

Tesla Inc (NASDAQ:TSLA) may install 85,000 Nvidia Corp (NASDAQ:NVDA) H100 chips by year-end to train its artificial intelligence (AI) models. If CEO Elon Musk proceeds with this plan, Tesla will ...

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Nvidia's Powerful Chips\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-24 22:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/elon-musks-big-bet-tesla-144827880.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tesla Inc (NASDAQ:TSLA) may install 85,000 Nvidia Corp (NASDAQ:NVDA) H100 chips by year-end to train its artificial intelligence (AI) models. \nIf CEO Elon Musk proceeds with this plan, Tesla will ...</p>\n\n<a href=\"https://finance.yahoo.com/news/elon-musks-big-bet-tesla-144827880.html\">Source 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Inc (NASDAQ:AMZN) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google as a significant Nvidia customer. \nDuring Tesla’s first quarterly earnings report for 2024, Musk disclosed that the company currently possesses 35,000 H100 chips, the most advanced and expensive graphics processing units designed for AI applications, CNBC reports.\nThese chips are vital for Musk’s AI initiatives, which include the development of advanced robots like Optimus Bot and Robotaxi and a supercomputer named Dojo.\nReports indicate that Meta Platforms Inc (NASDAQ:META) is Nvidia’s largest customer. \nAccording to the World Economic Forum, Nvidia produced 550,000 chips last year, and companies must wait until 2024 to secure additional supplies. \nMicrosoft Corp (NASDAQ:MSFT) is the second-largest buyer, as stated by Omdia, with an order of 150,000 GPUs in 2023. Other significant purchasers include Oracle Corp (NYSE:ORCL), Tencent Holding Ltd (OTC:TCEHY), Google, and Amazon, each reportedly acquiring 50,000 chips. Meta, Microsoft, Google, and Amazon nearly account for 40% of Nvidia’s revenue. CNBC writes. \nMusk had mocked Nvidia’s substantial market capitalization loss on April 19, calling the 10% stock decline “rookie numbers” on X, formerly Twitter. \nNvidia experienced a significant drop in stock value, shedding $211 billion in market capitalization, marking the second-largest single-day loss in U.S. stock market history. \nThis steep decline was triggered by disappointing earnings from ASML Holdings NV (NASDAQ:ASML) and a pessimistic market outlook from Taiwan Semiconductor Manufacturing Co (NYSE:TSM). \nMeanwhile, analysts maintained their bullish stance on Nvidia, expecting it to rule the accelerator market primarily backed by its Blackwell product.\n\nNvidia stock gained 205% in the last 12 months. Tesla stock lost 11%.\nPrice Actions: TSLA shares traded higher by 11.40% at $161.21 premarket at the last check Wednesday.\nPhoto courtesy: Shutterstock\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nTESLA (TSLA): Free Stock Analysis Report\nNVIDIA (NVDA): Free Stock Analysis Report\n\nThis article Elon Musk's Big Bet: Tesla to Ramp Up AI Development with Nvidia's Powerful Chips originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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