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What’s Going On With Nvidia Stock Thursday

Nvidia Corp (NASDAQ:NVDA) CEO Jensen Huang felt “perfectly safe” about its dependence on chip powerhouse Taiwan for manufacturing. Huang responded…
byAnusuya Lahiri
June 1, 2023
1 minute read
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  • Nvidia Corp (NASDAQ:NVDA) CEO Jensen Huang felt “perfectly safe” about its dependence on chip powerhouse Taiwan for manufacturing.
  • Huang responded to reporters at a technology event in Taipei when probed on the political repercussions of its reliance on the country, Reuters reports.
  • He confirmed diversification via multiple fabs at Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) and disclosed plans to source from the TSMC fab in Arizona.
  • Also Read: Apple Supplier Foxconn Rides the AI Wave, Doubles Down on Server Business Amid ChatGPT Frenzy
  • Huang said TSMC would make his company’s next generation of products while adding Nvidia would continue diversifying.
  • Various companies have voiced concerns about likely risks to the business from military threats by China against the democratic island of Taiwan, which Beijing claims as its own.
  • Huang shared plans to meet executives from TSMC and Apple Inc (NASDAQ:AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF) Foxconn that use AI chips on Friday.
  • He is yet to decide on his China visit after his Taiwan trip.
  • Huang also lauded TSMC’s strategy of diversifying in different geographies.
  • Nvidia joined the club of U.S. companies with a $1 trillion market value on Tuesday, buoyed by the AI boom.
  • The stock, which has gained 164.3% YTD, lost close to 6% Wednesday on profit-taking.
  • Price Action: NVDA shares traded higher by 1.75% at $385.06 on the last check Thursday.
  • Photo via Wikimedia Commons
 
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