NVIDIA Corporation (NASDAQ:NVDA) shares are trading lower on Monday. The pullback may be caused by profit taking after the recent surge related to AI optimism.
What To Know: Last month, NVIDIA reported better-than-expected financial results and issued an especially strong outlook.
The tremendous news was driven by huge demand for the company’s AI chips. The demand for these chips was centered around the massive interest in Microsoft-backed ChatGPT, which exceeded 100 million monthly active users in just two months. Nvidia’s H100 GPUs power large language models (LLMs) like ChatGPT.
Nvidia recently said that its newest innovations speed up LLMs by 30X over the previous generation.
Despite the pullback, ChatGPT and other AI-fueled platforms have proved themselves to be a powerful force and will not be going away any time soon.
Related Link: Why SL Green Realty Stock Popped Today
NVDA Price Action: Shares of NVDA were down 3.84% at $405.90 at the time of publication, according to Benzinga Pro.
Image by axonite from Pixabay
