What's Going On With Nvidia Stock Monday?

Artificial intelligence kingpin Nvidia Corp NVDA remains focused on consolidating its war chest by extending its presence across various countries. Apart from buttressing its position in China, the U.S., and Japan, the company is eyeing Vietnam.

CEO Jensen Huang announced during his first visit to Vietnam that the company plans to expand its partnership with Vietnam's leading tech firms, including Viettel, FPT, Vingroup, and VNG. 

This expansion aims to develop AI and digital infrastructure in Vietnam further, Reuters reports. 

Nvidia has already invested $250 million in the country and has collaborated with local companies on AI applications in various sectors. Additionally, Nvidia intends to support Vietnam in training talent for the AI and digital sectors. 

Vietnam's investment minister expressed interest in attracting more investments in these areas and invited Nvidia to consider establishing a research and development facility there.

Meanwhile, Malaysian utility firm YTL Power International Bhd saw its shares reach a record high following announcing a $4.3 billion partnership with Nvidia to establish an AI data center in Malaysia. 

The company's stock surged up to 5% on Monday, the highest since its 1997 listing, continuing from a 6.6% rise after the companies confirmed the deal last Friday, Bloomberg reports. 

This project, involving the construction of AI infrastructure and bringing top-tier supercomputers to Malaysia by mid-2024, coincided with Huang's first visit to the nation. 

Although the project will likely enhance YTL Power's long-term earnings, analysts caution about potential significant capital expenditure. 

TD Cowen analyst Matt Ramsay maintained a Buy rating on Nvidia

Nvidia stock has gained 232% year-to-date.

Price Action: NVDA shares traded higher by 0.04% at $475.23 premarket on the last check Monday.