What's Going On With Nvidia Stock Monday?

Nvidia Corp NVDA stock is trading higher Monday in line with the broader indexes Invesco QQQ Trust, Series 1 QQQ

 and SPDR S&P 500 SPY.

Softbank Group Corp SFTBF SFTBY backed British chip designer Arm Holdings Ltd, and once Nvidia takeover target explored bumping the price range of its initial public offering. Arm's share sale gets subscribed sixfold, reflecting the artificial intelligence frenzy.

Arm filed for its IPO at $47 - $51 a share, bagging a valuation of $54.5 billion.

Also Read: Qualcomm Stock Soars on Apple News - What's Going On?

Meanwhile, Nvidia tapped a new TensorRT software for Large Language Models (LLMs) that can radically boost performance and efficiency for inference processing across all Nvidia GPUs. 

While the H100 is four times the performance of the previous A100, that can double that throughput, Forbes reports.

While the U.S.-China geopolitical tensions play out, Nvidia CEO Jensen Huang hinted at India becoming the chip designer's largest AI exporter.

Nvidia aims to upskill every engineer in the organization, including 600,000 employees of Tata Consultancy Services (TCS), India's largest IT services firm, in AI, tapping other IT services companies and Indian universities towards its goal.

Reportedly, Nvidia's dominance in AI chips had a repercussion on venture funding for would-be rivals, further fueled by macro uncertainties with the number of U.S. deals this quarter falling 80% from a year ago.

U.S. chip startups have raised $881.4 million through August end, versus $1.79 billion for the first three quarters of 2022. The number of deals has dropped from 23 to four through August end.

Interestingly, Advanced Micro Devices, Inc AMD eyes a chip by 2023, and Intel Corp INTC has bagged a rival product via acquisition, improving their competitive edge versus Nvidia.

In related news, Nvidia peer Qualcomm stock soared on Monday after it forged a deal with Apple Inc. AAPL. Under the agreement, Qualcomm will supply Snapdragon 5G Modem‑RF Systems for the iPhone maker's smartphone launch in 2024, 2025, and 2026. 

Price Action: NVDA shares traded higher by 1.57% at $462.82 premarket on the last check Monday.