What's Going On With Nvidia Stock Wednesday?

Nvidia Corp NVDA, a company renowned for its innovative server chips tailored for artificial intelligence, is escalating its aspirations to square off against giants like Amazon.Com Inc AMZN Amazon Web Services in the cloud service domain. 

The tech firm has been discreetly operating DGX Cloud, a budding cloud service for businesses engrossed in AI development, utilizing servers stationed in the data centers of tech behemoths like Microsoft Corp MSFT, Oracle Corp ORCL and Alphabet Inc GOOGL Google.

However, the company's reliance on external data centers has inherently capped its operational flexibility. Nvidia is now contemplating a strategic shift, engaging in discussions with data center owners to lease exclusive space, The Information reports. 

If materialized, this move would propel Nvidia into a more confrontational stance against conventional cloud service providers, currently its most prominent clientele for graphics chips.

Meanwhile, the September 2023 Steam hardware survey reveals a shift in GPU preferences among gamers, with Nvidia's GeForce RTX 3060 emerging as the most popular choice. 

It is now used by 6.10% of Steam users, outpacing the GTX 1650 and GTX 1060. The RTX 3060's popularity is attributed to its 12GB of GDDR6 RAM, enhanced ray-tracing performance, and the latest architectural improvements. The mobile version of this GPU is also popular among gaming laptop users, accounting for 3.72% of the user base.

Advanced Micro Devices, Inc AMD, Team Red, represents 14.79% of Steam users. The RX 580 is AMD's most popular GPU on the platform.

 Nvidia continues to dominate the gaming community on Steam, with a 77% share of the platform's user base. The RTX 3060's ascendancy is notable, especially given the recent release of its successor, the RTX 4060, which has been climbing the ranks due to its affordability.

Price Action: NVDA shares traded lower by 0.49% at $437.30 premarket on the last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.