Who Is David Pecker? Ex-National Enquirer Publisher Admits ‘Catch And Kill’ Scheme On Trump’s Behalf At Hush Money TrialChip stocks like Nvidia, Arm Holdings and AMD climbed in premarket trading on Friday after tech titans Alphabet and Microsoft posted stellar earnings and hailed the opportunities of artificial intelligence, a sign Big Tech’s hefty bets on AI are starting to pay off and that the costly AI arms race will continue as firms vow to keep spending.
Tech giants have been investing heavily in AI and the confirmation they will continue to spend vast sums of money in a race to dominate the sector is a boon to chipmakers like Nvidia, who are not directly involved in developing AI systems like OpenAI’s ChatGPT, Google’s Gemini and Anthropic’s Claude but whose products are key to doing so.
Other firms making key AI hardware also benefited, with shares for Arm Holdings, ASML Holding and Micron Technology all climbing around 1.5% in premarket. Several other companies involved in making key AI gear experienced more modest jumps of around 0.5%, including Applied Materials, Samsung Electronics and Taiwan Semiconductor Manufacturing Company.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines. Sign upas a “once-in-a-generation opportunity,” represents a broader embrace of the technology among Silicon Valley’s biggest players since the release of OpenAI’s ChatGPT in 2022. AI systems are costly to develop and run and Big Tech has been swift to embrace AI and pump billions into startups like Anthropic, OpenAI, Mistral and Inflection AI.
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