Nvidia Impresses at the CES; Extends Partnership with TuSimple

This article was originally published on TipRanks.com

Nvidia Inc. (NVDA) had an eventful day at the Consumer Electronics Show yesterday, with new product launches and the opening of the Omniverse to millions of creators free of cost. The company also extended its partnership with autonomous driving technology company TuSimple Holdings, Inc. (TSP) for its autonomous chips.

However, shares of the semiconductor behemoth dropped 2.8%, closing at $292.90 on January 4. The drop was driven by the news of a fire at the ASML Holding NV (ASML) plant in Berlin, Germany, which manufactures machinery for semiconductor chip production. Another factor may be the news regarding Intel Corp. (INTC), which has started shipping new graphic chips for gamers, a field in which Nvidia is currently a leader.

Nvidia Impresses at the CES 2022

At the CES virtual event held yesterday, Nvidia unveiled around 160 gaming and studio GeForce-based laptop designs as well as GeForce RTX GPUs and technologies for laptops and desktops. The company also revealed new RTX-accelerated content and expansion of GeForce NOW™ cloud gaming and the NVIDIA Studio ecosystem.

Another interesting announcement by the company was the free availability of Omniverse to millions of creators and artists globally. Nvidia Omniverse is a real-time 3D design collaboration and virtual studio platform which enables creators to make their 3D designs and games at very high speed. The Omniverse has been downloaded by almost 100,000 creators since its open beta launch last year.

Extended Partnership with TuSimple

TuSimple has extended its partnership with Nvidia to create an advanced autonomous domain controller (ADC) designed especially for TSP’s Level 4 autonomous trucking solutions. The new ADC will be loaded with NVIDIA DRIVE Orin system-on-a-chip (SoC), which is a special application for autonomous driving.

The new ADC will be integrated into TSP’s future truck production programs. Commenting on the partnership, Cheng Lu, President, and CEO of TuSimple said, “A high-performance, production-ready ADC is a critical piece to scaling our Autonomous Freight Network (AFN), and we are taking a hands-on role to advance its development with the help of NVIDIA… We believe this move provides us a significant competitive advantage in speeding time to market and further extending our industry leadership position.”

Wall Street’s Take

Nvidia is one of the top metaverse stocks and commands a Strong Buy consensus rating with 24 Buys and 2 Holds. The average Nvidia price target of $360.17 implies 23% upside potential to current levels. Shares have gained 132.4% over the past year.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into NVDA’s performance.

In November, Nvidia website traffic recorded a 5.32% year-over-year increase in monthly visits. Similarly, year-to-date website traffic growth increased by a humungous 80223.17% compared to the same period last year.

Download the mobile app now, available on iOS and Android.

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