Key Takeaways

• Nvidia CEO Jensen Huang said demand for the company’s AI chips is “insane” in an interview with CNBC Wednesday.

• Chipmaker Nvidia is expanding its partnership with IT consulting firm Accenture to help companies use artificial intelligence, the companies announced Wednesday.

• Nvidia shares have more than doubled in value since the start of the year as companies race to build out their AI infrastructure.

Demand for Nvidia’s (NVDA) AI chips is “insane,” CEO Jensen Huang said in a televised interview Wednesday afternoon.

Huang spoke during an interview on CNBC in connection with news of an expanded partnership with IT consulting firm Accenture (ACN) to help companies use artificial intelligence (AI) technology, the companies announced Wednesday.

Shares of Nvidia, which closed 1.6% higher Wednesday, have more than doubled in value since the start of the year as companies have raced to buy the company’s tech and build out AI infrastructure. Accenture shares moved 1.2% higher Wednesday and have gained about 1.5% in 2024 so far.

As part of the deal, Accenture will form a new business group with consultants trained to help clients build custom AI solutions and capabilities with Nvidia’s tech, as well as Meta’s (META) Llama collection of open-source AI models.

“This partnership allows us to span a large part of the world’s AI demand,” Huang said, adding “this is the beginning of a new wave called enterprise AI.”

Wedbush analyst Dan Ives likened Nvidia’s moves to build an ecosystem of partners to those of tech stalwarts Microsoft (MSFT) and Oracle (ORCL), suggesting it could help cement Nvidia’s position in the marketplace.

Read the original article on Investopedia.