NVIDIA Stock News

Nvidia (NVDA -0.26%) stock investors are concerned that AMD (AMD 3.77%) will grow to take significant market share.

With tech giants racing to buy up artificial intelligence (AI) hardware, Nvidia remains the market's headline act. But an under-the-radar winner has quietly posted even stronger stock performance this year.

The theme of artificial intelligence (AI) has driven tremendous stock market gains over the past two years and propelled the S&P 500 to record highs in recent weeks. Investors have been buying shares of AI stocks hand over fist, aiming to benefit from what may become a trillion-dollar market.

The largest tech companies are spending tens of billions of dollars on data centers to meet growing demand for artificial intelligence (AI). These are massive expenditures, but they all make sense considering how transformative AI technology is expected to be for the economy.

Elon Musk's artificial intelligence company xAI is scaling up its ambitions with a massive $20 billion funding round, backed by Nvidia, Apollo Global Management, and Valor Capital, Bloomberg reported.

xAI reportedly is looking to raise $20 billion — with Nvidia as one of the investors.

Elon Musk's xAI is raising more financing than initially planned, including an equity investment from Nvidia , to bring its ongoing funding round to $20 billion, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.

In a Tuesday interview with CNBC's Jim Cramer, Nvidia CEO Jensen Huang discussed his company's new deal with OpenAI, saying it's the first "direct partnership" with the ChatGPT maker. "This is a partnership that, for the first time, OpenAI is going to buy directly from us," Huang said.