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What will be the impact on Nvidia's stock price by end of 2024 following OpenAI's AI chip announcement?
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Resolution / Starting Odds
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Stock market data from reputable financial sources (e.g., Bloomberg, Reuters)
Story
OpenAI in Talks with Broadcom to Develop New AI Chip, Shares Up 3%, Potential Threat to Nvidia
Jul 18, 2024, 07:46 PM
OpenAI is reportedly in discussions with Broadcom to develop a new AI chip, according to sources cited by The Information. This initiative is part of OpenAI's broader strategy to enhance its AI capabilities with custom chips. The company has also hired former members of a Google AI chip unit, signaling a potential threat to Nvidia in the AI chip market. Broadcom shares rose by 3% following the news. OpenAI CEO Sam Altman initially planned to start a separate company for this venture, which could also aid his separate chip and data center venture, but efforts are now taking shape within OpenAI. If the deal proceeds, Broadcom would become OpenAI's fourth AI accelerator client, following Google, Meta, and ByteDance.
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