In a stunning turn of events, chipmaking giant Nvidia has experienced a significant downfall in its market value, losing a staggering $900 billion since reaching its peak in mid-June. The company, which briefly surpassed tech giants Apple and Microsoft to become the world’s most valuable public company, has faced a series of challenges that have contributed to its decline.
The latest blow to Nvidia came with reports of delays in the shipment of its highly-anticipated Blackwell AI platform. These delays are said to be a result of design flaws, causing investors to react negatively and causing a further decline in the company’s stock price.
While Nvidia has been hailed as a leader in the market for artificial intelligence chips, it has struggled to meet the soaring demand. As a result, the company has reportedly turned to Samsung to supply a key component of its chipset.
In other AI-related news, Redditors recently uncovered the set of prompts used by Apple to instruct its suite of AI tools, known as Apple Intelligence. This discovery sheds light on the inner workings of Apple’s AI capabilities.
Meanwhile, the generative artificial intelligence boom has had a positive impact on a major telecommunications company, driving new business opportunities and boosting its stock performance.
The Biden administration has also made significant investments in the chipmaking industry, with the latest funding recipient being the Chips and Science Act. This act aims to support all five of the world’s major chipmakers.
In the world of AI startups, tensions have arisen within OpenAI. One of its co-founders publicly criticized the startup and its key executives, leading to the president announcing a months-long sabbatical and another co-founder, John Schulman, revealing his departure to join rival firm Anthropic.
S&P Global, a prominent ratings and analytics company, has partnered with consulting firm Accenture to provide training for its staff in the use of AI technologies.
On a different note, five top election officials in the United States have reached out to Elon Musk, owner and chief technical officer of X, urging him to ensure that his AI chatbot sticks to factual information after it spread false information about Vice President Kamala Harris.
Lastly, AI chipmaking startup Groq has secured investments from notable entities such as BlackRock and Cisco, further solidifying its position in the market.