Elon Musk to Nvidia Rescue With Massive GPU Orders
NVIDIA Corporation's (NASDAQ:NVDA) prospects amid a tariff and export control burdened business environment have received a boost. On May 20, Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk confirmed plans to build a 1 million GPU facility outside Memphis. In addition, the executive confirmed plans to buy more chips from the semiconductor giant.
The confirmation is a significant boost for Nvidia, which has come under pressure in the aftermath of the US restricting it from selling advanced AI chips to customers in China. While Musk's artificial Intelligence company xAI has only installed 200,000 GPUs at the colossus facility in Memphis, there is room for an additional 800,000 GPUs, of which Nvidia and other companies can supply
Musk also confirmed plans to build a second location featuring one million Nvidia Blackwell GPUs. With the facility expected to be complete in the next six to nine months, it should translate to significant business for Nvidia, which has seen its supply chain under pressure in China amid the Tariff war.
Amid the significant order from xAI, analysts at Morgan Stanley have reiterated an Overweight rating on Nvidia stock with a $160 price target. The analysts are impressed with the unveiling of RTX PRO servers aimed at the enterprise AI inference market, featuring Blackwell Pro Graphics 6000 cards and Nvidia networking technologies. The servers are expected to support an AI enterprise platform.
While we acknowledge the potential of NVIDIA Corporation's (NASDAQ:NVDA) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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