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Jim Cramer said that Google parent Alphabet Inc.‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) plans to increase investments in artificial intelligence infrastructure next year can significantly benefit NVIDIA Corp (NASDAQ:NVDA).
What Happened: On Wednesday, Cramer posted on X, “Important to flag that Google will be investing even more next year in AI infra.. Should be fabulous for Nvidia.”
Alphabet’s third-quarter earnings report revealed a 15% rise in revenue, reaching $88.27 billion, surpassing Wall Street’s expectations. This financial growth underscores Alphabet’s robust performance and strategic investments in technology.
Trending:
We have some great bulletins tonight. Important to flag that Google will be investing even more next year in AI infra.. Should be fabulous for Nvidia.
— Jim Cramer (@jimcramer) October 30, 2024
Sundar Pichai told investors that Google’s AI investments “are paying off and driving success,” adding that the company is “uniquely positioned to lead in the era of AI.”
“For all these AI features, it’s just the beginning. You’ll see a rapid pace of innovation and progress here,” he said.
Why It Matters: Google and Nvidia have been collaborating to advance AI technology. In March, Google Cloud and Nvidia expanded their partnership to bring the breakthrough capabilities of Nvidia’s Grace Blackwell GPU to their teams and Cloud customers.
In August, Google and Nvidia had collaborated on AI expansion to intensify rivalry with Microsoft Corp and OpenAI. This strategic move was part of Google’s plan to ramp up its AI technology enterprise offering at its annual cloud conference in San Francisco.
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This article Jim Cramer Says Google’s AI Investment Next Year ‘Should Be Fabulous For Nvidia’ originally appeared on Benzinga.com