NVIDIA Corporation (NASDAQ:NVDA) has been crowned the “smartest company in the world” because of its business savvy and innovative technologies, according to Massachusetts Institute of Technology MIT. The chip giant beat the likes of SpaceX and Amazon.com, Inc. (NASDAQ:AMZN) for the accolades.
Artificial Intelligence Factor
Big bets on artificial intelligence and blockchain markets according to MIT Technology Review Editor, David Rotman, gave NVIDIA an edge compared to other tech giants. The GPU manufacturer is fresh from unveiling a deep learning specific chip, Tesla P100, as part of a $2 billion research and development project.
NVIDIA prominence in the tech space is also down to the fact that tech giants are increasingly using its data centers when developing their own AI technologies. Growing demand for the company’s data centers from the likes of Alphabet Inc. (NASDAQ:GOOGL) and Apple Inc. (NASDAQ:AAPL) has seen the company spend $3 billion to come up with new data center chip.
“The list is our best guess as to which firms will be the dominant companies of the future. Amazon and Facebook and Google are on it, but so are plenty of newcomers “, said Mr. Rotman.
NVIDIA continues to give other chip makers a run for their money especially when it comes to chips powering artificial technologies. The company’s chips have already found their way into emerging spectacles such as self-driving cars a sector where the company has partnered a number of automakers.
Cryptocurrency Push
Success on AI, deep learning and chip manufacturing has also prompted the chip company to expand into other areas of growth. The company is in the process of producing cryptocurrency mining-specific chips that it plans to use to capitalize on the hype around Bitcoin and Ethereum. Market analysts believe the company has a higher chance of succeeding on the cryptocurrency push given the amount of success already accrued on AI and deep learning.
Investors have already started to take note of NVidia’s success. The company’s stock is up by more than 30% for the year thanks to progress on AI and deep learning.
NVIDIA stock was down by 3.62% in Monday’s trading session to end the day at $139.33 a share.