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Nvidia Corp (NASDAQ:NVDA) stock is trading higher Thursday amid reports indicating a fallout in discussions between SoftBank Group Corp (OTC:SFTBF) (OTC:SFTBY) and Intel Corp (NASDAQ:INTC) over an artificial intelligence (AI) chip production.
Reportedly, Arm Holdings Plc (NASDAQ:ARM) parent SoftBank is turning to Taiwan Semiconductor Manufacturing Co (NYSE:TSM), a key Nvidia supplier.
Intel failed to meet SoftBank’s demands for volume and speed, the Financial Times cited familiar sources.
Also Read: Apple, Intel, And AMD Lead Charge In AI-Capable PC Market Surge: Report
Intel’s financial struggles, including an April reported $7 billion operating loss in its manufacturing business and subsequent layoffs, likely compounded the difficulties in securing a deal.
While SoftBank’s pivot to Taiwan Semiconductor could still face hurdles due to the latter’s high demand from existing customers, the Japanese group remains committed to advancing its AI chip ambitions.
The overall cost of the project could run into tens of billions of dollars, with SoftBank reportedly seeking additional partners like Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Meta Platforms Inc (NASDAQ:META) to provide the necessary expertise and resources.
Nvidia’s stock has seen a volatile ride. Its selloff makes its valuation more attractive as the AI frenzy is in no mood to slow down. Nvidia trades at a forward price-to-earnings multiple of 45.05x after losing over 5% in the last 30 days.
Nvidia stock is up over 176% in the last 12 months. Investors can gain exposure to the stock through Vanguard S&P 500 ETF (NYSE:VOO) and SPDR S&P 500 (NYSE:SPY).
Price Action: NVDA shares were trading higher by 3.45% to $122.16 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: ARM GOOG GOOGL INTC META NVDA SFTBF SFTBY SPY TSM VOO
