The chip maker's expanded partnership with the iPhone manufacturer comes a day after the U.S. tightened restrictions on exports of semiconductors to China.
Nvidia stockholders could do with a bit of reassurance—and the company is doing its best to give it. A day after the U.S. tightened restrictions on exports of chips to China, Nvidia touted an expanded partnership with iPhone maker Foxconn.
The expanded partnership is a sign of how many fields in which Nvidia’s chips can be used. Foxconn hopes the factories will help broaden its business, particularly into manufacturing electrical vehicles with autonomous-driving capability. Meanwhile, Nvidia CEO Jensen Huang has previously claimed the automotive industry is a $300 billion opportunity for the chip maker
Nvidia stock was down 1.7% in premarket trading on Wednesday at $432.11, having closed down 4.7% the previous day when the U.S. restrictions were announced. While Nvidia stock has more than tripled in value this year so far, it has fallen back from levels of above $490 at the end of August. “Foxconn is expected to build a large number of systems based on NVIDIA CPUs , GPUs, and networking for its global customer base, which is looking to create and operate their own AI factories, optimized with NVIDIA AI Enterprise software,” Nvidia said in a statement.
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