Microsoft Partner With 136% Growth Clears New Buy
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5G, AI Stocks To Watch: Microsoft Partner With 136% Growth Clears New Buy
As the coronavirus stock market fights to keep its rebound going, top 5G and AI stocks to watch are at the forefront of a tech revolution. And chip designer and Microsoft (MSFT) partner Nvdia (NVDA) is helping to lead the charge.
In October 2019, Nvdia and Microsoft expanded their collaboration to help accelerate their artificial intelligence (AI) technologies. Nvidia and Microsoft are deepening their technological partnership focused on intelligent edge computing, "designed to help industries better manage and gain insights from the growing flood of data created by retail stores, warehouses, manufacturing facilities, connected buildings, urban infrastructure and other environments."
The expanding collaboration between Nvidia and Microsoft helps spur innovation across multiple AI and related fields, including machine learning, cloud computing and Big Data processing.
Nvidia certainly earns a spot among the top AI stocks to watch, along with Microsoft, Apple (AAPL) and Intel (INTC). Even companies like ServiceNow (NOW) and DocuSign (DOCU), which uses AI technology for contract analytics, are becoming players in the AI space. ServiceNow has also joined Nvidia and Microsoft on IBD Leaderboard.
Through its Nvidia Partner Network, Nvidia is involved in virtually all aspects of AI technology, including cloud-based apps, self-driving cars, smart homes, gaming, health care and telecom.
After showing a sharp slowdown in earnings and sales growth during its January to October 2019 fiscal quarters, Nvidia has bounced back. It reported 136% EPS growth and a 41% sales increase for its fiscal Q4 report on Feb. 13.
The best mutual funds have shown strong interest in NVDA stock. In the latest list of new buys by the best money managers, which comes out on Friday, 37 top funds invested an estimated $875 million in the stock. Plus, an impressive 409 funds with an A+ rating from IBD have reported a position in NVDA stock, including Fidelity Contrafund (FCNTX).
On Monday, Nvidia stock rose 3%, showing a strong close to move just beyond buy range. Volume popped at the close. Microsoft stock showed similar action, rising 2.5% for the day. As you like to see, the indexes all showed strong finishes.
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