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😺 Nvidia pops 25%

😺 Nvidia pops 25%

PLUS: the rumors are true!

Pete Huang & Noah Edelman
May 25, 2023

Welcome, humans.

Anyone else following this debt ceiling thing? The US seriously has the best allowance ever! We’re jealous. 💸

Here’s what’s going on in AI today:

Nvidia is surging amid huge demand for its AI chips.
Snowflake is acquiring Neeva (it’s confirmed!).
Opera is bringing AI to its browser.
A paraplegic walks with AI tech!

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AI Stocks Continue To Lift Stock Market 📈

Hey Nvidia, we know you’re young, but is your back sore? From absolutely carrying the stock market?

Yesterday, Nvidia reported blowout earnings results, lifting its stock 25% after hours!

The reason: a huge uptick in demand from businesses for its advanced chips designed for AI applications. The chip manufacturer also teased more tailored products to encourage widespread AI adoption.

Nvidia isn’t just helping $NVDA bagholders thrive. Together with Microsoft and Google (up 31% and 36% YTD, respectively), the chip manufacturer has lifted the S&P 500 an extra 9.6% this year.

AI is stepping into the major league. Last week, Roundhill Investments launched the first generative AI ETF ($CHAT). Its top three holdings are, you guessed it: Microsoft, Google, and Nvidia.

Why it matters: Just six months after entering the scene, AI is already having a tangible effect on public markets. We wonder if this will extend beyond tech.

Meanwhile, we'll be indulging in some day-trading alongside writing this newsletter!

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Snowflake Is Acquiring Neeva 🫂

Exactly one week ago, we reported that Snowflake was considering acquiring Neeva, a sorta-AI search engine.

The rumors are true: Snowflake is officially acquiring Neeva. The aim is to develop AI search solutions, enabling businesses to efficiently locate internal data. The amount remains a mystery!

Even though Neeva failed to overthrow Google with its (mediocre) search engine, its tech—compact models, size and latency reduction, and affordable deployment—is proving beneficial.

Why it matters: AI is eating software, and cloud companies are scrambling to stay ahead.

Both Microsoft and Google have succeeded in integrating AI into their ecosystems. But it’s not so easy. For instance, Amazon's cloud clients have been waiting for weeks to access new AI capabilities.

Snowflake is taking a different route, opting to acquire AI talent instead of hiring it. We wonder if this will prove to be a better strategy. Congrats to the Neeva team!

Around the Horn 🦄

Google is working with European lawmakers to establish a set of rules while AI regulations are still being decided.
Opera is integrating Aria, an AI assistant, directory into its browser.
Jugalbandi, a chatbot developed by Microsoft and the Indian government, is hoping to democratize information access in rural India.
Google Deepmind will start using its visual language models (VLM) to create descriptions for YouTube Shorts videos.
Swiss researchers developed an AI-powered “digital bridge” that lets a paraplegic walk by thinking about moving his legs!

Treats To Try 🍿

Featured: Patent Drop scours 100+ patent filings to provide expert analysis on innovation from top companies & deliver knowledge to your inbox 2x weekly. Sign up for free here.
Featured: Ogimi is an AI-powered personal meditation coach that makes meditation easy with customized sessions just for you. Try for 50% off 3-months today!
Embedditor is an open-source MS Word equivalent for embedding that helps you optimize vector searches.
HelpHub by Commandbar syncs with public URLs to create chatbots for any site.
HireAI identifies top remote developers without you needing to manually screen/search talent.
Goat is a fine-tuned LLaMA model that outperforms GPT-4 in math (research paper).