Nvidia Leads U.S. Stock Indices Down as Futures Expire: The U.S. financial markets have experienced sharp fluctuations recently, and the expiration of futures contracts has affected stock indices.
In this context, Nvidia was at the heart of the events, sparking a wave of market activity and volatility.
The expiration of futures contracts has led to significant losses for Nvidia, the artificial intelligence chip manufacturer.
It lost more than $200 billion in market value in two days.
This resulted in a drop in U.S. stock indices, with trading volumes increasing significantly.
The Triple Witching Effect on Trading Volumes
The U.S. stock exchanges saw a substantial increase in trading volumes during the “triple witching” period,
with volumes rising 55% above the three-month average.
Approximately 18 billion shares were traded on U.S. exchanges on Friday, a significant increase from the average.
Nvidia’s Role in Market Volatility
Nvidia played a major role in these fluctuations, with the value of contracts linked
to the chipmaker being the second largest of any underlying asset,
trailing only the S&P 500 Index.
The expiration coincided with the periodic review of the index by S&P Dow Jones Indices.
The Impact of Rebalancing on the Technology Sector
Analysts believe that the major rebalancing was set to occur in the Technology Select Sector Index,
leading to a significant increase in Nvidia’s relative weight at the expense of Apple.
This caused concern among traders about large moves late in the day.
Record Investments in Technology Stocks
Technology funds received record investments of about $8.7 billion in the week ending June 19,
reflecting the ongoing AI craze.
However, investors are concerned about the risks of stock concentration.
Expected Volatility in the Second Half of 2024
Analysts anticipate significant market volatility in the second half of 2024,
and investors’ decisions now to navigate this period effectively will be crucial.
History shows that stock prices do not rise in a straight line, requiring wise diversification, patience, and discipline from investors.
Performance of Major Indices
The S&P 500 Index fell by 0.2% at 4 PM New York time.
S&P 500 Index Approaches Historic Levels with Support from Nvidia: The S&P 500 index is approaching the 5490-point level,
marking the 31st record high this year.
In this context, 10-year Treasury yields fell seven basis points to 4.21%. Bank of America’s institutional clients continued to invest in U.S. stocks for the second consecutive week.
The rise in semiconductor stocks has driven Wall Street stock indices to another record high,
with traders betting that the Federal Reserve’s potential interest rate cuts will continue
to fuel the industry that has boosted the stock market this year.
The S&P 500 index approached the historic 5500-point level. Nvidia became the most valuable company in the world, surpassing Microsoftand extending its record stock gains for the year.
An optimistic analyst predicted that the company’s value, which is at the heart of the AI boom,
could reach nearly $5 trillion next year, up from about $3.3 trillion.
Bond Rally
Bonds surged as traders flocked to buy $13 billion worth of 20-year Treasury bonds.
Wall Street saw the release of mixed economic data showing increased U.S. industrial production,
supported by a broad-based recovery in factory output. Retail sales rose sharply, with previous months’ figures being revised downward.
Federal Reserve officials emphasized the need for evidence that inflation has subsided before cutting interest rates.
Mixed Data
Anthony Saglimbene of Ameriprise said, “Investors should look at the half-full glass but recognize macroeconomic conditions,
as well as the nuances between corporate and consumer earnings and incoming economic data,
may develop in ways that could lower asset prices in the near term.” The S&P 500 index is approaching the 5490-point level, marking the 31st record high this year. Nvidia’sstock rose 3.5% after Rosenblatt Securities analyst Hans Mosesmann raised the target price
for the chipmaker to the highest on Wall Street at $200, up from $140.
Ten-year Treasury yields fell seven basis points to 4.21%.
Infusion of Funds into the Stock Market
Institutional clients of Bank of America continued to invest in U.S. stocks for the second consecutive week,
focusing on technology and social media stocks, according to strategists, including Jill Carey Hall,
in a note to clients.
Separately, a bank survey showed that global investors will likely continue pouring money into record-breaking stock markets.
When asked about the asset class that would benefit most from reallocating money market funds,
32% of participants chose U.S. stocks, 19% said the funds would go to global stocks,
and a quarter indicated they would buy government bonds.
Hedging Against Risks
There is currently little significant doubt in the market
that could curb enthusiasm for rising U.S. stocks supported by a small group of tech stocks.
However, some investors are increasingly seeking ways to hedge against concentration risks.
With the market hitting new records, this concentration becomes more pronounced.
Companies called “The Magnificent Seven” (Microsoft, Nvidia, Apple, Meta, Amazon, Alphabet, Tesla)
have contributed more than 60% of the S&P 500 index’s returns this year.
S&P 500 Index Approaches Historic Levels with Support from Nvidia
Nvidia Takes the Lead The Most Valuable Company in the World Thanks to AI: With the development of technology, Nvidia has become the most valuable company in the world,
surpassing tech giants Apple and Microsoft.
The company’s market value has reached $3.3 trillion,
reflecting the continuous rise in its stock and the growing role of artificial intelligence in the investment world.
The continuous rise in Nvidia’s stock has pushed the semiconductor giant’s market value to higher levels than its counterparts in the tech industry,
helping it claim the title of the most valuable company in the world amidst the ongoing AI craze.
Stocks rose by as much as 4% to approximately $3.3 trillion on Tuesday, surpassing Apple and Microsoft.
Throughout the month, the stocks of the major companies competed for the top spot, with Nvidia finally outperforming its tech peers.
Focus on Artificial Intelligence
This ranking serves as another reminder that artificial intelligence is a primary focus for many investors. Nvidia is seen as the biggest and oldest beneficiary of this technology, as it dominates the market with its highly desirable chips,
which help data centers perform the complex computing tasks required by AI applications.
The demand for its H100 accelerators has helped increase the chip maker’s sales by over 125% in the past year. Microsoft is also seen as one of the early winners in the AI craze, given its investments and partnership with OpenAI, the creator of ChatGPT.
This week, Apple’s shares rose after the iPhone maker finally unveiled its plan to use artificial intelligence, satisfying investors after a long wait.
The Race to $4 Trillion
Daniel Ives, an analyst at Wedbush Securities, wrote in a note:
“We believe the race to reach a market value of $4 trillion in the tech sector over the next year will be the focus among the three companies.”
The rise in Nvidia’s stock price has made co-founder and CEO Jensen Huang one of the richest people in the world.
His net worth has increased by more than $70 billion since the beginning of the year, reaching $115 billion,
placing him 12th on the Bloomberg Billionaires Index. This is the largest gain among his billionaire peers.
More Than Just a Chip Company
Investors and Huang see Nvidia as more than just a chip manufacturer.
In an interview, Michael Lippert, vice president and portfolio manager at Baron Capital,
referred to the company’s proprietary software and development ecosystem:
“They don’t just sell chips; they sell systems.” Nvidia’s rapid rise to the top has been record-breaking,
It is one of the few companies with significant revenue growth from AI.
As of the latest close, the stock has risen by more than 160% in 2024, adding more than $2 trillion to its market value.
Ives said that the company’s graphics processing unit chips are the new gold or oil in the tech sector
as more companies and consumers rapidly move in this direction with the Fourth Industrial Revolution in full swing.
Nvidia Takes the Lead The Most Valuable Company in the World Thanks to AI
AI Drives Nvidia to a Market Value of $3 Trillion: In a remarkable development, Nvidia has achieved a significant milestone thanks to the increasing momentum in the field of artificial intelligence,
reaching a market value of $3 trillion.
The share price of the AI chip company surged by more than 5% during Wednesday’s session.
Nvidia Corporation was already the world’s most valuable semiconductor company,
and now it has become the first chip company to reach a market value of $3 trillion.
The company’s shares, headquartered in Santa Clara, California,
This year has risen by nearly 147%, adding approximately $1.8 trillion
to its market value due to the massive demand and hunger for the chips it produces and uses to power AI tasks.
Nvidia’s shares jumped by as much as 5.1% during Wednesday’s trading session,
briefly pushing the company’s market value to $3 trillion, surpassing Apple.
Market Value History
Nvidia’s market value surpassed Apple’s in 2002, five years before the launch of the first iPhone.
Both companies were valued at less than $10 billion each at that time.
The chip company has shown no signs of slowing down or allowing its competitors to catch up;
CEO Jensen Huang announced that it plans to develop AI accelerators yearly.
Future of AI
In a speech to attendees at National Taiwan University,
Huang said that the emergence of generative AI represents a new industrial revolution. Nvidia expects to play a major role as these technologies transition to personal computers.
Angelo Zino, senior equity analyst at CFRA Research, stated: “We see this radical change very early on.”
Company Development
After the CEO’s keynote speech, Zino said he likes “seeing the development” and
foresees “greater momentum in demand for GPUs/CPUs as well as networking,
which will lead to an upside in consensus estimates.”
Nvidia has arguably been the biggest beneficiary of the massive AI spending spree,
supporting its race to become the world’s most valuable company.
Competition with Major Companies
While Nvidia still lags behind Microsoft in market value,
it could take the top spot if there is any decline in the shares of the current market leader on Wall Street.
Therefore, it might just be a matter of time before it claims the title.
Apple has faced pressure on its shares this year due to concerns about slowing iPhone demand in China and a fine from the European Union.
However, the outlook has become more positive now as investor sentiment towards the iPhone maker slowly improves.
AI Drives Nvidia to a Market Value of $3 Trillion.
AMD enters the AI chip market: Amid intense competition,
Major tech companies strive to present their latest innovations to stay ahead of the race. Advanced Micro Devices (AMD) has announced its ambitious plans to accelerate the release of new processors to outperform its competitor, Nvidia, in this lucrative field. Topics
Advanced Micro Devices (AMD) is accelerating the release of new AI processing units as it seeks
to weaken Nvidia Corp’s grip on this high-profit market.
In her keynote speech at the Computex conference in Taiwan, the company’s CEO, Lisa Su,
announced that the MI325X processing chip will be launched in the market during the last quarter of this year.
The company stated that the new processor, which follows the MI300 model,
features larger memory capacity and higher data transfer speeds.
The MI350 processor will be released in 2025, followed by the MI400 processor in the following year.
Increasing Sales of Processing Units
AMD aims to increase its processing unit sales by launching new
products that capitalize on the financial boom in AI training systems.
Lisa Su said the company’s current MI300 processor products are still witnessing
strong demand and that the new models will perform better than competing products.
AMD has made significant progress and raised its sales targets for AI accelerators to $4 billion this year.
Ryzen AI Processors for Consumers
AMD talked about its third-generation Ryzen AI processor, Strix Point, which will be launched in the market in July.
These processors are designed for laptops and combine RDNA3.5 graphics processing
units and XDNA2 neural network processing units to accelerate AI tasks with the latest Zen 5 core processing designs.
Challenging Nvidia with a New AI Chip
Despite AMD’s rapid sales growth, the gap with Nvidia remains large.
Nvidia’s data center unit’s annual sales are on track to surpass $100 billion,
exceeding the combined annual revenues of AMD and Intel.
Copilot AI Assistant
At the Computex conference, Microsoft’s Windows head, Pavan Davuluri, joined Lisa Su
on stage to announce the collaboration between the two companies on the PC project equipped with the Copilot AI assistant.
Davuluri stated that the AI assistant installed on the device means faster response times,
more excellent privacy protection and lower costs,
with performance twenty times stronger and efficiency one hundred times higher compared to traditional PCs.
New Processing Units for Gaming Computers
Additionally, AMD introduced new processing units for gaming computers.
Su announced that the Ryzen 9 9950X chip
is the fastest consumer CPU in the world, with 16 cores and speeds
Record High in Hedge Fund Investments in Magnificent Seven Stocks:According to a recent report by Goldman Sachs Group Inc.’s prime brokerage,
hedge fund investments in major US technology companies have reached an unprecedented high, driven by Nvidia Corp.’s impressive earnings report. Topics Surge in Hedge Fund Exposure
The so-called “Magnificent Seven” — comprising Nvidia, Apple Inc., Amazon.com Inc., Meta Platforms Inc., Alphabet Inc., Tesla Inc., and Microsoft Corp.
Now account for approximately 20.7% of the total net exposure of hedge funds to individual US stocks.
This significant concentration highlights the growing confidence of hedge funds in the future performance of these tech giants.
Impact of Nvidia’s Stellar Performance
Nvidia’s quarterly earnings report, which surpassed market expectations, played a crucial role in this surge.
The company’s impressive results have once again captured the attention and admiration of investors,
reinforcing the bullish sentiment surrounding artificial intelligence (AI) and its potential to drive future growth.
Since releasing its financial results late last Wednesday, Nvidia alone has added about $470 billion to its market capitalization.
Broader Market Implications
An index tracking the shares of these tech mega-caps has soared in response to Nvidia’s earnings,
reflecting the broader market’s positive outlook on the tech sector.
The enthusiasm generated by Nvidia’s performance has spilled over to other members of the Magnificent Seven,
further boosting their stock prices and market valuations.
Conclusion
The record-high exposure of hedge funds to the Magnificent Seven underscores
the pivotal role of these companies in the current investment landscape
. As Nvidia and its peers continue to lead in innovation and market performance,
hedge funds are likely to maintain their significant stakes in these tech behemoths,
betting on their continued dominance and growth in the years to come.
Record High in Hedge Fund Investments in Magnificent Seven Stocks
Elon Musk Helps Nvidia’s Stock Continue Its Upward Trend: Recently, Nvidia’s stock has been on a remarkable upward trajectory,
buoyed by developments in the artificial intelligence sector and the strategic moves of tech visionary Elon Musk.
As Musk accelerates his efforts to challenge OpenAI through his AI startup xAI, investor enthusiasm has soared,
driving Nvidia’s market value to unprecedented heights.
This article delves into the factors behind Nvidia’s sustained stock surge,
Musk’s initiatives’ significant impact and broader implications for the AI and semiconductor markets.
Nvidia’s stock has risen for the third consecutive day, fueled by Elon Musk’s AI frenzy as he accelerates his challenge to OpenAI.
This has expanded the upward trend following the earnings announcement, pushing the company’s market value by about $470 billion.
Investments by Musk’s Startup
Nvidia’s stock increased on Tuesday after Musk’s AI startup, xAI, raised about $6 billion from investors.
Reports indicate that Musk aims to link groups of Nvidia’s H100 GPUs to build a supercomputer.
Impact of the Earnings Report
Nvidia’s continuous three-day rise reached 20% after its earnings report impressed investors.
The chipmaker announced last week that its second-quarter revenues would be around $28 billion,
surpassing analysts’ expectations and signaling to traders that the wild rise in AI computing-related stocks hasn’t slowed down yet.
Record High Stock Prices
The company’s stock, with a market value of about $2.8 trillion,
rose by approximately 7.1% on Tuesday, closing at a record high.
Analysts’ Predictions
CJ Muse, an analyst at Cantor Fitzgerald, mentioned in an interview that the news
of Musk’s startup provides “more confidence” that spending on AI chips will hold up.
He added that Nvidia’s earnings report “defused any notion of a pocket of air” in the demand for the company’s chips in 2024.
Market Volatility
The company has experienced fluctuations exceeding $100 billion this year.
Tuesday’s rise was at least the seventh this year and the eighth for the stock overall.
Elon Musk Helps Nvidia’s Stock Continue Its Upward Trend
NVIDIA Issues Strong Forecast Reflecting Ongoing AI Momentum
NVIDIA has announced optimistic forecasts for the second quarter,
expecting revenues to reach around $28 billion, surpassing analysts’ average estimates of $26.8 billion.
These forecasts follow strong performance in the fiscal first quarter, ending in April,
indicating continued robust spending on AI technologies.
CEO Jensen Huang affirmed that the next industrial revolution has begun,
stating that AI will deliver significant productivity gains and help companies become more cost and energy-efficient
while expanding revenue opportunities.
Stock Performance
NVIDIA’s stock value rose by 4% in after-hours trading, with the company’s market value surpassing $2.3 trillion.
Additionally, NVIDIA announced a 10-for-1 stock split and a 150% increase in its quarterly dividend to 10 cents per share.
Expansion and Client Diversification
Despite much of the new revenue coming from four major companies,
NVIDIA aims to expand its customer base by producing complete systems, software,
and services targeting companies and government agencies to deploy AI systems.
Q1 Financial Performance
In the fiscal first quarter, NVIDIA’s revenues more than tripled to $26 billion,
with earnings of $6.12 per share, exceeding analysts’ expectations.
NVIDIA Issues Strong Forecast Reflecting Ongoing AI Momentum
Wall Street Indices Near All-Time Highs Awaiting Nvidia Results: At the end of the recent trading sessions,
the S&P 500 index closed at around 5308 points, reflecting market stability.
Simultaneously, Nvidia’s shares significantly rose due to analysts’ bullish expectations for further stock price increases.
On the other hand, Treasury bonds declined at the start of a busy week with new investment-grade bond issuances,
reflecting investor movements in the financial market.
The U.S. stock market indices hover near their all-time highs just days before Nvidia Corp,
one of the “Magnificent Seven” announces its results.
In a highly anticipated event for both Wall Street and the tech world, the chipmaker,
at the heart of the AI frenzy fueling the bull market, will report its earnings on Wednesday.
Investors seek numbers and guidance from CEO Jensen Huang to renew confidence in the insatiable demand for its chips.
Jay Woods from Freedom Capital Markets stated, “For the market to maintain momentum this week,
it might all come down to one stock: Nvidia.
” He added, “Well, that’s not entirely true, but the buzz around this
earnings event will be the talk of trading desks and media all week.”
S&P 500 Index
The S&P 500 index closed at around 5308 points.
Nvidia’s shares rose based on analysts’ bullish expectations.
Ethereum led a rise in cryptocurrency prices amid speculation that opposition is easing towards
an exchange-traded fund tracking the second-largest cryptocurrency. JP Morgan Chase shares fell after Jamie Dimon said the bank would not repurchase many shares “at these prices.”
Another group of Federal Reserve spokespersons reiterated a wait-and-see approach regarding interest rates.
Treasury bonds fell at the start of a busy week with new investment-grade bond issuances
as companies rushed to sell bonds before the U.S. holiday weekend.
Ten-year bond yields rose by two basis points to 4.44%.
Maintaining Momentum
Chris Larkin from ETRADE at Morgan Stanley said the market faces a familiar question:
Can the Bulls maintain momentum?
He added, “Traders seemed pleased with last week’s economic numbers,
which were in a moderate range,” and noted that with a relatively light economic calendar this week due to a lack of significant data,
“earnings are expected to drive market discussions, with Nvidia topping a strong list of tech and retail names.”
Reasons for Index Rise
The S&P 500 index set several records in 2024, with U.S. stocks gaining $12 trillion since late October.
Part of this is due to hopes for a soft landing with the economy remaining relatively strong while inflation cools,
fueling bets that the Federal Reserve will cut interest rates this year.
The other part is enthusiasm for AI technology. The chip giant Nvidia is responsible for about a quarter of the index’s gains.
Besides Microsoft, Meta, and Alphabet (Google’s parent company), nearly 53% of the benchmark’s gains come from just five stocks.
Jason Trennert from Strategas Securities said, “Since companies like Cisco emerged in the late ’90s,
we can’t recall a single stock having such a massive impact on overall market expectations.”
He added that Nvidia’s earnings announcement last May “made even the most skeptical investors regarding AI’s future take notice.”
Beneficiary Sectors
For Jason Draho from UBS Global Management, Nvidia’s results could enhance AI tailwinds,
amplifying a buying wave driven by profit motives.
Shares of the world’s largest chipmaker by market value have risen about 5%
in the second quarter after climbing 82% in the year’s first three months.
As of Friday’s close, options markets were pricing in an 8.6% swing in Nvidia’s shares in the session after it announced its earnings.
David Donabedian from CIBC Private Wealth in the U.S. said,
“The company’s report will be scrutinized, and the bar may become too high to clear at some point.”
Bank of America strategists, led by Ohsung Kwon, considered that Nvidia, the darling of AI,
will no longer be the main stock-driving stock market gains as the benefits
of emerging technology expand to include other industries. Strategists see industries, commodities,
and utilities as some of the key beneficiaries.
Stock Evaluations
The recent rise in tech stocks has been supported by strong first-quarter reports and the anticipation of robust earnings,
but “valuations remain a concern,” according to strategists from RBC led by Lori Calvasina.
Saira Malik from Nuveen said, “With stock valuations already high, there may be less room for further increases,”
and suggested making additional portfolio allocations to sectors that have lagged behind the broader
market due to their cyclical nature and sensitivity to interest rates.
From her perspective, investors should pay attention to the likelihood of
a significant underweight position in U.S. small-cap stocks and listed real estate,
as these industries could rebound once the Federal Reserve finally shifts to a more accommodative monetary policy.
The Next Step
After experiencing the first decline of more than 5% this year, the S&P 500 has rebounded and is heading for its best month in 2024.
So, what’s the next step? History, though not guaranteed,
suggests that investors should stay the course by letting the winners win, according to Sam Stovall from CFRA.
He noted that during the 35 recovery periods following a decline since 1990,
which typically lasted 3.5 months before slipping into another decline of 5% or more,
The index rose by an average of 8.6%.
Furthermore, the three sectors that led the market during the recovery phase continued
to outperform the index in the post-recovery period, with an average rise of 10%,
outperforming the index 68% of the time, as Stovall said.
Unlikely Earnings Scenario
American earnings would need a sharp jump in the third and fourth quarters to meet analysts’ current full-year estimates.
This scenario is “unlikely” if economic data remains weak,
according to strategists from JPMorgan led by Mislav Matejka.
Michael Wilson from Morgan Stanley now expects the S&P to rise by 2% by June 2025,
a significant shift from his view that the benchmark index would fall by 15% by December.
The strategist, whose bearish predictions for 2023 failed to materialize as markets continued to rise,
finally capitulated, raising his target for the S&P to 5400 points from 4500 points. Wilson wrote,
“In the U.S., we expect strong earnings per share growth alongside modest multiple compression.”
According to strategists at HSBC led by Max Kettner, the rally in risk assets will last longer,
partly because short-term sentiment and positions have yet to send a warning signal.
Kettner added, “Our machine learning models suggest a stock market environment where everything is rising.”
Wall Street Indices Near All-Time Highs Awaiting Nvidia Results:
Nvidia Supports a British Self-Driving Company with a $1 Billion Investment:
The U.S. chipmaker Nvidia collaborated with SoftBank in a major financing round for Wayve Technologies.
Nvidia Corp has invested in the UK-based startup Wayve Technologies Ltd,
contributing to a funding initiative that amassed $1.05 billion.
This investment aims to facilitate the incorporation of autonomous driving technology into vehicles.
SoftBank Group Corp spearheaded the investment round,
which is one of the largest for a European AI enterprise. Microsoft, an existing investor, also increased its financial commitment.
The startup’s valuation has not been revealed yet.
This financial infusion highlights investors’ sustained interest in artificial intelligence
and bolsters the autonomous vehicle sector,
which has recently struggled to assure regulators of the safety of self-driving cars.
Wayve is encouraging car manufacturers and fleet operators to adopt its technology.
CEO Alex Kendall stated in an interview at their London headquarters
that numerous automakers have shown interest in investing,
but the company has opted to keep its future partnership options
open rather than aligning exclusively with one manufacturer.
He noted that discussions with various car manufacturers
Deploying this technology in their vehicles is a process in progress.
Advancements in Driver Assistance Technology
Founded by Kendall in 2017, Wayve is initially focusing on
driver assistance technologies that require human oversight before advancing to fully autonomous vehicles.
Competing against companies like Alphabet’s Waymo,
Wayve’s technology is designed to independently learn driving rules and patterns,
allowing it to adapt to new environments and unexpected road situations without pre-programmed instructions.
The field of autonomous driving has seen its share of challenges.
For instance, in October last year, a woman in San Francisco was tragically pulled under a vehicle operated by Cruise, General Motors‘ autonomous driving division,
following a collision caused by another driver.
The incident led to the withdrawal of Cruise’s operational license and a recall of its vehicles.
Additional Challenges
In 2022, Argo AI shut down after its primary supporter, Ford Motor Co, pivoted
towards more immediately achievable driver assistance
technologies instead of pursuing minimal human interaction driving.
Similarly, Uber Technologies Inc divested its self-driving unit in 2020.
The capital raised will be used to hire new employees and boost computing power.
The startup has already secured over $258 million from investors,
including Eclipse Ventures, Balderton Capital, Baillie Gifford,
D1 Capital Partners, Moore Strategic Ventures, Virgin, and Ocado Group.
A Leader in AI
Last year, Bill Gates, co-founder of Microsoft, was seen testing the Wayve system
in central London alongside Kendall.
The UK Prime Minister Rishi Sunak remarked that the investment
reaffirms the UK’s position as a leading force in artificial intelligence.
Kendall indicated that this fundraising round is expected to be
the last significant capital influx is needed as the company anticipates
turning a profit from upcoming business agreements.
The company’s business model centers on licensing its technology to automotive companies.
Recently, the company revealed plans to open a research facility
in Vancouver to further its expansion.
This would mark Wayve’s third location after London and Mountain View, California.
Nvidia Supports a British Self-Driving Company with a $1 Billion Investment
