Seeking Alpha’s roundup of statements, announcements, and remarks that could impact the technology sector.
- Nvidia (NASDAQ:NVDA) said it has developed a new system called NVQLink to connect quantum computers to its AI chips.
“It doesn’t just do error correction for today’s number of qubits, it does error correction for tomorrow,” Nvidia CEO Jensen Huang said of the new system during his speech at Nvidia’s GTC event on Tuesday, according to Bloomberg. “We’re going to essentially scale up these quantum computers from the hundreds of qubits we have today to tens of thousands of qubits, hundreds of thousands of qubits in the future.”
Huang added that Nvidia has recruited 17 quantum computing companies to help support NVQLink, but didn’t specify which ones.
Leading publicly traded quantum computing companies include Rigetti (RGTI), IonQ (IONQ), Quantum Computing (QUBT), D-Wave Quantum (QBTS), and Arqit Quantum (ARQQ).
- Ark Invest CEO Cathie Wood said that while she thinks AI valuations could get a “reality check,” she doesn’t think we’re in the midst of an AI bubble.
“I’m not saying there will never be any corrections. Of course there will, as many people worry, ‘OK, is this too much, too soon?’ But if our expectations for AI… are correct, we are at the very beginning of a technology revolution,” Wood said in an interview with CNBC.
As for an AI bubble, Wood said, “I do not believe AI is in a bubble. What I do think is, on the enterprise side, it is going to take a while for large corporations to prepare themselves to transform.”
Wood added, “It’s going to take a company like Palantir (PLTR) going into the largest enterprises and really restructuring them in order to really capitalize on the productivity gains that we think are going to be unleashed by AI.”
- Adobe (NASDAQ:ADBE) CEO Shantanu Narayen said he believes his company is being undervalued by the market as investors gravitate towards chip and AI infrastructure providers.
“There’s a question about software at large, which I think is misunderstood when you look at how profitable we are and the growth prospects we have,” Narayen said in an interview with Bloomberg, adding that he believes the market will eventually shift its focus towards the delivery of AI in applications.
Narayen added that Adobe was “certainly undervalued right now, which is why we’re buying back a lot of our stock.”