NVIDIA shares climbed 2.7% to $24.36 before hitting a 52-week high of $24.58 Wednesday, following the news the company would be lending its hand (and hardware) to Microsoft's cloud computing project Azure.
Specifically, NVIDIA GRID will find its way into Microsoft's N-Series virtual machine, affording "Quadro-grade" graphics through the cloud. NVIDIA will also be contributing its Tesla K80 GPU accelerators, with the intention of providing "supercomputing-class performance" for "demanding data center and high performance computing applications."
Stock market website TheStreet is recommending investors buy into NVIDIA, saying, "This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."
The news comes hot off the heels of the unfortunate word from AMD.