CNBC host Jim Cramer has spotlighted several lesser-known partners of NVIDIA Corp (NASDAQ:NVDA) that could potentially benefit from the company's advanced artificial intelligence (AI) technology.
What Happened: Cramer, while reporting from Nvidia's conference in San Jose, California, identified several non-tech companies that could see significant gains from their association with Nvidia, reported CNBC on Tuesday.
He emphasized that these non-tech partners, often overlooked compared to the big tech companies, could present the "best opportunities." Cramer mentioned companies like Getty Images Holdings Inc (NYSE:GETY) and Shutterstock Inc (NYSE:SSTK), which, despite experiencing stagnant revenues, could see a turnaround due to their collaboration with Nvidia in training new AI models using their images.
He also highlighted Nvidia's partnerships in the healthcare sector, including collaborations with Medtronic, GE HealthCare Technologies Inc (NASDAQ:GEHC), and Johnson & Johnson (NYSE:JNJ). Although these partnerships have not yet translated into increased earnings for the companies, Cramer suggested they could be significant market winners in the future.
"The knowledge isn't always in the conference call, or the analyst reports—sometimes it's right here, like the purloined letter, hidden in glorious plain sight," Cramer said. You just have to get off the desk and find it by going to Nvidia's GPU technology conference and seeing who's showing off their wares at the most important AI event of the year."
Why It Matters: Earlier this week, Nvidia CEO Jensen Huang emphasized that Nvidia is not just a chipmaker but an accelerated computing company focusing on offloading workloads and running them "insanely fast."
Despite a drop in Nvidia's stock following Huang's keynote presentation, Cramer predicted that Nvidia's efforts would create the next industrial revolution.
However, the stock's performance has been mixed, with a dip following Huang's GTC 2024 keynote presentation. Despite this, analysts have praised the AI chipmaker's GTC unveilings as "nothing short of amazing."
Image Via Shutterstock