Nvidia denies acquisition rumor that sparked Dell, HP rise
By Dina Bass and Ian King, Bloomberg
Nvidia Corp. denied a report from website SemiAccurate that it was seeking an acquisition of a large company that would “reshape the PC landscape.”
The website said Nvidia had been negotiating a deal for more than a year. The report sparked a rally Monday in the shares of PC makers Dell Technologies Inc. and HP Inc.
“The media report is false; Nvidia is not engaged in discussions to acquire any PC maker,” a company spokesperson told Bloomberg News.
Dell and HP are among the top PC vendors in the world. HP, based in Palo Alto, California, has 19% of the global market in the first quarter, trailing just Lenovo Group Ltd., which had a share of almost 27%, according to Gartner Inc., an industry research firm. Dell, based in Round Rock, Texas, had about 17% market share, the firm said.
Nvidia, the world’s most valuable company, is the biggest maker of chips to power artificial intelligence work. Chief Executive Officer Jensen Huang has been a leading advocate for the use of AI across the economy, urging companies to experiment with how the emerging technology can help their businesses.
The company invested $70 billion in partners and customers in the fiscal year that ended in January to help further AI.
Dell also manufactures AI servers that use Nvidia chips, and predicted it will generate about $50 billion in revenue from that business in the current fiscal year, which ends in January 2027.
Dell shares fell 3.4% in extended trading after Nvidia’s comments. Earlier, the stock jumped 6.7% to close in New York at a record high of $189.79. HP stock also declined more than 3% in extended trading after gaining 5.3% during the day to close at $19.23.
Dell and HP didn’t respond to requests for comment.
–With assistance from Brody Ford.
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