Nvidia announced a next-generation computer chip on Tuesday that’s designed to power artificial intelligence (AI) models and keep the company at the leading edge of AI.

Santa Clara, California-based Nvidia has emerged as a powerhouse in the AI space in part thanks to its graphics processing units (GPUs) which are used to train the large language models that power AI software like ChatGPT. Nvidia’s new version of the Grace Hopper Superchip more than triples the amount of memory and bandwidth compared to the company’s current model.

“To meet surging demand for generative AI, data centers require accelerated computing platforms with specialized needs,” Nvidia co-founder and CEO Jensen Huang said in a statement. “The new GH200 Grace Hopper Superchip platform delivers this with exceptional memory technology and bandwidth to improve throughput, the ability to connect GPUs to aggregate performance without compromise, and a server design that can be easily deployed across the entire data center.”

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Nvidia’s previously announced version of the Grace Hopper Superchip is already being offered by leading manufacturers. The next-generation version will be fully compatible with Nvidia’s MGX data center servers, which the company believes will help customers quickly and cost-effectively integrate into their desired server variation. 

Huang said in a keynote address at a computer graphics conference that the next-generation superchip is designed to “scale out the world’s data centers.”

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He added that it will enhance the ability of AI software to generate content or make predictions – a process known as inference – which will help companies reduce costs as they develop their AI tools. 

“You can take pretty much any large language model you want and put it in this and it will inference like crazy. The inference cost of large language models will drop significantly,” Huang explained. 

The company indicated in a press release that deliveries of the next-generation platform are expected to occur in the second quarter of calendar year 2024. Huang said samples will be available toward the end of the year. Nvidia plans to offer two versions of the platform to customers, including a version with two chips that customers can integrate into their systems, and a complete server system that combines two Grace Hopper designs.

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Nvidia’s market capitalization topped the $1 trillion threshold for the first time in late May 2023.

The company’s share price has soared amid the surge of interest in AI, rising from just over $143 per share to over $446 per share through Tuesday’s close – a gain of about 212% year to date.

Reuters contributed to this report.

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Tilray and Anheuser-Busch reached an all-cash deal for the former to take ownership of eight popular brands. 

The cannabis company announced the deal on Monday, projecting its closure to happen before the end of the year. The brands that Tilray will get include Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company and HiBall Energy, it said.

The acquisition is worth $85 million “subject to working capital and other adjustments,” according to an SEC filing from Tilray. 

Tilray said it will climb four spots to become the fifth largest U.S. craft beer business due to the volume of sales it expects the new brands will bring. Tilray’s U.S. Beer President Ty Gilmore forecasted in the release that the company’s beer segment would “triple in size” on an annual basis, hitting 12 million cases.

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The company said adding the brands to its existing alcohol portfolio would bring in $250 million in pro forma revenue. 

In 2022, its beverage alcohol segment brought in $95 million in net revenue, representing 15% of its total $627.1 million and a 33% increase year-over-year. Tilray had a $1.4 million net loss for the year.

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“Tilray Brands reached out to us early this year with interest in purchasing these brands and breweries, and since then, we’ve had many positive conversations that led to today’s announcement,” Anheuser-Busch executive Andy Thomas said in a statement.

Anheuser-Busch is the company behind beers such as Budweiser, Bud Light, Michelob Ultra and Stella Artois. Its Bud Light brand has experienced a negative impact to its sales in recent months after the company created and sent custom beer cans to transgender influence Dylan Mulvaney to mark “365 days of girlhood.” 

For the transaction announced Monday, Thomas said the company has committed to working with Tilray “to ensure this is a smooth transition for the people who are working every day to get these amazing beers and beverages to consumers in the U.S.” In addition to the eight brands’ breweries and brewpubs, the employees for the eight brands will become Tilray’s post-deal, according to the release.

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Tilray already owns several beer brands and a spirits brands, as well as a CBD sparkling non-alcoholic cocktail line. 

The company has been working to diversify its business, something CEO Irwin Simon described in a late July earnings call as a “purposeful, strategic adaptation to current market realities given the continued delays in U.S. federal cannabis legalization and more recently, delays in adult use legalization in Germany.”

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