Nvidia (NVDA) is primarily recognized for its highly sought-after artificial intelligence chips. However, during the Nvidia AI Summit held in Washington, D. C. , on Tuesday, Bob Pette, the company's vice president of Enterprise Platforms, shared valuable insights into its diverse software platforms. Nvidia reports that a range of organizations—including AT&T (T), Deloitte, and Quantiphi, as well as research institutions such as the National Cancer Institute and the SETI Institute—are leveraging its software technologies. These tools assist employees with tasks spanning software development and network engineering to searching for extraterrestrial signals. The company offers numerous AI software platforms, such as Nvidia NIM Agent Blueprints, Nvidia NIM, and Nvidia NeMo. NIM Agent Blueprints aids businesses in developing generative AI applications, while NIM enables rapid creation of chatbots and AI assistants. Nvidia NeMo allows companies to build their custom generative AI models. Following this announcement, Nvidia's shares increased by 3. 7%. These offerings are part of Nvidia’s broader strategy to ensure that businesses seek not only its AI processors but also its software solutions, generating additional revenue streams beyond hardware sales. Nvidia has revealed that AT&T is collaborating with Quantiphi on a conversational AI platform to enhance employee support for software development and financial services tasks. Meanwhile, the University of Florida employs Nvidia’s NIM and NeMo to elevate its learning management system for teaching assistants. Additionally, Deloitte is utilizing Nvidia’s NIM Agent Blueprint in conjunction with its own cybersecurity products. Furthermore, Nvidia indicates that the National Cancer Institute is deploying NIM Agent Blueprint to streamline the time and expenses involved in developing new drug molecules.

The SETI Institute has used the company’s Holoscan software development kit to design software aimed at capturing and analyzing radio transmissions from space. Nvidia is also partnering with Carnegie Mellon University and the University of Pittsburgh through its new AI Tech Community initiative, which will establish two new AI centers at these institutions. The Nvidia Joint Center with Carnegie Mellon will focus on robotics, autonomy, and AI technologies for students, faculty, and researchers, while the joint center with the University of Pittsburgh will concentrate on AI applications in health sciences. Having developed the most in-demand AI chips globally, Nvidia's stock price has surged an astounding 934% over the past two years. To illustrate, if you had invested $10, 000 in Nvidia in 2022, that investment would now be valued at $103, 400. However, the company is encountering rising competition in the hardware sector from established rivals AMD (AMD) and Intel (INTC). Additionally, Nvidia's own clients are creating their chips to support their AI software, which may impact the company's profitability in the long run. Nvidia aims to leverage software to retain its customer base while establishing recurring revenue streams. Focusing on its software offerings also attracts more developers to Nvidia's platforms, creating a cycle where increased developer engagement leads to higher demand from businesses. Despite the competition, Nvidia's hardware leadership is not expected to fade quickly. The company has been investing in AI technology for years, which should help it maintain its competitive advantage. By emphasizing its software capabilities, Nvidia seeks to illustrate that it is more than just a chip manufacturer. For inquiries, you can reach out to Daniel Howley at dhowley@yahoofinance. com and follow him on Twitter at @DanielHowley. To stay updated on the latest earnings reports, analysis, and company earnings news, click here.