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Artificial intelligence powerhouse Nvidia (NVDA) celebrated a resurgence in U.S. manufacturing and announced a bunch of corporate alliances and AI projects on Tuesday at the company's GTC conference in Washington, D.C. Nvidia stock spiked to a record high on the news. "The age of U.S. reindustrialization is here," Chief Executive Jensen Huang said in a keynote presentation. He said Nvidia's latest AI processors, called Blackwell, are being produced in Arizona by the company's contract chipmaker, Taiwan Semiconductor Manufacturing (TSM). He also highlighted major facilities being constructed in Texas and Virginia to support the AI megatrend. "We are manufacturing in America again. It's incredible," Huang said. He thanked President Donald Trump for supporting the company's U.S. manufacturing efforts. On the stock market today, Nvidia stock rose 5% to close at 201.03. In intraday trading Tuesday, Nvidia notched an all-time high of 203.15. Nvidia announced that it is helping the U.S. Department of Energy's national labs and leading companies to build America's AI infrastructure to support scientific discovery, economic growth and power the next industrial revolution. The Energy Department is working with Nvidia to build seven new AI supercomputers. Huang also announced technology developments that link quantum computers with Nvidia graphics processing units. Nvidia is partnering with telecommunications firm Nokia (NOK) to develop 6G wireless and mobile AI technology. As part of the alliance, Nvidia agreed to make a $1 billion equity investment in Nokia. The transaction will give Nvidia a 2.9% shareholder stake in Nokia. Nvidia Stock Rated Buy By Barclays In other news, Nvidia announced alliances with cybersecurity firms CrowdStrike (CRWD) and Palantir Technologies (PLTR) to strengthen AI security. Nvidia also is partnering with Uber Technologies (UBER) to roll out robotaxis. The companies are targeting about 100,000 autonomous vehicles, with scaling starting in 2027. Barclays analyst Tom O'Malley reiterated his buy rating on Nvidia stock with a price target of 240 after the event. In a client note, O'Malley said the company's commentary about shipping 3 million Blackwell chips to date implies a beat for its October quarter. He estimates about $43.5 billion of Blackwell revenue in the quarter, vs. estimates for $40.9 billion. "Increased Blackwell revenue would also flow through to a larger networking number due to the portion of revenue to networking in system sales," he said. Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks. YOU MAY ALSO LIKE: Broadcom, IBD Stock Of The Day, Breaks Out Past Buy Point On AI Activity Microsoft Stock Nears Buy Point On OpenAI Stake Adobe Ramps Up Generative AI Offerings For Creators Find Winning Stocks With MarketSurge Pattern Recognition & Custom Screens
