Nvidia Surges 4% to $210.96 on July 10 Despite Meta's AI Chip Push

According to a Reuters report, Nvidia shares surged 4% to $210.96 on July 10, climbing faster than the Nasdaq Composite's 0.3% gain, despite Meta announcing plans to mass-produce its self-developed AI chip Iris starting September.

While Meta's self-designed Iris chip—developed with Broadcom and manufactured by TSMC—aims to reduce AI computational costs and lower dependency on Nvidia, Benchmark Research analyst Cody Acree noted that hyperscalers' overall AI capital expenditures are expected to more than double, meaning Meta's Nvidia chip purchases will likely continue to grow significantly in absolute terms.