Nvidia stock has remained largely range-bound for several months. Now the chip maker has hired an executive from rival Google as it looks to break out of the pattern.
Nvidia shares edged up 0.5% in premarket trading. The stock fell 2.2% during Thursday's trading session and is down 1% over the past three months despite indications of strong demand for its artificial-intelligence chips.
Nvidia has hired Google marketing executive Alison Wagonfeld to be its first chief marketing officer. Wagonfeld will join Nvidia in late January, according to a post on social-media platform LinkedIn. Wagonfeld spent nearly a decade at Google, where she led marketing for the company's cloud computing business.
"I'm thrilled to be moving from one AI leader to another at such a transformational time. Google and NVIDIA share a strong partnership, and we look forward to continued collaboration," Wagonfeld wrote on LinkedIn.
One of the reasons Nvidia's shares have been flat over recent months has been the perceived threat from Google's Tensor Processing Units. Signs of cooperation rather than rivalry between the two might be well received by the market.
Wagonfeld will report to Nvidia CEO Jensen Huang, with her role consolidating responsibilities previously split between several people, The Wall Street Journal reported.
