AI chip giant NVIDIA‘s annual developer conference started today as investors eagerly await its new chip announcement.

Nvidia is currently the dominating force in AI chips and reportedly held over 80% of the market in 2023.

The company’s new B100 chip, which CEO Jensen Huang is expected to unveil at the conference, will include significant enhancements compared to the company’s widely used H100 chip.

Nvidia is also expected to announce a flurry of new software applications.

The US company recently said that its software and services business had reached an annual run rate of $1bn last year, highlighting its success outside of the chip market.

In its 2023 executive briefing on AI, research and analysis company GlobalData reported that all semiconductor AI chips are experiencing consistent demand. 

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As AI workloads mature and more businesses deploy the technology, GlobalData expects semiconductor manufacturers to shift to creating special-purpose logic chips to maintain the high computational power needed for AI. 

The research company also believes that Nvidia will become less of a dominant force in the AI chip industry in 2024 due to rising competition in the sector.

Big Tech companies like Alphabet Amazon and Microsoft are also decreasing their reliance on Nvidia as they create their own AI chips, according to the report.