This Healthcare Leader Just Made a Bet on Artificial Intelligence (AI): Time to Buy the Stock?
Bristol Myers keeps making moves to establish a strong foundation for the future.
Overview
Artificial intelligence (AI) is changing every industry, and even companies outside the technology sector are partnering with Nvidia (NASDAQ: NVDA), one of the leaders in AI, to capitalize on it. One such corporation in the pharmaceutical industry is Bristol Myers Squibb (NYSE: BMY), which recently announced an expanded collaboration with Nvidia. Let's see what this means for the drugmaker.
Bristol Myers has been using AI to improve the drug discovery and development process, which is typically slow and expensive. The company could launch medicines more quickly and at lower costs if its efforts are successful. To that end, Bristol Myers recently announced that it would build the most powerful AI factory in life sciences. The pharmaceutical leader is expanding its Nvidia partnership by deploying a next-generation DGX SuperPOD AI supercomputer to build a more powerful AI drug discovery platform. Bristol Myers has already started to see the benefits of its long-standing AI-related efforts, according to management, and this new investment could help further boost efficiency.
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Originally published at www.fool.com.