In a Tuesday interview with CNBC’s Jim Cramer, Lowe’s CEO Marvin Ellison described the home improvement retailer’s partnerships with Big Tech companies like Apple and Nvidia.
“We’ve had great work with Nvidia on AI and AI technology that we’re using within our stores, and so we’re just excited about all the possibilities that’s in front of us,” Ellison said. “We’ve got 50-plus active AI models, we have used it for, you know, sourcing logic, inventory planning, pricing — our focus is on creating an environment that’s easier to sell, shop and work.”
Ellison said Lowe’s offers a Chat GPT plugin that aims to better assist customers, adding the company also has a program designed for Apple’s Vision Pro. Lowe’s announced in February it launched a product for the virtual reality headset that aims to help customers better visualize their improvement projects.
Lowe’s archrival Home Depot has delved into the artificial intelligence space in a partnership with Alphabet. In April, Home Depot announced it would extend its “relationship” with Google Cloud to enhance a number of functions, including data analytics so it can “gain deeper insights into customer preferences and needs.”
And like Home Depot, Lowe’s is feeling the burden of high interest rates on its business. Ellison said consumers are spending cautiously as inflation persists and mortgage rates remain high. But he said the company is making sure it’s “ready to perform irrespective of the microenvironment.”
“We’re preparing to be at our best when the cycle turns up, and we know that’s going to happen,” he said. “When it happens, we’re going to take meaningful market share based on the work and investments we’ve put into the business.”
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple and Nvidia.
