Who knows, maybe red-hot Nvidia (NVDA) will help power up General Electric's (GE) beleaguered stock price.

The two companies issued a joint press release on Sunday revealing Nvidia's processors will be used in GE Healthcare's 500,000 imaging devices globally. GE says the partnership will help drive lower radiation doses for patients, faster exam times and higher quality medical imaging.

"Healthcare is changing at remarkable speed, and the technologies that will transform the industry should reflect that pace," said Kieran Murphy, President and CEO of GE Healthcare in a statement. "By partnering with Nvidia, GE Healthcare will be able to deliver devices of the future - intelligent machines capable of empowering providers to improve the speed and accuracy of diagnoses for patients around the world."

For Nvidia, the deal is another feather in its cap in a year that has seen its stock price skyrocket 112%. The deal highlights efforts by the healthcare community to tap AI to improve patient care. 

Ultimately, Nvidia continues to prove that it's more than a play on Bitcoin and gaming. Inking more deals like this one may get an already bullish Wall Street thinking whether Nvidia's shares are a bargain, even at 46 times forward earnings estimates.    

Nvidia and General Electric are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells NVDA and GE? Learn more now.

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