Nvidia Stock: AI Chipmaker Impresses Wall Street With GTC News – Investor’s Business Daily

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Nvidia (NVDA) wowed Wall Street with the breadth and depth of its artificial intelligence technologies announced late Monday. But Nvidia stock investors are taking a breather after its steep climb amid the AI stock craze.


Nvidia Chief Executive Jensen Huang kicked off the company’s GTC 2024 conference in San Jose, Calif., with a two-hour keynote presentation packed with product news. The highlight was the introduction of Blackwell, the tech giant’s next-generation AI computing platform for data centers.

Blackwell graphics processing units, or GPUs, deliver four times the AI training performance of their predecessor and 30 times the inference performance. And Blackwell consumes much less energy than the current Hopper platform.

“Nvidia continues to be 1-2 steps ahead of its competitors,” JPMorgan analyst Harlan Sur said in a client note Tuesday. He reiterated his overweight rating on Nvidia stock.

“Nvidia is well positioned to continue to benefit from major secular trends in AI, high-performance computing, gaming, and autonomous vehicles,” Sur said.

Nvidia has built a comprehensive ecosystem of semiconductors, hardware, systems and software to cement its AI leadership, Sur said. Plus, it has fostered strong industry relationships and partnerships. The who’s who of tech companies attending GTC demonstrates that.

Nvidia Stock Investors Sell The News

In morning trades on the stock market today, Nvidia stock declined 3.3% to 855.37. Year to date through Monday’s close, Nvidia stock was up 79%.

Susquehanna Financial Group analyst Christopher Rolland reiterated his positive rating on Nvidia stock after the announcements. He also upped his price target to 1,050 from 850.

“We view Nvidia as a pure and levered way to invest in the future prospects of the GPU, a device we believe is undergoing a renaissance,” Rolland said in a client note.

Wedbush Securities analyst Matt Bryson kept his outperform rating on Nvidia stock with a price target of 1,000.

“Nvidia continues to lift the performance bar, a result that should help sustain its leadership position in the AI accelerator market,” Bryson said in a client note.

Rosenblatt Securities analyst Hans Mosesmann said Nvidia Blackwell GPUs likely will be sold out well into 2025.

“The new Blackwell GPU platform, which ramps up later in 2024, is likely the most ambitious project Silicon Valley has ever witnessed,” Mosesmann said in a client note. He maintained his buy rating on Nvidia stock with a price target of 1,400.

Truist Securities analyst William Stein said Nvidia’s announcements are an incremental negative for rivals Intel (INTC) and Advanced Micro Devices (AMD).

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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