Nvidia (NVDA) inventory jumped as a lot as 4.7% on Monday forward of CEO Jensen Huang’s keynote handle on the annual Shopper Electronics Present (CES) in Las Vegas, pushing shares north of $151 and placing the inventory on monitor for a report shut.
The inventory’s most up-to-date report shut got here on Nov. 7, 2024 at $148.88 per share.
As Wall Road analysts head to Sin Metropolis to satisfy with administration from high tech corporations, all eyes are on the AI chipmaker.
Nvidia sometimes makes vital product bulletins on the CES commerce present — resembling final 12 months’s debut of recent desktop graphics chips for gaming and AI — whereas Huang’s commentary is predicted to present traders a preview of what’s forward for the synthetic intelligence large and the burgeoning synthetic intelligence market.
Huang will ship his keynote at 6:20 p.m. PST on Monday. It will likely be livestreamed on Fb, YouTube, LinkedIn, and different websites.
His handle comes as traders eagerly await the rollout of Nvidia’s newest Blackwell AI chips, which analysts have stated will drive an enormous new cycle of demand for the corporate’s merchandise, regardless of fears of a slowdown in AI spending.
After a design flaw pushed again the rollout of its Blackwell lineup and rumors of overheating issues in servers utilizing these chips circulated, Nvidia confirmed in a November earnings name that Blackwell manufacturing is ramping up within the present quarter, with the chips delivery to prospects forward of expectations. Stifel analyst Ruben Roy has recommended that the Blackwell AI chips signify a $100 billion market alternative for Nvidia.
The leap in Nvidia inventory on Monday extends its features from final week, when the chipmaker led a rebound within the “Magnificent Seven” tech shares after a disappointing finish to 2024.
In one other potential tailwind for Nvidia shares, Truist Securities analyst William Stein stated in a be aware Monday that he believes Nvidia will announce a standalone CPU, or central processing unit — the “mind” of a pc, distinct from Nvidia’s Hopper and Blackwell GPUs, or graphics processing items — at CES. Stein has stated in previous notes that such an announcement may open up one other $35 billion market alternative for the corporate.
Financial institution of America’s Vivek Arya stated in a be aware Monday that whereas “NVDA inventory has basically stalled over the previous 6 months” he expects CES to be a “constructive catalyst, re-asserting NVDA’s platform dominance.” Arya stated he believes Nvidia will present “reassuring updates” on its Blackwell shipments and bulletins about its robotics technique and, doubtlessly, an AI PC partnership.
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