Markets are hoping Nvidia's big AI event this week will be a badly needed positive catalyst for the stock
Investors are eagerly awaiting news and announcements from the GTC conference to boost Nvidia's stock performance. The 13% drop in shares this year has prompted a keen interest in any potential catalysts for a market rally. The conference could provide valuable insights into Nvidia's future growth prospects and innovations. Analysts are closely monitoring the conference for any updates that could impact the company's financial outlook. The market is hopeful that positive developments from the conference will help drive a turnaround in Nvidia's stock performance.
Nvidia's GTC Conference Updates
Investors will have their eyes on Nvidia's big GTC conference this week. The big AI event could give a badly needed boost to Nvidia stock after a 20% sell-off. Wall Street is looking for updates on the rollout of the next-gen Blackwell GPU and other endeavors.
Nvidia's big artificial intelligence event this week could provide some much-needed fuel for the chipmaker's stock. The Jensen Huang-led firm kicked off its annual GPU Technology Conference on Monday, its annual AI chips conference. The hotly anticipated event, which takes place in San Jose, will include a keynote speech from Huang on Tuesday, during which investors are expecting key updates on the firm's chip sales and the company's other projects.
For Wall Street, the hope is that the event brings a fresh catalyst for Nvidia shares, which have been beaten down in recent months after soaring in 2024. Shares were trading around $119 on Monday, down 20% from their high of $149.42 on January 6.
Louis Navellier, the chief investment officer of Navellier & Associates, told Business Insider he would be disappointed if Nvidia shares didn't jump at least 5% by the end of the week. He's expecting Nvidia to give major updates during the conference on its advancements in quantum computing, a big "next step" as the firm looks to speed up its AI processing.
Bank of America is also feeling positive ahead of the GTC conference. Analysts lifted their price target for Nvidia stock to $200, up from $190 a share. The bank said it expects key updates on Blackwell, as well as updates on Nvidia's robotics and quantum computing projects.
At the event, Nvidia is expected to show how major cloud companies and enterprise businesses are adopting its tech. The company could also potentially unveil its Blackwell Ultra, the firm said.
Stacy Rasgon, a senior analyst at Bernstein Research, said he is bullish on the stock heading into the GTC conference. He's expecting the company to give key updates on Blackwell, as well as Rubin, the chip following Blackwell in Nvidia's product cycle.
Investors have been anxious about the strength of the AI trade in recent months since DeepSeek, a Chinese startup, appeared to create an AI model to rival US peers despite claiming to use older and cheaper GPUs to train it.