Nvidia (NVDA) shares rose as much as 4.7% on Monday ahead of CEO Jensen Huang’s keynote speech at the annual Consumer Electronics Show (CES) in Las Vegas, pushing the stock above $151 and putting the stock on track. shares towards a record close.
The stock’s most recent record close occurred on November 7, 2024 at $148.88 per share.
As Wall Street analysts head to Sin City to meet with the management of major tech companies, all eyes are on the AI chip maker.
Nvidia typically makes big product announcements at CES, such as last year’s debut of new desktop graphics chips for gaming and artificial intelligence, while Huang’s comment is expected to give investors a preview of what it has in store. awaits the artificial intelligence giant and the burgeoning artificial intelligence. market.
Huang will deliver his keynote speech at 6:20 pm PST on Monday. It will be broadcast live on Facebook, YouTube, LinkedIn and other sites.
His speech comes as investors eagerly await the launch of Nvidia’s latest Blackwell AI chips, which analysts say will drive a massive new cycle of demand for the company’s products, despite fears of a slowdown in spending on AI.
After a design flaw delayed the launch of its Blackwell line and rumors circulated of overheating issues in servers using those chips, Nvidia confirmed in a November earnings call that Blackwell production is ramping up in the current quarter, and that the chips are sent to customers before they hope to inherit. Stifel analyst Ruben Roy has suggested that Blackwell AI chips represent a $100 billion market opportunity for Nvidia.
Nvidia stock’s jump on Monday extends its gains from last week, when the chipmaker led a rally in “Magnificent Seven” tech stocks after a disappointing finish to 2024.
In another possible tailwind for Nvidia stock, Truist Securities analyst William Stein said in a note on Monday that he believes Nvidia will announce a standalone CPU, or central processing unit, the “brain” of a computer, distinct from Nvidia’s Hopper and Blackwell GPUs, or graphics processing units, at CES. Stein has said in previous notes that such an announcement could open another $35 billion market opportunity for the company.
Bank of America’s Vivek Arya said in a note Monday that while “NVDA stock has essentially stagnated over the past six months,” he expects CES to be a “positive catalyst that reaffirms NVDA’s platform dominance.” “. Arya said he believes Nvidia will provide “reassuring updates” on its Blackwell shipments and announcements on its robotics strategy and, potentially, a partnership with AI PC.