On March 18, 2024, Nvidia founder and CEO Jensen Huang demonstrated products on the stage at the annual Nvidia GTC conference held at the SAP Center in San Jose, California.
Josh Adelson | AFP | Getty Images
Nvidia Shares fell 3% on Tuesday morning after the company launched a new generation of artificial intelligence chips called Blackwell.
CEO Jen-Hsun Huang announced the new chips on Monday at Nvidia’s developer conference in San Jose, Calif., touting them as more powerful processors than the current generation of Hopper graphics processing units, which have been highly criticized for running large artificial intelligence models. sought after. The first Blackwell chip is the GB200, which will ship later this year.
The company also announced a new enterprise software product called Nvidia Inference Microservice that makes it easier to run older generation Nvidia GPUs.
“Beyond Taylor Swift, you won’t be the only one when Jensen delivers the GTC keynote to a packed house at SAP Center in San Jose,” Bernstein analysts wrote in an investor note on Tuesday. Someone who can sell out stadiums.” The stock has a rating and price target of $1,000.
Analysts at Wells Fargo reacted to the chipmaker’s announcement with cautious optimism, reiterating an overweight rating on Nvidia stock while raising their price target to $970 from $840.
“While NVDA once again emphasized its full-end/platform differentiation, we think some may have more expectations for the Blackwell B200 launch,” analysts wrote in a note.
Still, Wells Fargo analysts wrote in the article that the news strengthens their “long-term positive thesis” on Nvidia’s technology and monetization opportunities.
Goldman Sachs analysts maintained a buy rating on Nvidia stock, raising their price target to $1,000 from $875 on Tuesday and weighed in on Nvidia’s innovation, customers and partnerships, and key to generating artificial intelligence following the company’s keynote. The effect expresses “appreciation again”.
“Based on our recent industry conversations, we expect Blackwell to be the fastest growing product in Nvidia’s history,” analysts wrote in a note to investors. “Nvidia has played a role in democratizing artificial intelligence across many industry verticals ( and will continue to play an important role.”
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