Nvidia’s AI conference has received positive feedback from Wall Street analysts, with major firms like Wells Fargo and Goldman Sachs increasing their price targets on Nvidia’s stock. Analysts from JPMorgan, Bank of America, and AB Bernstein have also provided bullish reviews, with AB Bernstein humorously noting that Nvidia can sell out a stadium just like Taylor Swift. The lack of competition for Nvidia in the market is a key factor fueling investor optimism, as the company continues to unveil new products and innovations at the conference.
During the second day of the GTC conference, Nvidia CEO Jensen Huang revealed the company’s newest and most powerful chip, with a price tag estimated between $30,000 to $40,000. The company’s management has hinted at more products in the pipeline for 2024, contributing to the positive atmosphere surrounding Nvidia. Wall Street analysts have responded by raising their price targets for Nvidia stock, with firms like Goldman Sachs, Morgan Stanley, and JP Morgan all increasing their PTs. The unmatched rollout of Blackwell and Nvidia’s dominance in the market without any clear competitors have also been key points of focus in analyst reviews.
Nvidia’s stock has shown significant growth this year, up approximately 80%, with nearly 90% of analysts recommending a buy on the stock. Analysts have highlighted Nvidia’s ecosystem and platform capabilities, emphasizing that the company is more than just a chip giant. Jensen Huang’s focus on software and networking has resonated well with investors, leading to continued optimism in the stock. The emphasis on Nvidia’s ecosystem and its unmatched position in the market bode well for the company’s future growth and success.