Boosting NVDA Stock: The Potential of Nvidia GTC 2024

Boosting NVDA Stock: The Potential of Nvidia GTC 2024

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This week kicked off one of the tech world’s most highly anticipated events. The Nvidia (NASDAQ:NVDA) GPU Technology Conference (GTC) began yesterday and many investors have good reason to be watching closely. For the artificial intelligence (AI) leader, this event is an opportunity to show the globe what the firm has been working on and unveil its plans for spurring growth in the coming year and beyond.

The first day of GTC centered around a two-hour keynote address from CEO Jensen Huang. What’s more, the tech community tuned in with an intensity similar to when Steve Jobs unveiled the original iPhone.

That said, Nvidia will be providing other important updates this week that will likely drive further share growth for NVDA stock. Let’s take a closer look.

What the Nvidia GTC Conference Means for NVDA Stock

Since the launch of ChatGPT kickstarted the AI boom, investors have dived headfirst into this market’s new gold rush. This tech sector revolution has ushered in a fresh class of millionaire-minting winners, but no name has benefitted more than Nvidia. The firm’s status as the maker of the chips powering ChatGPT has pushed NVDA stock to impressive gains of more than 200% over the past one year.

When it comes to all the skeptics who have predicted that this growth can’t last, Nvidia still hasn’t slowed down yet. The current buzz around the GTC implies that NVDA has even further to soar.

Experts seem to be increasingly bullish on NVDA stock as the conference gets underway. Cory Johnson, Chief Market Strategist at The Futurum Group, spoke to InvestorPlace about the event. Johnson believes that CEO Jensen Huang’s GTC statements are “more important to the markets than Jerome Powell’s comments from the Federal Reserve this week.”

Johnson told InvestorPlace:

“Never in my career have I seen a technology company in the position that Nvidia is in today: it’s the only cafeteria in the AI food fight, the only arms dealer in an AI war. And Nvidia has come to this sole, dominant position and this massive, rapidly emerging multi-trillion tech moment faster than any other company in IT history. Nothing in tech history rivals it: not the IBM PC, Intel x86, Microsoft Windows, Cisco routers, Google search… Nvidia is alone to lead us into this new, almost unimaginable field.”

Nvidia’s Rising Tide

Nvidia may be the biggest name in the AI space right now, but it certainly has the power to boost other companies, too. Yesterday, Huang mentioned both Cadence Design Systems (NASDAQ:CDNS) and Synopsys (NASDAQ:SNPS) in his keynote address, noting that both firms have integrated Nvidia’s technology into their own products. Both stocks are rising more than 1% today. In February 2024, Nvidia also announced positions in five tech stocks, all of which climbed on the news.

As Johnson notes, the importance of Nvidia’ GTC event this year cannot be overstated. The AI revolution is in full effect right now and new developments from the company are a good reminder that AI is still transforming markets and creating winners. NVDA stock will be at the forefront as this new reality unfolds.

On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Samuel O’Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O’Brient writes a weekly column on recent political news that investors should be following.

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