March 17, 2024 11:14 PM | 2 min read
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Jim Cramer, the host of CNBC’s “Mad Money,” is gearing up to hear NVIDIA Corp (NASDAQ:NVDA) CEO Jensen Huang speak at the company’s annual GPU Technology Conference (GTC) this week.
What Happened: Cramer expressed his anticipation for Huang’s speech at the GTC, which is set to take place on Monday. The event is expected to be a “transformative moment in artificial intelligence,” as per the conference’s website, Cramer wrote in an article on CNBC.
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“I’d say centuries but that might be a tad hyperbolic. He’s amazing,” Cramer wrote, referring to Huang as a “self-effacing genius” and “DaVinci.”
He also noted that the speech could potentially impact Nvidia’s stock, which has seen a 77% surge year-to-date after more than tripling in 2023.
Despite the stock’s impressive performance, Cramer believes that Huang deserves a day to “trace out a vision without a per share attached to it.”
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“Jensen is not the predictions sort of guy, but he’s about big think as anyone who walks on this planet, including Tesla CEO Elon Musk, and I think he wants to stress sovereign AI, health care, and the planet — maybe even in that order,” Cramer wrote.
Why It Matters: Nvidia’s stock has been on a record-breaking run, closing higher for a record ten straight weeks. The company’s GTC 2024 is expected to further boost the stock, with Huang’s keynote anticipated to explore the AI advances shaping the future.
Analysts have also been bullish about Nvidia’s AI revolution, with Wedbush’s Daniel Ives comparing it to “10 PM in a party that goes to 4:30 AM.” The company’s rival, Advanced Micro Devices Inc (NASDAQ:AMD), has also been making strides, with KeyBanc analyst John Vinh predicting potential market leadership for AMD in cloud expansion.
Despite the excitement surrounding Nvidia, its supplier Taiwan Semiconductor Manufacturing Co (NYSE:TSM) has also been under scrutiny, with its AI revenue growth in focus amid an overbought market.
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Jim Cramer | Photo courtesy: Shutterstock
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This 141-Year-Old Retailer Is Outperforming Amazon
Forget tech behemoths. This old stock is expanding faster while raising dividends. Believe it or not, it has handily beaten Amazon’s 117% run since 2019. By reading Benzinga’s latest insider-only report, you can set yourself up for future profits and income with this stock, plus more.Get access for just $0.99.
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