Nvidia’s CEO Jensen Huang wows analysts with new AI chip at GTC Conference
Nvidia’s CEO Jensen Huang recently delivered a keynote at the GTC Conference that has left Wall Street analysts buzzing with excitement about the chipmaking giant’s future. The highlight of the event was the unveiling of Nvidia’s new generation of artificial intelligence chips, named Blackwell. The first of these chips, the GB200, is set to be released in 2024.
The Blackwell processors promise to offer even more powerful processing capabilities for AI model training, surpassing the previous Hopper models. In addition to the hardware announcement, Nvidia also revealed plans to expand its AI ecosystem through new software offerings, including the Nvidia Inference Microservice.
Analysts from top firms including Goldman Sachs, Wells Fargo, Morgan Stanley, JPMorgan, Bank of America, and Bernstein have all expressed optimism following Huang’s keynote. Wells Fargo analyst Aaron Rakers raised his price target for Nvidia to $970, while Goldman Sachs’ Toshiya Hari went even higher, setting a target of $1,000.
Morgan Stanley’s Joseph Moore lauded Nvidia’s Blackwell architecture as impressive, showcasing the company’s dominance in the AI space. JPMorgan’s Harlan Sur emphasized that Nvidia remains ahead of its competitors and well-positioned to capitalize on major trends in AI, computing, gaming, and autonomous vehicles.
Bank of America’s Vivek Arya highlighted that the Blackwell chips will further solidify Nvidia’s position in large language model training and AI inference. Meanwhile, Bernstein’s Stacy Rasgon commended Nvidia for its expansion beyond chips and maintained a $1,000 price target and outperform rating.
Overall, Nvidia’s latest announcements have left analysts bullish on the company’s future prospects in the rapidly evolving AI industry. Investors are eagerly awaiting the release of the Blackwell chips in 2024 and beyond.
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