Unstoppable Momentum

Nvidia Corp. NVDA continues its remarkable run, closing higher for an unprecedented ten consecutive weeks. As anticipation builds for the GPU Technology Conference (GTC) 2024, set to kick off with CEO Jensen Huang’s keynote from 4 p.m. EDT to 6 p.m. EDT on Monday, investors are eyeing the company’s next moves.

High Expectations

Under the spotlight of GTC 2024, Nvidia promises a deep dive into the AI advancements that shape our future. Stifel analyst Ruben Roy speculates that discussions will revolve heavily around Nvidia’s product roadmap and the heightened frequency of new product launches. Roy emphasizes Nvidia’s evolution beyond a mere chip manufacturer to a multifaceted tech powerhouse encompassing software, systems, and networking.

Valuation and Vision

Roy illustrates the essence of Nvidia’s trajectory, outlining a shift towards holistic ecosystem strategy over mere hardware focus. The incorporation of software in system sales, establishment of cloud services, and the evolution of AI factories all contribute to Nvidia’s expanding footprint and increased revenues. As professional investors keenly observe the company’s future moves in a rapidly expanding market, Nvidia’s strategic positioning becomes crucial.

With Nvidia shares outperforming the Nasdaq Composite and S&P 500 indices, the stock has surged 72.80% year-to-date, showcasing remarkable growth. Ending Friday at $878.36, Nvidia represents a prime example of tech stock resilience amidst market fluctuations.

As investors await the unveiling of Nvidia’s roadmap at GTC 2024, the tech world ponders: what lies ahead for this AI juggernaut?