Nvidia stock (NVDA) tumbled more than 6% Tuesday, a day after shares closed at a record high in anticipation of CEO Jensen Huang’s keynote at the tech industry’s annual CES trade show in Las Vegas.
Huang’s presentation on Monday night gave a flurry of updates on upcoming Nvidia products, previewing what’s next in the burgeoning artificial intelligence market and for other emerging technologies. Shares jumped as much as 2.5% early Tuesday before reversing direction. The chip maker was the Dow’s worst performer of the session.
Nvidia stock’s decline comes amid a broader slump in stocks Tuesday after November job openings data came in mixed and separate economic data stoked inflation concerns.
Nvidia shares are still up roughly 190% from last year. Its updates at CES fueled more bullish takes on the stock.
Analysts at Stifel, Wedbush, and Truist Securities on Tuesday reiterated their Buy ratings on the stock. On average, Wall Street analysts tracked by Yahoo Finance see Nvidia shares rising to $172.80 over the next 12 months.
“[T]he company continues to position itself more favorably — not just in the datacenter but increasingly at all areas of the edge — from client compute to autonomous vehicles to robotics — supporting revenue growth and our Buy rating on the stock,” Truist Securities analyst William Stein, who holds a Buy rating on the stock, wrote in a note to investors Tuesday morning.
One of Nvidia’s most notable updates at the trade show: a new, pint-sized artificial intelligence superchip called GB10 used in its (also new) client supercomputer.
The supercomputer — sized to fit on the average-sized desk — is part of Nvidia’s Project DIGITS announced Monday, advertised to developers, researchers, and students, and the device will be available in May for $3,000.
Content retrieved from: https://www.aol.com/finance/nvidia-stock-rallies-ceo-jensen-133746340.html.
