Nvidia’s stock reached an all-time high, closing at $149.43 on Monday, just prior to CEO Jensen Huang’s anticipated keynote address at the Consumer Electronics Show (CES) in Las Vegas. This marks a significant increase of over 3% and surpasses Nvidia’s previous record closing price of $148.88 set on November 7, 2024.
This year’s CES has attracted attention from Wall Street analysts in Las Vegas, particularly focused on Nvidia, a prominent player in the AI chip market. Historically, Nvidia uses this platform to unveil new products, and the upcoming keynote is expected to shed light on future developments for the company and the evolving landscape of artificial intelligence.
Huang’s keynote is scheduled for 6:20 p.m. PST on Monday and will be accessible via various streaming platforms, including Facebook and YouTube. Investors are keenly watching for updates on Nvidia’s latest Blackwell AI chips, which analysts believe could ignite a new wave of demand despite concerns about potential slowdowns in AI spending.
Nvidia had previously faced challenges, including a design flaw that delayed the Blackwell rollout and speculation regarding overheating issues. Nevertheless, the company reassured investors during a November earnings call, announcing that production of the Blackwell chips is progressing ahead of schedule and that shipments are set to begin soon. Analyst Ruben Roy suggests that these chips may represent a tremendous market opportunity worth $100 billion for Nvidia.
The surge in Nvidia’s stock price on Monday contributes to its rebound from last week, where it led a recovery among the “Magnificent Seven” tech stocks after a less-than-stellar finish to 2024.
Moreover, there’s speculation regarding an announcement of a standalone CPU by Nvidia at CES. Analyst William Stein believes this could tap into a new $35 billion market. Bank of America’s Vivek Arya also anticipates that upcoming announcements will positively impact Nvidia’s stock, highlighting the company’s potential to reaffirm its dominance in the field.
In summary, Nvidia is positioned for a pivotal moment as key announcements at CES may enhance investor confidence and unlock new market opportunities. This optimistic forecast reflects the ongoing innovation within the tech industry and Nvidia’s strong market presence, leaving many hopeful for the company’s direction in the coming months.