Are you ready for one of the top tech events of the year? Nvidia (NASDAQ:NVDA) and NVDA stock investors are gearing up for the company’s GPU Technology Conference (GTC). Now, many eyes are on the artificial intelligence (AI) leader as it prepares for the event on March 18.
Given how much NVDA stock has risen on the back of the AI boom, it makes sense that Nvidia would be hosting what is described as “the #1 AI conference for developers.” This year, the conference will also be held in person, allowing attendees the opportunity to hear a keynote address from CEO Jensen Huang and see many workshops and demonstrations.
When Nvidia is in the spotlight, it tends to boost other AI stocks. Granted, NVDA stock has done an excellent job rising over the past six months. However, GTC has the potential to push shares up even more. Let’s take a closer look at why this event should matter to investors.
NVDA Stock in 2024
After surging during the 2023 AI boom, some experts suggested that NVDA didn’t have much more room to run. However, just in past six months, shares have risen more than 90%. This indicates two things: 1) Nvidia may be able to fly even higher from here and 2) the AI market remains red hot. Indeed, investor enthusiasm is still skyrocketing, making now an excellent time for Nvidia to provide key updates at the conference.
For anyone following the rapidly evolving world of AI, this conference is a can’t-miss event. In the short term, then, NVDA stock is likely to rise as anticipation builds for what the company will announce.
One Forbes contributor, Cambrian-AI Research founder and Principal Analyst Karl Freund, provided some insight about the event:
“I’ve been attending GTC since 2012 and have watched the conference morph from graphics fans to AI PhDs, from hundreds of attendees to tens of thousands, and from application developers to a broad mix of investors and enterprises. This year should be different, if for no other reason than the additional trillion dollars the market has awarded the GPU and AI Leader.”
What can a leading tech company do with a trillion-plus dollars? That’s the question that many people will tune into the conference hoping to learn. Nvidia is hyper-focused on innovation, especially as rivals like Advanced Micro Devices (NASDAQ:AMD) work to chip away at its extensive market share. Accordingly, GTC 2024 will likely deliver on all the excitement.
What Comes Next?
As NVDA has skyrocketed, many experts have wondered how long Nvidia can maintain its dominance. The company produces key tech needed for AI development. But as The Wall Street Journal reports, the chipmaker is in rapidly shifting market.
InvestorPlace’s Luke Lango has noted that this poses challenges for NVDA stock. Still, while it is presently unclear who the ultimate AI winner will be, companies like Nvidia have the opportunity to grow even more.
What Nvidia rolls out in the coming year will do much to determine whether it can remain an AI winner. GTC 2024 will give investors an important look into its plans moving forward.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
