Nvidia (NASDAQ:NVDA) stock is advancing 4% in early trading ahead of the kick-off of its 2024 GPU Technology Conference (GTC).
GTC 2024 is expected to focus on artificial intelligence (AI) and new innovations. The gathering will feature “a dream team of industry luminaries, developers, researchers, and business strategists,” NVDA reported.
The GTC 2024 Conference’s Headliners
Nvidia CEO Jensen Huang is scheduled to give a 2-hour address at the conference’s opening. In the speech, he’s likely to unveil new products, as he’s done during the same address in past years.
Later today, the CEO is expected to demonstrate NVDA’s new Hopper graphics architecture and introduce its latest graphics processing unit: the B100. These GPUs are designed specifically to create AI models.
At the conference, NVDA may reveal information about the B100’s “pricing (and) performance,” The firm could also provide data about the number of orders for the upcoming chip that it has already received.
The B100 will represent “another pioneer moment for the AI industry” and NVDA, according to well-known Wedbush Securities analyst Dan Ives.
Among the firms expected to be represented at the conference are Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), and OpenAI.
NVDA Stock: Bullish or Bubble?
Heading into the conference, British bank HSBC raised its price target on NVDA to $1,050 from $888. The bank thinks that the chipmaker will look to become a leader in other types of chips beyond GPUs.
Meanwhile, in a recent note to investors, Citi indicated that it believes that the rally of AI stocks, including Nvidia, is “a bubble.” However, the bank thinks that “bubbles can last a year or longer, similar to what happened in 1999 with the tech bubble.”
As a result, Citi believes that the rally can endure into next year. On the other hand, Citi does think that AI, unlike the 1999 tech bubble, is providing actual, positive catalysts for chip stocks.
On the date of publication, Larry Ramer did not have (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.
