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Nvidia Stock Soars: New Chips Shipping

Nvidia's annual developer conference in San Jose, California, the tech giant's stock staged a remarkable comeback
March 20, 2024

In a flurry of excitement at Nvidia's annual developer conference in San Jose, California, the tech giant's stock surged 1% as it unveiled plans for its newest flagship AI processor. Investors eagerly absorbed insights from Chief Executive Jensen Huang and Chief Financial Officer Colette Kress, propelling Nvidia's stock to around $895.

Kress hinted at the imminent market arrival of the company's groundbreaking AI chip later this year, sparking anticipation among industry observers. Dubbed the B200 Blackwell chip, Nvidia boasts that it will outpace its predecessor by a staggering 30 times in certain tasks. Priced between $30,000 and $40,000, the Blackwell chip is poised to redefine the landscape of AI processing.

While some analysts caution against unrealistic expectations, acknowledging the challenge of living up to the hype, others remain optimistic about Nvidia's trajectory. David Wagner, portfolio manager at Aptus Capital Advisors, notes that despite an impressive 80% surge in Nvidia's stock this year, investors are still digesting the potential impact of the Blackwell technology.

Beyond hardware innovations, Nvidia also unveiled a suite of new software tools aimed at simplifying the process for developers to market their AI models to companies leveraging Nvidia's technology.

As Nvidia continues to push the boundaries of AI processing power, the industry eagerly awaits the market debut of the B200 Blackwell chip, poised to usher in a new era of performance and innovation.

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