Unstoppable Stock Streak
Nvidia (NASDAQ:NVDA) – the high-flying chip giant, has landed in the history books once again by soaring for a record ten consecutive weeks on the stock market. The rise has been nothing short of meteoric, akin to a rocket ship piercing through the stratosphere.
Hybrid Event Excitement
This week marks a pivotal moment for Nvidia as it gears up to host its highly anticipated GPU Technology Conference (GTC) 2024. With CEO Jensen Huang slated to deliver the keynote between 4 p.m. EDT and 6 p.m. EDT on Monday, the buzz surrounding the event is palpable.
The GTC 2024 will be a hybrid extravaganza, offering both in-person and virtual attendance options for enthusiasts. As the spotlight shines on San Jose, California, the stage is set for a tech spectacle like no other.
Rising Expectations
Amidst much anticipation, Nvidia has been touting the keynote as a platform for delving into the AI advancements that are shaping tomorrow’s landscape. Analyst Ruben Roy from Stifel, in a recent CNBC appearance, hinted at a deep dive into Nvidia’s product roadmap during the keynote. The air is thick with the excitement of groundbreaking revelations on the horizon.
Roy alluded to Nvidia’s evolving identity beyond just a chip manufacturer, emphasizing its pivot towards being a holistic tech juggernaut encompassing hardware, software, and networking capabilities. The transformation is akin to a chrysalis shedding its old shell for a radiant new form.
Valuation Visions
Questions loom about the stock’s trajectory, with Roy highlighting the pivotal role of Nvidia’s ecosystem in determining its future ascent. The confluence of software integration and system sales has led to a surge in revenues and margins, painting a promising picture of Nvidia’s financial canvas.
Investors, particularly the astute professionals in the market, are eagerly awaiting Nvidia’s roadmap for expanding its foothold in the burgeoning total addressable market (TAM). The tantalizing prospect of entering a trillion-dollar TAM opportunity in compute space signifies a paradigm shift of seismic proportions.
Despite a mild 0.12% dip to $878.36 in last week’s closing bell, Nvidia has dazzled with a stellar 72.80% surge year-to-date. The stock’s meteoric rise makes it the crown jewel of the S&P 500 and a shining star in the Nasdaq 100 firmament.