Nvidia stock (NVDA) fell as much as 5% Tuesday, reversing earlier gains fueled by CEO Jensen Huang’s keynote at the tech industry’s annual CES trade show in Las Vegas the previous day.
Huang’s presentation gave a flurry of updates on upcoming Nvidia products, previewing what’s next in the burgeoning artificial intelligence market and for other emerging technologies. Ahead of his keynote, Nvidia notched record close Monday. Shares jumped as much as 2.5% early Tuesday before a sharp drop.
Nvidia stock’s decline comes amid a broader slump in stocks Tuesday after November job openings data came in mixed and separate manufacturing data stoked inflation concerns.
Nvidia shares are still up roughly 190% from last year. Its updates at CES fueled more bullish takes on the stock.
Analysts at Stifel, Wedbush, and Truist Securities on Tuesday reiterated their Buy ratings on the stock. On average, Wall Street analysts tracked by Yahoo Finance see Nvidia shares rising to $172.80 over the next 12 months.
“[T]he company continues to position itself more favorably — not just in the datacenter but increasingly at all areas of the edge — from client compute to autonomous vehicles to robotics — supporting revenue growth and our Buy rating on the stock,” Truist Securities analyst William Stein, who holds a Buy rating on the stock, wrote in a note to investors Tuesday morning.
One of Nvidia’s most notable updates at the trade show: a new, pint-sized artificial intelligence superchip called GB10 used in its (also new) client supercomputer.
The supercomputer — sized to fit on the average-sized desk — is part of Nvidia’s Project DIGITS announced Monday, advertised to developers, researchers, and students, and the device will be available in May for $3,000.
Nvidia also unveiled major updates about its robotics strategy. The chip giant debuted its Cosmos platform, which offers AI models for developing humanoid robots as well as autonomous vehicles.
Nvidia shares closed at a record high of $149.43 Monday ahead of Huang’s keynote — eclipsing its prior record close of $148.88 reached on Nov. 7.
Wedbush analyst and Nvidia bull Dan Ives said he sees robotics and autonomous technology representing a $1 trillion market for the company. Huang put that number higher in his keynote, saying that autonomous driving technologies alone “will likely be the first multitrillion-dollar robotics industry.”
Additionally, Nvidia showcased new Blackwell-generation gaming GPUs (graphics processing units) and applications for developers to launch their own custom AI agents. Yahoo Finance’s Dan Howley reported that Nvidia could debut a successor to its Blackwell generation AI chips during its GTC conference in March.
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