watch
now
Nvidia
stock
closed
up
1%
on
Tuesday
after
CEO
Jensen
Huang
said
in
an
analyst
meeting
that
the
company
expects
to
increase
its
share
of
the
$250
billion
data
center
market.
Huang’s
comments
were
made
a
day
after
Nvidia
announced
its
latest
generation
of
artificial
intelligence
chips,
called
Blackwell,
and
a
new
AI
software
platform.
“You
can
build
chips
to
make
software
run
better,
but
you
can’t
create
a
new
market
without
software.
What
makes
us
unique
is
that
we’re
the
only
chip
company
I
believe
that
will
create
its
own
market,”
he
said
during
the
meeting
on
Tuesday.
Shares
had
dipped
about
2%
before
his
comments
sent
the
stock
back
up.
Huang
announced
the
new
chips
on
Monday
at
Nvidia’s
developer
conference
in
San
Jose,
California,
touting
them
as
even
more
powerful
processors
than
the
current
generation
of
Hopper
graphics
processing
units,
which
have
been
highly
sought
after
for
running
large
AI
models.
The
first
Blackwell
chip
is
the
GB200 and
will
ship
later
this
year.
“We
had
to
invent
some
new
technology
to
make
it
possible,”
said
Huang,
holding
up
one
of
the
new
chips
during
an
interview
with
CNBC’s
“Squawk
on
the
Street”
on
Tuesday.
He
estimated
one
chip
could
cost
$30,000
to
$40,000
and
that
the
research
and
development
budget
for
the
processor
totaled
around
$10
billion.
The
company
on
Monday
also
announced
a
new
enterprise
software
product
known
as
Nvidia
Inference
Microservice,
which
makes
it
easier
to
run
older
generations
of
Nvidia
GPUs.
“Move
over
Taylor
Swift,
you’re
not
the
only
one
that
can
sell
out
a
stadium
as
Jensen
presented
his
GTC
keynote
to
a
packed
crowd
at
the
SAP
Center
in
San
Jose,”
Bernstein
analysts
wrote
in
an
investor
note
Tuesday,
maintaining
an
outperform
rating
and
$1,000
price
target
on
the
stock.
Wells
Fargo
analysts
reacted
to
the
chipmaker’s
announcement
with
measured
optimism,
reiterating
their
overweight
rating
on
Nvidia
shares
while
boosting
their
price
target
to
$970
from
$840.
“While
NVDA
once
again
highlighted
its
full
stack
/
platform
differentiation,
we
think
some
may
have
anticipated
a
bit
more
out
of
the
Blackwell
B200
launch,”
the
analysts
wrote
in
a
note.
Still,
the
Wells
Fargo
analysts
wrote
the
news
reinforced
their
“long-standing
positive
thesis”
on
Nvidia’s
technology
and
monetization
opportunities.
Analysts
at
Goldman
Sachs,
retaining
a
buy
rating
of
Nvidia
stock,
raised
their
price
target
to
$1,000
from
$875
on
Tuesday
and
expressed
“renewed
appreciation”
for
Nvidia’s
innovation,
customer
and
partner
relationships,
and
pivotal
role
in
the
generative
AI
space
following
the
company’s
keynote.
“Based
on
our
recent
industry
conversations,
we
expect
Blackwell
to
be
the
fastest
ramping
product
in
Nvidia’s
history,”
the
analysts
wrote
in
a
note
to
investors.
“Nvidia
has
played
(and
will
continue
to
play)
an
instrumental
role
in
democratizing
AI
across
many
industry
verticals.”
—
CNBC’s
Michael
Bloom
contributed
to
this
report.
