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Nvidia has been on a scorching streak in 2024 — beating Wall Street estimates in its fourth-quarter earnings and seeing its stock rise over 80% year-to-date — due to its highly sought-after H100 chip partly powering the AI growth.

However after the revealing of its new, highly-anticipated chip, Blackwell, at its GPU Expertise Convention on the prime of this week, the chipmaker didn’t see its inventory transfer a lot. Nvidia’s share value laid mostly flat Monday (Mar. 18), and rose around 1% Tuesday (Mar. 19).

After reporting fourth quarter revenues of $22 billion in February — up 270% from the earlier 12 months — the chipmaker noticed its stock rise nearly 9% to $732 per share. Now Nvidia’s inventory is at the moment buying and selling around $894 per share.

Right here’s what Wall Road is saying:

Bernstein

Stacy Rasgon, senior analyst at Bernstein Analysis, stated in notice that Nvidia’s new chip “seems prone to be robust, and the corporate’s continued push not simply on chips however on broader software program and {hardware} ecosystems stays unmatched (and in our opinion, exhausting to face towards),” MarketWatch reported. “Transfer over, Taylor Swift, you’re not the one one that may promote out a stadium.”

J.P. Morgan

J.P. Morgan analysts stated Nvidia is “additional distancing itself” from competitors with its new merchandise “and extra product segmentation over time.”

“With main silicon (GPU/DPU/CPU), {hardware}/software program platforms, and a powerful ecosystem, NVIDIA is properly positioned to proceed to learn from main secular traits in AI, high-performance computing, gaming, and autonomous autos, in our view,” analysts stated in a notice. “Backside line: NVIDIA continues to be 1-2 steps forward of its opponents. We reiterate our OW [Overweight] ranking on NVDA.”

KeyBanc

John Vinh, fairness analysis analyst at KeyBanc Capital Markets, stated in a notice that Nvidia CEO Jensen Huang’s keynote bulletins have been consistent with the financial institution’s expectations, and he highlighted the chipmaker’s next-generation Blackwell structure. “We’re inspired by these bulletins as we view them as reinforcing NVDA’s management place in generative AI and anticipate the ASP and efficiency uplift from these new merchandise will maintain outsized earnings progress,” he wrote. Vinh stated KeyBanc is retaining its “Chubby” ranking, that means it expects the chipmaker’s inventory “to outperform the analyst’s protection sector” over the following six to 12 months.

Wells Fargo

Whereas Nvidia “as soon as once more highlighted its full stack/platform differentiation,” from its opponents, Wells Fargo analysts stated they “assume some could have anticipated a bit extra out of the Blackwell B200 launch.”

“As we speak’s Blackwell B200 launch was broadly anticipated, and we notice that we’ve got had some questions on B200 vs. H100 efficiency positive factors when in comparison with H100 vs. A100,” analysts wrote in a notice. Wells Fargo analysts stated they thought Nvidia’s keynote “did solidly reinforce our long-standing optimistic thesis within the co’s full stack / accelerated compute platform differentiation, which continues to incorporate increasing monetization alternatives.” Wells Fargo analysts stated they’re reiterating their Chubby ranking.

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