Nvidia has been on a hot streak in 2024 — beating Wall Street estimates in its fourth-quarter earnings and seeing its stock rise over 80% year-to-date — thanks to its highly sought-after H100 chip partly powering the AI boom.
But after the unveiling of its new, highly-anticipated chip, Blackwell, at its GPU Technology Conference at the top of this week, the chipmaker didn’t see its stock move much. Nvidia’s share price 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 previous year — the chipmaker saw its stock rise nearly 9% to $732 per share. Now Nvidia’s stock is currently trading around $894 per share.
Here’s what Wall Street is saying:
KeyBanc
John Vinh, equity research analyst at KeyBanc Capital Markets, said in a note that Nvidia CEO Jensen Huang’s keynote announcements were in line with the bank’s expectations, and he highlighted the chipmaker’s next-generation Blackwell architecture. “We’re encouraged by these announcements as we view them as reinforcing NVDA’s leadership position in generative AI and anticipate the ASP and performance uplift from these new products will sustain outsized earnings growth,” he wrote. Vinh said KeyBanc is keeping its “Overweight” rating, meaning it expects the chipmaker’s stock “to outperform the analyst’s coverage sector” over the next six to 12 months.
J.P. Morgan
J.P. Morgan analysts said Nvidia is “further distancing itself” from competition with its new products “and more product segmentation over time.”
“With leading silicon (GPU/DPU/CPU), hardware/software platforms, and a strong ecosystem, NVIDIA is well positioned to continue to benefit from major secular trends in AI, high-performance computing, gaming, and autonomous vehicles, in our view,” analysts said in a note. “Bottom line: NVIDIA continues to be 1-2 steps ahead of its competitors. We reiterate our OW [Overweight] rating on NVDA.”
Wells Fargo
While Nvidia “once again highlighted its full stack/platform differentiation,” from its competitors, Wells Fargo analysts said they “think some may have anticipated a bit more out of the Blackwell B200 launch.”
“Today’s Blackwell B200 launch was widely anticipated, and we note that we have had some questions on B200 vs. H100 performance gains when compared to H100 vs. A100,” analysts wrote in a note. Wells Fargo analysts said they thought Nvidia’s keynote “did solidly reinforce our long-standing positive thesis in the co’s full stack / accelerated compute platform differentiation, which continues to include expanding monetization opportunities.” Wells Fargo analysts said they are reiterating their Overweight rating.