Did Nvidia (NVDA) do enough to reawaken the bull narrative on the chipmaker’s stock at its annual developer event? Wall Street is weighing in on that.
First, consider the optics: CEO Jensen Huang wore his trademark black leather motorcycle jacket on the GTC event on Tuesday, not the shiny alligator leather one he donned for a keynote on the Consumer Electronics Show earlier this 12 months.
There have been numerous details on powerful recent AI chips equivalent to Blackwell Ultra and Vera Rubin, which could do their part in taking civilization to a complete other level of productivity.
And after all, Huang dropped a number of huge numbers around AI’s potential. None were larger than his prediction that Nvidia’s data center infrastructure revenue will hit $1 trillion by 2028.
But when all is claimed and done, the Street appeared to have expected all of it and is now in search of truly fresh catalysts to jumpstart considered one of its favorite stocks.
CEO Jensen Huang talks throughout the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif. (AP Photo/Nic Coury) ·ASSOCIATED PRESS
“I feel what’s really been more of the nuts and bolts of the keynote [from Huang] was really only a bit more details around what we knew was already within the works,” Benchmark Company analyst Cody Acree said on Yahoo Finance’s Market Domination (video above). “For probably the most part, it was plenty of incremental details that were relatively small.”
Nvidia’s stock fell 3.4% by the close of trading on Tuesday. Shares only rebounded barely in premarket trading to $116 each on Wednesday.
Yr thus far, the once-hot stock is down by 14% because the Street questions Nvidia’s pace of future growth.
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“Jensen delivered the products and gave the grand AI vision for Nvidia, and that’s what long run investors want. Short term, traders wanted something more granular, and similar to CES, that was unrealistic,” Wedbush tech analyst and Nvidia bull Dan Ives said. “We graded this [an] A+ keynote — inflection point in AI spend.”
Here’s what Wall Street is saying more widely about what Huang unveiled at Nvidia’s latest GTC event. Most analysts left their price targets and rankings on the stock unchanged.
One longtime Nvidia watcher and bull — Eric Jackson of EMJ Capital — will appear in a recent episode of Yahoo Finance’s Opening Bid podcast today. That can air at 8:30 a.m. ET.
Rating: Buy
Price Goal: $180
“The GTC keynote featured updates on next-gen Blackwell Ultra, Rubin, and Rubin Ultra architectures. The keynote also featured the launch of Dynamo — NVDA’s inferencing software designed for the optimization of reasoning models inside data centers, which was described because the operating system for AI Factories. As was widely expected, Mr. Huang also touched on scale-out networking with the formal announcement of silicon photonics/co-packaged optics Quantum-X and Spectrum-X switches. On the enterprise infrastructure front, NVDA announced the DGX Spark and DGX Station PCs, offering AI capabilities and performance in a desktop form factor.
“Continued full-stack infrastructure development is targeted at evolving reasoning models and agentic AI, which NVDA believes will drive 10-100x compute intensity. We proceed to view NVDA’s innovation on AI infrastructure positively inside the backdrop of a broader accelerated computing market which is forecast to drive data center capex to ~$1 trillion annually by the tip of the last decade.”
Rating: Buy
Price Goal: $163
“Jensen Huang delivered GTC keynote today. Three key points jumped out to us: 1) Nvidia is adding more color to its total addressable market expectations with total annual capex reaching $1 trillion by 2028 as each inference and training proceed to require more compute. 2) Blackwell will not be only back on course, it’s outperforming expectations with units (individual dies) from top 4 US hyperscalers already reaching 3.6 million in 2025, 2.8x vs. Hopper’s peak 12 months. 3) The corporate reminded investors that it’s leading inference and will not be stepping its foot off the gas with a blisteringly fast compute road-map (B300, Rubin, Rubin Ultra), software leadership (e.g. Dynamo) and networking innovation (CPO).
“Net-net, we got here out of the keynote reassured in Nvidia’s leadership which if anything appears to be expanding. We view positively Nvidia’s push for inference which per company comments now requires significantly more compute.”
Rating: Obese
Price Goal: $190
“Nvidia CEO Jensen Huang kicked off GTC with a keynote speech with announcements largely consistent with expectations heading into the event. We might highlight the next key takeaways, including: 1) Announced Blackwell Ultra (GB300) NVL72, which is predicted to be 1.5x performance of GB200 NVL72 and is predicted to be available in 2H25; 2) Announced Vera Rubin NVL144, with Vera being the next-gen ARM-based CPU and Rubin being the following generation GPU; with 144 GPUs per rack and performance expected to be 3.3x GB300 NVL72 and expected 2H26; and three) Announced co-packaged optical (CPO) at 1.6TB, which is predicted to ship within the second half of the 12 months.
“Additional thoughts from GTC include: 1) NVDA continues to push the envelope on performance with its annual cadence roadmap, such that it stays the clear leader in AI, in our view; and a pair of) Blackwell Ultra (GB300) uses the identical rack architecture as GB200, and as such we expect a somewhat seamless transition as NVDA will unlikely need to undergo the identical learning curve in ramping GB200 NVL72, which should allow NVDA to speed up GB NVL rack shipments within the second half of the 12 months.”
Correction: A previous version of this text misspelled Citi analyst Atif Malik’s name. We regret the error.
Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Recommendations on stories? Email brian.sozzi@yahoofinance.com.