NVIDIA’s annual GTC conference has evolved far beyond a GPU technology event. It has become one of the most influential gatherings for AI developers and technology innovators worldwide.
From March 18–21, 2024, NVIDIA will host its annual AI conference, GTC, at the San Jose Convention Center in California. During the event, NVIDIA CEO Jensen Huang will deliver a keynote presentation under the theme “The #1 AI Conference for Developers.”
Traditionally, Huang uses the opening keynote to unveil new products and share his vision for the future of technology.
This year's conference is expected to focus on three major topics:
The next-generation Blackwell GPU architecture
The new B100 GPU built on Blackwell
Humanoid robotics
Industry analysts believe that, with GTC returning to an in-person format for the first time in five years, NVIDIA is likely to showcase some truly significant innovations.
Wall Street expects this year's GTC to help NVIDIA's stock break out of its recent volatility and continue its remarkable growth trajectory, which has already exceeded 80% year-to-date.
Comparing GTC to Apple's annual product launch events, technology strategist Ted Mortonson of Robert W. Baird commented:
"This is a major catalyst because NVIDIA will likely provide much more information about industry adoption and market penetration."
The “Woodstock” of the AI Industry
Following the tremendous success of the H100 GPU, NVIDIA's stock price has surged, adding approximately $1 trillion in market value this year and making it one of the best-performing companies in the S&P 500.
However, since reaching a record closing high on March 7, NVIDIA's share price has become more volatile. After experiencing its worst two-day decline in nearly five months, the stock rebounded briefly before falling again in subsequent trading sessions.
Part of this volatility stems from traders positioning themselves ahead of the conference. Options market data shows investors have been paying increasingly high premiums for call options, particularly short-term contracts, as the event approaches.
Mortonson noted:
"It's somewhat like an Apple product launch—everyone wants to get ahead of the crowd."
He also raised a key question:
"Will investors 'buy the rumor and sell the news' after Jensen Huang's keynote?"
Because of its potential impact on NVIDIA's stock performance, analysts at Bank of America have even referred to GTC as the "Woodstock of AI." The original Woodstock festival remains one of the most iconic music events in history.
How Much Further Can NVIDIA Rise?
Ahead of the conference, Bank of America raised its price target for NVIDIA from $925 to $1,100 per share—approximately 25% above the stock's closing price of $879.40 at the time.
Despite the stock nearly quadrupling over the previous 12 months, analysts at Bank of America believe NVIDIA's valuation still has room for further expansion. Interestingly, NVIDIA's price-to-earnings ratio has actually declined since the launch of ChatGPT in November 2022.
Wall Street remains overwhelmingly optimistic about GTC. According to analyst data tracked by Bloomberg, NVIDIA currently holds:
60 Buy ratings
7 Hold ratings
0 Sell ratings
Matthew Ramsay, an analyst at TD Cowen, stated:
"Given our confidence in current demand levels and the upside potential for the next 12 to 18 months, I remain extremely comfortable and optimistic."
Ramsay maintains an Outperform rating on NVIDIA with a price target of $900 per share.
Although expectations heading into GTC remain highly positive, analysts and investors are also aware that NVIDIA shares are approaching technically overbought levels, increasing the possibility of a market correction.
