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Nvidia (NASDAQ:NVDA) CEO Jensen Huang will take the stage on Monday, drumming up excitement about the latest breakthroughs in the artificial intelligence revolution. The company’s annual developer gathering, called GTC, or GPU Technology Conference, is kicking off at the San Jose Convention Center, with a Huang’s keynote is scheduled for 4:00 pm ET. More than 300,000 people are expected to attend, virtually or in person, demonstrating how important the event has become in recent years.
What’s on the menu? Nvidia (NVDA) is expected to unveil successors to its key revenue drivers, such as the Hopper graphics architecture and the H100 GPU, which is currently the go-to processor for training and deploying AI models. The new architecture is believed to be codenamed Blackwell, while the power-hungry B100 GPU will offer far better performance (and will likely ship later this year). Another exciting development will be updates to the company’s CUDA software, which ties developers to the Nvidia (NVDA) network, as well as the introduction of a dedicated chip for the Chinese market, which has fallen under US government technological limits .
“GTC has become the world’s most important AI conference because the entire ecosystem is there to share knowledge and advance the state of the art,” Huang said in a press release ahead of the event.
Market movement: Although they have recovered ground in recent weeks, Nvidia (NVDA) shares are stagnant up 77% Since the beginning of the year, after reaching the $2 trillion market capitalization milestone at the end of February. Analysts now expect EPS growth to exceed 90% y/y in 2024, while revenues are expected to increase 81% to above $110 billion. “Nvidia averaged 5% over the four-day event, followed by an immediate, but brief, pullback, which could mark an opportunity for upside potential leading up to the next earnings release,” writes SA Investing Group Leader Livy Investment Research.