Nvidia’s stock plummeted by as much as 5% on Tuesday, reversing earlier gains made after CEO Jensen Huang’s keynote at the Consumer Electronics Show (CES) in Las Vegas. The decline came amid a broader market slump and concerns over inflation.
Despite this, Nvidia shares remain up 190% from last year and analysts at Stifel, Wedbush, and Truist Securities reiterated their Buy ratings on the stock. Wall Street analysts predict that Nvidia shares will rise to $172.80 in the next 12 months.
Huang’s keynote unveiled several new products, including a pint-sized artificial intelligence superchip called GB10, which is part of Nvidia’s Project DIGITS. The company also debuted its Cosmos platform for developing humanoid robots and autonomous vehicles. Analysts see significant growth opportunities in these areas, with Wedbush analyst Dan Ives estimating a $1 trillion market for the company.
Nvidia shares had closed at a record high of $149.43 on Monday ahead of Huang’s keynote, driven by excitement over the company’s updates. However, the stock’s performance will be closely watched as it moves forward in 2023.
Source: https://finance.yahoo.com/news/nvidia-stock-falls-after-notching-record-high-on-ces-ai-superchip-debut-161512270.html