Nvidia’s stock price plummeted by more than 6% on Tuesday, reversing the gains it made earlier in the day after CEO Jensen Huang’s keynote at the CES trade show. The decline comes amid a broader slump in stocks as mixed November job openings data and inflation concerns weighed on investor sentiment.
Despite this, Nvidia shares are still up roughly 190% from last year and remain a top pick among analysts. Analysts at Stifel, Wedbush, and Truist Securities reiterated their Buy ratings on the stock, citing the company’s expanding presence in emerging technologies such as artificial intelligence, robotics, and autonomous vehicles.
Nvidia unveiled several updates at CES, including a new AI superchip called GB10 and its Cosmos platform for developing humanoid robots and autonomous vehicles. The company also showcased new gaming GPUs and applications for developers to launch custom AI agents.
Analysts are bullish on Nvidia’s prospects, with some estimating the robotics industry could reach $1 trillion in value. CEO Jensen Huang put this number even higher, predicting that autonomous driving technologies alone could become a multitrillion-dollar market.
The stock price is currently expected to rise to $172.80 over the next 12 months, according to Wall Street analysts tracked by Yahoo Finance. Despite the short-term volatility, Nvidia’s long-term growth prospects remain strong.
Source: https://finance.yahoo.com/news/nvidia-stock-falls-after-notching-record-high-ahead-of-ces-ai-superchip-debut-210226230.html