Yesterday, Nvidia's stock experienced a strong rebound and returned to the $900 mark after two days of consecutive declines.
As the three major U.S. stock indexes collectively all closed higher, chip stocks returned to a positive trend. Nvidia, the top chipmaker, led the tech stocks with a gain of 7.16%, closing at $919.13 per share.
The increase boosted the chipmaker's single-day market capitalization by approximately $153.5 billion, bringing the total market capitalization back to $2.3 trillion and lifting Nvidia's year-to-date gains to an astonishing 85.62%.
Part of the rise on Tuesday came from the latest US inflation data. According to data released by the U.S. Bureau of Labor Statistics, the consumer price index (CPI) rose 3.2% YoY and 0.4% MoM in February, with the market expecting to see 3.1% and 0.4%, respectively.
Although the data was higher than economists had anticipated, it was lower than what many investors had feared, thus boosting the market.
Skyler Weinand, Chief Investment Officer at Regan Capital, stated, It's proving difficult to see what may stop the market's momentum, as earnings, inflation, and interest rates are moving in the right direction.
Meanwhile, some of the gains may also come from the optimistic sentiment around the upcoming Nvidia 2024 GTC conference.
The annual AI global topping conference—Nvidia GTC (GPU Technology Conference) is set to kick off from March 18 to 21. Nvidia's CEO Jensen Huang will give a speech, titled 1# AI Conference for Developers.
Nvidia GTC is a place where developers and commercial minds gather to acquire practical skills and share professional knowledge. According to reports, the conference will hold more than 900 sessions, including 12 major themes like accelerated computing tools and techniques, AI model deployment, etc. Over 300 exhibitors will show how organizations implement the Nvidia platform, and GTC will also include over 20 workshops covering technologies like generative AI.
Insiders predict this GTC conference is expected to see the new generation flagship GPU B100, a new reasoning platform, details of the car chip in collaboration with MediaTek, and the progress of the software business.