Wall Street's Bullish Sentiment On NVIDIA Has Been Ignited After The GTC Conference

After NVIDIA announced the new generation AI GPU chip, B200, at the GTC 2024 conference, the bullish sentiment of many Wall Street investment banks was ignited.

Lead investment banks such as Goldman Sachs and Wells Fargo have successively raised their target prices for NVIDIA and emphasized that NVIDIA's new products have further widened the gap with its competitors.

On Wednesday, Goldman Sachs analyst Toshiya Hari raised NVIDIA's target share price by $125 to $1000 per share. He said that from Huang Renxun's speech, he once again joyfully saw NVIDIA's ambition for artificial intelligence.

Hari reiterated Goldman Sachs' Strong Buy position for NVIDIA, the reason being NVIDIA's unique innovation ability on the scale of data centers and one of the key initiators and beneficiaries of generative artificial intelligence infrastructure construction.

At the same time, Rosenblatt Securities analyst Hans Mosesmann also described the launch of the Blackwell series of products as the most ambitious project Silicon Valley has ever witnessed.

Wells Fargo analyst Aaron Rakers pointed out that Huang Renxun's speech highlighted the company's innovation and monetization capabilities. He raised NVIDIA's target price by $130 to $970 per share and reaffirmed the increased rating.

Susquehanna analyst Christopher Rolland also believes that the launch of Blackwell has consolidated NVIDIA's leadership position in the field of artificial intelligence. He raised NVIDIA's target price by $200 to $1050 per share.

Analysts believe that NVIDIA's new chips could potentially alter AI modeling and inference, further enhancing NVIDIA's advantages over its chip manufacturer competitors.

Bernstein analyst Stacy Rasgon rates NVIDIA stock a buy with a target price of $1,000. He said: Blackwell appears likely to be strong, and the company's continued push not just on chips but on broader software and hardware ecosystems remains unmatched (and in our opinion, hard to stand against).

Baird analyst Tristan Gerra said, Very significant performance step up means Blackwell will likely trigger a strong refresh rate while making it exceedingly more difficult for ASIC architectures to compete.

We hear B100 pricing will be close to 40% higher than H100, representing a key top-line catalyst for Nvidia next year, Tristan Gerra gave NVIDIA stock a target price of $1050 and a rating of outperform.

Morgan Stanley analyst Joseph Moore maintained an overweight rating on NVIDIA, but the target price remained unchanged at $795. He also agrees that the launch of the Blackwell series of products has increased the distance between this technology giant and its chip-manufacturing competitors.

Moore's team wrote: While there were no big surprises, the performance of the Blackwell family will raise the bar yet again, with aggressive claims on the rack scale product.

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