Buy Nvidia Stock, Says Analyst, Following GTC Keynote: Chipmaker In 'Unique Position' To 'Best Monetize AI Across All Fronts'

Nvidia Corp.’s (NASDAQ: NVDA) CEO Jensen Huang, on Tuesday, presented the keynote address at the company’s 2023 GTC conference. An Nvidia bull came away from the event with increased conviction.

The Nvidia Analyst: KeyBanc Capital Markets analyst John Vinh maintained his Overweight rating and $280 price target for Nvidia shares.

The Nvidia Thesis: “We walked away from the event with increased confidence in NVDA’s unique position in semis to best monetize AI across all fronts including hardware, software, service and systems,” analyst Vinh said.

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Vinh also recommended owning Nvidia shares.

Among the key takeaways listed by the analyst were:

• Nvidia is benefiting from the demand for generative AI training and inferencing and the latest iteration of its Hopper GPUs is seeing strong adoption at cloud service providers and enterprises.
• Nvidia unveiled DGX Cloud, its AI-as-a-Service, to provide enterprises access for AI software and Supercomputer through Cloud.
• ARM-based Grace CPU is sampling now, with production expected in the second half.
• The company announced new platforms, namely L4/L40/H100 NVL, and Grace Hopper, to address a wide range of AI inferencing demand at scale.
• It also introduced Omniverse Cloud.

Price Action: In premarket trading on Wednesday, Nvidia shares edged up 0.17% to $262.44, according to Benzinga Pro data.

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