Nvidia, a powerhouse in artificial intelligence (AI) semiconductors, commenced its highly anticipated annual developer conference on Monday. As investors eagerly awaited the keynote address from Chief Executive Jensen Huang, the focus was on the announcement of new chips and software that would determine whether Nvidia could maintain its leadership position in the AI market.
Over the past year, the demand for AI tools has skyrocketed, and Nvidia has emerged as the dominant seller, capturing an impressive 80% share of the data center AI chip market. This remarkable achievement propelled Nvidia’s shares to surge by 240% in the last 12 months, securing its position as the third most valuable company in the US stock market, trailing only Microsoft and Apple. However, with such success comes the pressure to continue expanding its AI business and meet investors’ high expectations.
Anticipation was reflected in the 1% increase in Nvidia’s stock ahead of Huang’s keynote address, which was scheduled to be held at a Silicon Valley hockey arena. This venue, the largest ever secured by the company for such an event, indicated the significance and scale of the announcements to be made.
While Nvidia’s market share is expected to face some decline in 2024 due to the entry of new products from rivals like Intel and Advanced Micro Devices, the company aims to counter this with its next generation of AI processors. Huang was expected to unveil the forthcoming B100 chip, which promises substantial improvements over its predecessor, the H100.
Although Nvidia is primarily known as a chip designer, it has also developed a robust portfolio of software products. In line with this, Huang’s keynote address was eagerly awaited for the unveiling of a range of new software-related products.
Earlier this year, Nvidia announced that its software and services business had achieved an annual run rate of $1 billion by the end of the previous fiscal year. This highlights the growing importance of software in Nvidia’s overall strategy.
GTC 2024 marks a significant milestone for Nvidia as it hosts an in-person conference for the first time since 2019. The event is expected to attract approximately 16,000 attendees, double the number of its last in-person gathering. This serves as a testament to the enduring interest and enthusiasm surrounding Nvidia and its advancements in AI technology.
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Nvidia, as a leading player in the artificial intelligence (AI) semiconductor industry, recently held its highly anticipated annual developer conference. The focus of the conference was on the announcement of new chips and software that would determine Nvidia’s position in the competitive AI market.
With the increasing demand for AI tools, Nvidia has established itself as the dominant seller, capturing an impressive 80% share of the data center AI chip market. This success has resulted in a significant surge in Nvidia’s stock, making it the third most valuable company in the US stock market. However, Nvidia faces the challenge of maintaining its AI business expansion to meet the high expectations of investors.
The anticipation surrounding the conference was evident in the 1% increase in Nvidia’s stock ahead of the keynote address by CEO Jensen Huang. The venue for the conference, a Silicon Valley hockey arena, showcased the significance of the announcements to be made.
While Nvidia’s market share is expected to face some decline in 2024 due to competition from rivals like Intel and Advanced Micro Devices, the company is countering this with its next generation of AI processors. Huang was expected to unveil the forthcoming B100 chip, which boasts significant improvements over its predecessor, the H100.
In addition to its chip designing expertise, Nvidia has also developed a strong portfolio of software products. The unveiling of new software-related products at the conference demonstrates the growing importance of software in Nvidia’s overall strategy. Earlier this year, Nvidia announced that its software and services business achieved an annual run rate of $1 billion, further emphasizing the significance of software in the company’s growth.
The GTC 2024 conference marks a milestone for Nvidia as it hosts an in-person event for the first time since 2019. With an expected attendance of approximately 16,000, double the number of its last in-person gathering, the conference showcases the ongoing interest and enthusiasm surrounding Nvidia’s advancements in AI technology.
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