Nvidia stock rises after CEO Jensen Huang touts 'insane' chip demand

Published On Oct 3, 2024, 12:27 PM

Nvidia's stock surged by up to 5% after CEO Jensen Huang announced that the demand for their new Blackwell chips is incredibly high, stating it is 'insane.' Despite past delays in production, Huang confirmed that the chips are now in full production. Investors had previously been worried about the Blackwell rollout as it is seen as crucial for the company's growth amidst recent challenges and a rotation away from big tech stocks. Nvidia's stock has still performed exceptionally well over the last year, up about 170%, and the company has strong backing from analysts, with 90% rating it as a buy. The recent backing of OpenAI in its funding round further bolsters confidence in Nvidia's future in the AI sector.

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Stock Forecasts

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Positive

With strong demand for the Blackwell chips and overall positive sentiment in the AI sector, Nvidia's stock is likely to continue rising. The stock's performance remains solid and it's expected to maintain its upward trend as production ramps up and AI applications expand.

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