Nvidia Is Gaining Today Thanks to Its AI Conference -- Is the Red-Hot Artificial Intelligence Stock Still a Buy?
Nvidia (NASDAQ: NVDA) stock has continued to climb higher in Monday's trading. The graphics processing unit (GPU) company's share price was up 1% as of 3:15 p.m. ET, according to data from S&P Global Market Intelligence. It had been up as much as 5.2% earlier in the day's trading.
Today marks the beginning of the company's GPU Technology Conference (GTC) in San Jose, California, and investors are excited about what the company might discuss and unveil at the event. The conference runs through Thursday and will likely play host to some major news from the artificial intelligence (AI) leader.
CEO Jensen Huang is scheduled to give a keynote speech later today and host additional panels later in the week, and the conference will also include presentations from other artificial intelligence luminaries, more than 20 technical workshops on generative AI, and hundreds of exhibits. This year's GTC has become a focal point for what's on the horizon for artificial intelligence and other accelerated computing applications, and investors and industry watchers seem to have high expectations.
Is it too late to buy Nvidia stock?
Nvidia is the world's hottest company, and its stock has been serving up incredible gains. The AI leader's share price has surged roughly 79% higher already in 2024, and it's also up 244% over the last year. The GPU specialist is now valued at roughly $2.21 trillion and ranks as the world's third-most-valuable company, trailing behind only Microsoft and Apple.
Given that the AI frontrunner's share price has seen such incredible gains and has already climbed today thanks to excitement about what could be unveiled at GTC, it's not unreasonable to question how much higher the stock can climb in the near term. Whether or not the company's AI announcements at this year's conference measure up to investors' expectations remains to be seen.
Depending on what is or isn't shown, it's reasonable to expect that Nvidia stock will see some significant movement this week. But long-term investors shouldn't become overly fixated on what's shown and discussed at GTC this week. With Huang recently stating that AI could achieve human-level intelligence within the next five years, the long-term outlook is more exciting.
Nvidia is still in the early stages of benefiting from the artificial intelligence revolution, and the stock continues to look like a worthwhile buy for long-term investors. The technology has been progressing at an incredible pace, and the company's GPUs are poised to play a key role in advancements over the long haul.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
Nvidia Is Gaining Today Thanks to Its AI Conference -- Is the Red-Hot Artificial Intelligence Stock Still a Buy? was originally published by The Motley Fool
