Nvidia stock (NVDA) fell more than 6% on Tuesday, a day after shares closed at an expected record high CEO Jensen Huang's keynote at the tech industry's annual CES trade show in Las Vegas.
Huang gave a presentation on Monday night lots of updates on upcoming Nvidia products, a preview of what's next in the growing artificial intelligence market and for other emerging technologies. Shares jumped as much as 2.5% early Tuesday before reversing direction. The chipmaker was the Dow's worst performer in the session.
Nvidia's stock decline comes amid a broader fall in stocks Tuesday after November job openings data came in mixed and separate economic data causing inflation concerns.
Nvidia shares are still up about 190% from last year. His updates at CES prompted more bullish views on the stock.
Analysts at Stifel, Wedbush, and Truist Securities on Tuesday reiterated their Buy ratings on the stock. On average, Wall Street analysts tracked by Yahoo Finance see Nvidia shares rising to $172.80 over the next 12 months.
“(T)he company continues to position itself more favorably – not just in the data center but increasingly throughout the edge – from client computing to autonomous vehicles to robotics – supporting revenue growth and our Buy rating on the stock,” Truist Securities analyst William Stein, who has a Buy rating on the stock, wrote in a note to investors Tuesday morning.
One of Nvidia's most notable updates at the trade show: a new pint-sized artificial intelligence superchip called the GB10 used in its client supercomputer (also new).
The supercomputer – sized to fit on the average sized desk – is part of Nvidia DIGITS project announced on Monday, advertised to developers, researchers, and students, and the device will be available in May for $3,000.
Nvidia has also revealed major updates about its robotics strategy. The chip giant announced its Cosmos platform, which offers AI models for developing humanoid robots as well as autonomous vehicles.
Nvidia shares closed at a record high of $149.43 Monday in front of Huang's main keynote — close to its previous record, $148.88 was reached on 7 November.
Wedbush analyst and Nvidia bull Dan Ives said he sees robotics and autonomous technology representing a $1 trillion market for the company. Huang put that number higher in his keynote, saying that autonomous driving technologies alone “will likely be the first multi-billion dollar robotics industry.”
In addition, Nvidia demonstrated Blackwell's new generation gaming GPUs (graphics processing units) and applications for developers to launch their own personal AI agents. Dan Howley of Yahoo Finance reported that Nvidia could debut the successor to its Blackwell generation AI chips during its GTC conference in March.