Overview
At GTC 2024, Nvidia’s introduction of new chips and software will be crucial in assessing its ability to continue leading the AI market. With around an 80% market share last year, Nvidia is the top provider of AI chips for data centers, pivotal in driving the recent AI boom.
Nvidia, a giant in the AI semiconductor world, began its yearly developer conference this Monday, drawing significant attention to the anticipated chip unveilings by CEO Jensen Huang in his afternoon keynote. The forthcoming chip and software reveals at GTC 2024 are critical for assessing Nvidia’s ability to uphold its status as the foremost provider of AI chip technology, especially within data centers where it claimed about an 80% market share last year.
Nvidia’s stock has soared by 240% in the last year, positioning it as the third most valuable company on the U.S. stock market, trailing only behind Microsoft and Apple. However, this impressive rise puts Nvidia at risk of a significant drop if the Santa Clara-based company doesn’t grow its AI business in line with investor expectations.
Before Jensen Huang’s keynote, scheduled for 1:00 p.m. PT (2000 GMT) at a Silicon Valley hockey arena—the largest venue Nvidia has chosen for an event—its stock rose by 1%.
In 2024, Nvidia’s market share is anticipated to decrease slightly as competitors like Intel and Advanced Micro Devices introduce new products. During the conference, CEO Jensen Huang is expected to reveal Nvidia’s latest AI processors. The upcoming B100 chip is projected to offer substantial enhancements over the previous H100 model.
While Nvidia is primarily known for its chip design, the company has also developed an extensive array of software products. Alongside hardware announcements, Huang is slated to present a range of new software-related products at the event.
Earlier in the year, Nvidia announced that its software and services sector achieved an annual run rate of $1 billion by the end of the last fiscal year. For the first time since 2019, the company is hosting GTC as an in-person event, expecting around 16,000 attendees, which is roughly double the number from its last in-person gathering.