Nvidia 'is a name that’s being held to very high expectations and so they have the pressure to continue to perform,' said Chris Carey.
Nvidia Corp’s annual artificial intelligence conference is just days away and expectations are high for the semiconductor maker to deliver news that will sustain the blistering rally in its stock.
This year’s appearance carries more weight after Nvidia’s 2024 gains alone added $1 trillion in market value for the company, catapulting it into a position as the top-performing stock in the S&P 500 Index. It’s been a bumpy ride for investors since the March 7 record close: on Tuesday, the shares snapped the worst two-day drop in five months, only to slide again on Wednesday.
The event is so important to the shares that Bank of America analysts led by Vivek Arya have dubbed it the “AI Woodstock.” They have raised their Nvidia price target to $1,100 from $925 ahead of the conference. While expectations are positive leading into the San Jose event, analysts and investors alike are aware that Nvidia stock is trading near technically overbought levels that could spark another pullback. Because of its size — it rocketed into the ranks of the three largest S&P 500 stocks this year — sharp moves in any direction could swing the entire market.
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