Nvidia Artificial Intelligence Developer Conference opens, new chips become the focus

Artificial intelligence semiconductor giant Nvidia kicked off its annual developers conference on Monday, with investors focusing on the new chips announced by Chief Executive Jensen Huang during his afternoon keynote.

The new chips and software Nvidia announces at GTC 2024 will help determine whether Nvidia can maintain its leadership as the leading seller of the tools needed to fuel the past year’s artificial intelligence frenzy. Nvidia dominates the data center AI chip market, accounting for about 80% of the market last year.

In the past 12 months, Nvidia’s stock price has soared 240%, making it the third largest company by market capitalization in the U.S. stock market, behind Microsoft and Apple.

The strong rally puts Nvidia’s stock at risk of a plunge if the Santa Clara, California-based company fails to expand its artificial intelligence business as investors expect.

The company’s stock price rose 1% before Huang’s keynote speech. The keynote address is scheduled for 1:00 pm PT (2000 GMT) at the Silicon Valley Hockey Arena, the largest venue the company has secured for such an event.

Nvidia’s market share is expected to drop a few percentage points in 2024 as rivals such as Intel and Advanced Micro Devices launch new products.

Huang is expected to announce the next generation of artificial intelligence processors designed by the company. The upcoming B100 chip is expected to offer significant improvements over its predecessor, the H100.

Although Nvidia is widely thought of as a chip designer, the company also develops a number of software products. Huang is also expected to launch a series of new software-related products on Monday.

Nvidia said earlier this year that its software and services business had reached an annual run rate of $1 billion by the end of the company’s last fiscal year.

The company is hosting GTC in person for the first time since 2019. About 16,000 people are expected to attend, about double the number from the last in-person event.

And one more thing! We can now use WhatsApp channels! Follow us so you don’t miss any updates from the world of technology. ‎To follow the HT Tech channel on WhatsApp, click here Join now!