The upcoming GTC 24 conference, scheduled to kick off with Nvidia Corp.’s CEO Jensen Huang’s keynote on Monday, is anticipated to set the stage for a significant week in the tech industry. Wedbush analyst Daniel Ives has dubbed the event the “AI Woodstock,” highlighting its importance in the realm of artificial intelligence (AI) and technological innovation.
Ives emphasized the pivotal role of Nvidia and Jensen Huang, often referred to as the “Godfather of AI,” in spearheading the AI revolution. He anticipates that the conference will serve as a platform for the unveiling of new products, demonstrations of innovative use cases, and announcements of strategic partnerships. These developments are expected to propel the next phase of the AI Revolution forward, showcasing the latest advancements and breakthroughs in AI technology.
The GTC conference, which will be held both online and in-person, is poised to attract attention from industry leaders, investors, developers, and tech enthusiasts alike. With Nvidia at the forefront of AI innovation, the event presents an opportunity for the company to showcase its leadership in the field and to unveil its vision for the future of AI-driven technologies.
Overall, the anticipation surrounding GTC 24 underscores the significance of AI in shaping the future of technology and highlights Nvidia’s central role in driving innovation in this transformative industry.
Ives’ reiterated prediction of a trillion-dollar AI spending wave triggered by Nvidia’s chips underscores the transformative impact of AI technology across industries. The unveiling of the new Blackwell B100 chip, teased in November 2023, is anticipated to be a focal point of GTC 2024, with keen interest in its details and pricing. Expected to surpass Nvidia’s current H200 chip in power, the B100 holds the potential to further solidify Nvidia’s position as a leader in the AI hardware market.
The surge in AI budgets, estimated to reach 8-10% in 2024 compared to less than 1% in 2023, highlights the growing importance of AI investments among businesses. Ives emphasizes that every dollar spent on Nvidia’s H100 GPU could generate significant additional spending across software, IT services, and infrastructure, reflecting the multiplier effect of AI investments.
The importance of GTC 2024 extends beyond product announcements, with companies seeking to uncover new AI use cases and forge strategic partnerships to leverage the transformative potential of AI technology. As AI continues to reshape industries and drive innovation, GTC serves as a platform for industry leaders to explore the latest advancements and collaborate on shaping the future of AI-driven solutions.
Nvidia’s strong performance in the market, reflected in its 10-week winning streak and significant stock price surge, underscores investor confidence in the company’s growth prospects. With Nvidia positioned as a key player in the AI revolution, GTC 2024 is expected to further bolster investor sentiment and drive momentum for the company’s stock.
