Proactive Investors - NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) shares rallied almost 5% on Monday after last week’s sell-off following bullish commentary from Citi analysts.
The analysts added Nvidia to their Upside 30 Day Catalyst Watch list ahead of the Special Interest Group on Computer Graphics and Interactive Techniques (SIGGRAPH) 2024 conference being held in Denver from July 28 to August 1.
During the event, Nvidia CEO Jensen Huang will be taking part in a fireside chat with WIRED senior writer Lauren Goode as well as participating in a session alongside Meta (NASDAQ:META) Platforms CEO Mark Zuckerberg on AI and the Next Computing Platforms.
Ahead of the event, the bank’s analysts wrote that they view the recent pullback in Nvidia stock due to geopolitical concerns as a buying opportunity.
They believe Huang will use the session with Zuckerberg to announce the much-anticipated standalone Arm-Based Grace CPU for Servers.
“Second, the CEO discussion should shed positive light on how Nvidia’s end customers make money or their ROI profile, a key topic on investors’ minds these days,” they added.
“Third, we expect to hear accelerating AI demand trend at the conference with no signs of an air pocket.”
Citi’s analysts repeated their ‘Buy’ rating and $150 price target on Nvidia.
Shares of Nvidia were up 4.8% at $123.60 on Monday afternoon.
Also buoying Nvidia stock was a report by Reuters that the chipmaker is working on a version of its B200 chip, part of its new Blackwell series of AI-powering processors, that it can sell to China-based customers without violating US export restrictions.