Nvidia Stock Stalls Despite 800% Surge as Investors Await GTC Catalyst

This article first appeared on GuruFocus.

Nvidia (NASDAQ:NVDA) is entering its annual GTC conference under an unusual cloud of investor hesitation, as the company’s share price has largely moved sideways in recent months despite strong underlying growth. The four-day AI conference begins Monday in San Jose, where Chief Executive Jensen Huang will deliver a keynote address that investors will likely watch closely for signals about the next phase of the company’s expansion. Even the company’s latest earnings report, which showed strong performance, did not translate into sustained momentum for the stock, with shares declining the day after the results were released.

The hesitation follows an extraordinary run in Nvidia’s valuation, with the shares having climbed more than 800% from the end of 2022 through 2024 as demand for AI accelerator chips surged across global data-center markets. That rally has slowed more recently as investors assess whether the hundreds of billions of dollars being deployed into AI infrastructure will continue at the same pace. Nvidia shares recently traded near $180.25, roughly in line with levels seen in early August, while the Nasdaq 100 Index has gained about 5.1% over the same period. The stock also remains about 13% below its October closing record.

Attention at GTC will likely center on Nvidia’s long-term roadmap for data-center chips and the broader AI ecosystem, including possible updates to the company’s projected revenue pipeline tied to AI infrastructure. Nvidia previously indicated that related sales could reach roughly $500 billion by the end of 2026, and earlier this year the company suggested that outlook had improved. Analysts broadly expect incremental updates rather than major surprises, though some investors appear to believe a more significant development would be needed to materially shift sentiment around the shares.