Wall Street analysts are bullish on Nvidia and Super Micro Computer ahead of Nvidia’s GTC conference for AI developers, with one firm raising price targets on both tech companies.
According to BofA Securities analyst Vivek Arya, Nvidia’s stock price target has been raised to 1,100 from 925. Arya referred to the upcoming GTC show as the “AI Woodstock” and anticipates that Nvidia will showcase a wide range of products at the conference, including AI accelerators, data center hardware, PC gear, software, and services. He believes that Nvidia has the potential to re-architect billions of dollars’ worth of global computing infrastructure with accelerators, creating a significant market opportunity in the next few years.
Meanwhile, BofA Securities analyst Ruplu Bhattacharya has raised the price target on Super Micro Computer to 1,280 from 1,040. Bhattacharya believes that Super Micro is well positioned in the growing AI server market and will benefit from its partnerships with AI chipmakers Nvidia, AMD, and Intel.
Despite the positive outlook from analysts, Nvidia’s stock fell more than 2% in morning trades, although it is still up 80% year to date. Nvidia Chief Executive Jensen Huang is set to kick off the four-day GTC conference in San Jose with a keynote presentation.
Nvidia’s stock is currently on five IBD lists, while Super Micro’s stock is on two. Investors can follow Patrick Seitz on social media for more stories on consumer technology, software, and semiconductor stocks.
