Last night, Nvidia's stock experienced a strong rebound and returned to the $900 mark after two consecutive days of decline.
On Tuesday, March 12th local time, the three major stock indexes in the United States collectively closed higher, and chip stocks returned to their upward trend. Among them, chip leader Nvidia rose 7.16%, leading technology stocks, with a closing stock price of $919.13, and a daily market value increase of about $153.5 billion (equivalent to RMB 110 billion), bringing the total market value back to $2.3 trillion.
Moreover, Nvidia's growth rate so far this year has reached an astonishing 85.62%.
Part of Tuesday's gains came from the latest inflation data in the United States. According to data released by the US Bureau of Labor Statistics on Tuesday, the Consumer Price Index (CPI) rose 3.2% year-on-year and 0.4% month on month in February, with market expectations of 3.1% and 0.4% respectively. Although the data was higher than economists' expectations, it was lower than many investors were concerned, thus boosting the market.
Regan Capital's Chief Investment Officer, Skyler Weinand, said, "It has proven difficult to see what could hinder market momentum, as corporate profitability, inflation, and interest rates are all moving in the right direction."
Some of the gains may come from the optimistic sentiment brought by the upcoming Nvidia 2024 GTC conference.
The annual global top AI conference, GPU Technology Conference, will open from March 18th to 21st. At that time, NVIDIA CEO Huang Renxun will give a speech on the theme of "1 # AI Conference for Developers".
NVIDIA GTC is a place where developers and business acumen gather to acquire practical skills and share professional knowledge. It is reported that this conference will hold over 900 sessions, including 12 main themes such as accelerated computing tools and technologies, AI models and deployments, and more than 300 exhibitors will showcase how organizations implement the Nvidia platform. GTC also includes more than 20 seminars covering technologies such as generative AI.
Industry insiders predict that this GTC conference is expected to see the progress of the new generation flagship GPU B100, a new inference platform, details of the automotive chip cooperation with MediaTek, and software business.