Nvidia Stock To Run Up? Cramer Says GTC May Finally Move The Needle

Nvidia Corp. (NASDAQ: NVDA) is scheduled to hold its 2023 GPU Technology Conference, or GTC, between March 20 and 23, with CEO Jensen Huang delivering the keynote address at 11 a.m. EDT on Tuesday.

What Is GTC All About: Nvidia promotes GTC with the tagline “The Conference for the era of AI and the Metaverse." It is Team Green’s global AI conference for developers that brings together developers, engineers, researchers, inventors and IT professionals.

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The event will feature more than 650 sessions, including 70 on generative AI alone, Venture Beat reported.

Ahead of the event, Morgan Stanley analyst Joseph Moore said generative AI — the technology used in chatbots such as OpenAI’s ChatGPT — will be a primary focus of the event. Nvidia’s software expertise around enterprise AI use cases is underappreciated, the analyst said, adding that it could be more properly monetized once enterprises deploy AI applications at scale.

Cramer Optimistic: CNBC “Mad Money” host Jim Cramer, who is an Nvidia bull, is upbeat about the event. “Today is the day when we learn about how AI actually is going to work in ALL of our lives,” the stock picker tweeted.

The Nvidia CEO’s keynotes, he said, are the most “thought-provoking” and “thoughtful lessons” you may ever hear.

“It shouldn't move the stock and hasn't in the past but this time could be different because of all the "chats" that run on it.”

Cramer was referring to the AI chips that power most generative AI applications.

In early February, Cramer suggested in a cryptic tweet that Nvidia could be the “real A.I. winner.” His comment assumes importance as a slew of tech companies, big and small, have dipped their heel into this hot-and-happening technology arena.

Price Action: In premarket trading on Tuesday, Nvidia shares rose 1.24%, to $262.20, according to Benzinga Pro data. The stock has rallied 77% this year, with much of the upside attributable to the AI momentum.

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