Nvidia Stock On Track To Reclaim $900: What's Powering The Chipmaker's Premarket Rally?

Shares of Nvidia Corp. NVDA rose over 2% in premarket trading on Monday as the stage is set for CEO Jensen Huang to deliver the keynote of the company’s annual GPU Technology Conference (GTC) 2024.

The keynote is scheduled for 4 p.m. EDT to 6 p.m. EDT. The conference, organized as a hybrid event, will go on for four days from March 18-21. The in-person event is being held at the San Jose McEnery Convention Center, in San Jose, California, with the keynote delivered at the SAP Center, near the convention center.

Analysts expect Nvidia to shed more details on its next-gen AI accelerator Blackwell 100, or B100 and they also anticipate discussions revolving around the company’s AI ecosystem.

Nvidia stock has been on an unfettered run since early 2023 and ended the year as the best-performing S&P 500 stock, thanks to the 239% rally. For the year-to-date period, it has added an incremental 72%+ but is trading off its intraday high of $974 (March 8) and closing high of $926.69 (March 7).

The stock rally has rendered the company as the third most-valued global corporation after Microsoft and Apple.

In premarket, the stock climbed 2.06% to $896.48, according to Benzinga Pro data.

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