Nvidia stock ended the week lower after it failed to capitalize on goodwill from the company's GTC conference, referred to as "the Super Bowl of AI."
On the stock market today, Nvidia stock dropped 0.7% to close at 117.70. For the week, Nvidia is down 3.3%. Year to date, Nvidia stock has fallen 12.4%.
Nvidia's GPU Technology Conference, or GTC, ran March 17-21 in San Jose, Calif. GPU stands for graphics processing unit, which is Nvidia's core product.
On Tuesday, Chief Executive Jensen Huang gave a keynote speech at GTC where he announced new AI hardware and software along with several technology partnerships.
On Wednesday, Huang held a question-and-answer session with financial analysts. And on Thursday, he hosted three panel discussions on quantum computing.
Still, investors are cautious now when it comes to the poster child of the artificial intelligence megatrend. Nvidia stock notched its all-time high of 153.13 on Jan. 7.
Nvidia Stock Gets Mostly Buy Ratings
But Wall Street analysts remain bullish on the chipmaker for the most part. Nvidia stock has 62 buy ratings and five hold ratings, according to FactSet.
JPMorgan analyst Harlan Sur on Thursday reiterated his overweight, or buy, rating on Nvidia stock with a price target of 170.
"We are encouraged by the market growth opportunities and, more importantly, Nvidia's ability to leverage its silicon architecture across multiple end-markets and applications," Sur said in a client note.
Piper Sandler analyst Harsh Kumar maintained his overweight rating on Nvidia stock with a price target of 175.
"We continue to believe Nvidia is best positioned to capture an increasing share of the world's AI buildout," Kumar said in a report Thursday.
Mizuho Securities analyst Vijay Rakesh kept his outperform rating and price target of 168 on Nvidia stock.
"Nvidia's GTC conference affirms (its) hardware/software dominance, road map execution and market expansion, driving a more than $1 trillion data center market," he said in a client note Thursday.
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