Nvidia GTC event to showcase generative AI 'arms race' - MarketWatch

Earlier in the month, Nvidia Chief Financial Officer Colette Kress told an investors conference that AI was at "an inflection point," not only with the growing popularity of models such as on the rise, but also as more and more businesses face cost pressures, the apps are being looked upon, and marketed, as efficiency tools. Citi Research analyst Atif Malik on Friday reiterated his buy of Nvidia and raised his price target on the stock to $305 from $245 ahead of GTC because of the "generative AI arms race" underway as companies like Alphabet and Meta Platforms Inc. META, -4.55% vie for their own AI solutions "Despite macro concerns, hyperscalers are prioritizing cloud capex spending on a broad set of generative AI/ML use cases," Malik said. "We view Nvidia's flagship GTC conference next week to be a key event to showcase the future of generative AI for the industry." Read: Nvidia's stock upgraded as AI deemed'too much of a megatrend' to ignore Just this past week, OpenAI, backed by a multibillion-dollar investment from Microsoft Corp. MSFT, 1.17%, rolled out its newest, "safer" version of ChatGPT, GPT-4, and while Malik said it was "not perfect," it is "surely impressive." The buzz behind AI couldn't come at a better time for Nvidia, which is a major hardware supplier of graphics processing units to data centers like the ones used by Amazon.com