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Nvidia Ceo Talks Up Partners, Stock Price Takes A Hit

POSTED ON March 19, 2024 •   Uncategorized      BY Samuel O . Adeniyi
  • Nvidia's stock price fell after CEO Jensen Huang's keynote, but the companies he mentioned in his speech saw stock price increases.
  • Dell's stock jumped 3.2% after Huang praised their expertise in building large-scale enterprise systems.
  • Engineering and enterprise software companies like Synopsys, Cadence Design, Ansys, SAP, and ServiceNow all saw stock price increases after Huang announced partnerships or applications for Nvidia's new Blackwell processors.

While Nvidia's stock price dipped slightly after CEO Jensen Huang's keynote address, the event proved to be a boon for many of the company's partners, according to a Bloomberg report.

Despite unveiling a new processor design named Blackwell, Nvidia's own shares fell nearly 2% in after-hours trading.

However, Huang's enthusiastic endorsements of other companies during his two-hour presentation in San Jose, California, sent their stocks on an upward trajectory.

Dell Stock Soars on AI Factory Praise

One of the biggest beneficiaries was computer maker Dell, whose stock price reportedly jumped a significant 3.2%. This surge is attributed to Huang's specific recognition of Dell during his speech.

"Those building chatbots and generative AI will need an AI factory to run them," stated Huang, acknowledging Dell CEO Michael Dell in the audience. "No one excels at building large-scale, end-to-end enterprise systems better than Dell."

Engineering Software Stocks Surge on AI Integration

Shares in engineering software companies Synopsys, Cadence Design Systems, and Ansys all experienced gains exceeding 2% after Huang's announcement. He revealed that these companies would be utilizing Nvidia's new Blackwell processors to integrate advanced AI features within their software products.

Enterprise Software Firms Rise with Nvidia Platform Potential

Huang also highlighted the immense potential for enterprise software companies using Nvidia's platform. This endorsement resulted in stock price increases for SAP and ServiceNow.

"The enterprise IT industry possesses a gold mine of data and incredible tools accumulated over time, along with a deep understanding of work processes," Huang remarked. "They are sitting on a tremendous opportunity."

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