AI-related stocks, as tracked by the Roundhill Generative AI & Technology ETF (NYSE:CHAT), surged Monday ahead of the highly awaited NVIDIA Corp.’s (NASDAQ:NVDA) GPU Technology Conference (GTC) event which will kick off later today (Monday).
The event, dubbed as the “AI Woodstock” by Bank of America analysts, underscored the growing excitement around artificial intelligence (AI) and its potential to reshape the technology landscape.
Bank of America’s Vivek Arya highlighted the increasing influence of generative AI and the concept of omniverse/digital twins across a broad spectrum of industries.
Arya suggested the potential to re-architect a staggering $1-$2 trillion of global computing infrastructure with accelerators, envisioning a market that could grow to $250-$500 billion annually over the next three to five years. This expansion is further supported by growing enterprise use cases and demand from various sovereign entities.
This optimistic view led the investment bank to raise its price target for Nvidia from $925 to $1,100, showcasing a stronger-than-consesus call on the major AI player.
Price expectations are “justified …
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