Nvidia’s GTC
Nvidia’s GTC (GPU Technology Conference) was held from March 18th - 21st and CEO Jensen Huang’s keynote speech was particularly revealing.
He used it to speak about:
Blackwell: The latest version of Nvidia’s AI-powering technology, the Blackwell GPU is the world’s most powerful chip and will power a new era of computing according to the company.
Omniverse: Nvidia’s Omniverse development platform will come to Apple’s VisionPro headset. Omniverse is a “computing platform that enables individuals and teams to develop 3D workflows and applications”.
Humanoid Robots: Nvidia’s “Project GR00T”, a platform for developers to build humanoid robots on top of. Huang said "Building foundation models for general humanoid robots is one of the most exciting problems to solve in AI today. The enabling technologies are coming together for leading roboticists around the world to take giant leaps towards artificial general robotics.”
Nvidia CEO, Jensen Huang. Image source: Igor’s Lab
Reddit Goes Public
As mentioned in last month’s article, Reddit went public on 21st March at a valuation of about $6.5 billion. 48.7 million shares exchanged hands during its first day trading and the stock currently has a market cap of about $8 billion.
New Street Research, a global investment research firm, gave the stock a neutral rating and a price target of $54 soon after it went public, 12.5% up from its current $48. They also said that they expect volatility after its first earnings report which they think will come in May.
Reddit’s main business is, as with most social media companies, online advertising, but in its IPO filing, it cited data licensing as another potentially lucrative revenue source. Its recent agreement to provide data to Google being a great example.
Unfortunately for shareholders, the stock fell towards the end of March as traders began shorting the company (betting on the price going down). It fell 14% on March 28th, capping a two-day fall of nearly 25%. About 7% of shares are currently sold short. Investors in the social media company however will be hoping the company’s decision to go public will prove lucrative throughout the rest of 2024.
Best Quarter for Global Stocks in 5 Years
March marked the end of what was the stock market’s best Q1 since 2019.
Nvidia alone added about $1 trillion to its market cap in the first three months of the year (with $277 billion of this coming on February 22nd alone!) and held its GTC conference which gave investors a taste of what’s coming down the AI pipeline.
The US economy’s growth has been better than expected and markets now generally agree with the US Federal Reserve’s estimates of three 0.25% interest rate cuts throughout the rest of 2024.
Source: The Financial Times
The Japanese Topix index was the biggest winner in the quarter, rising 16.2% whilst the rest of the big indices globally were up around 10%. The quarter was also great for crypto investors with Bitcoin rising 58% to give it a market cap of $2.6 trillion, higher than the GDP of most countries.
Let’s hope the next quarter is just as good for investors!
Make sure to follow us on our socials 👇
As with all investing, your capital is at risk.
This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor. Shares is a trading name of Shares App Ltd. Shares App Ltd is an appointed representative of RiskSave Technologies Ltd, which is authorised and regulated by the Financial Conduct Authority.
