Key points:
- Next-gen AI chips take the stage – Nvidia is set to showcase Blackwell Ultra and provide new details on Rubin, its next-generation AI platform expected in 2026.
- Big bets on enterprise, robotics, and quantum – Investors will be watching for advancements in enterprise AI, robotics, and quantum computing, as well as potential new partnerships.
- Rising costs and growing competition amid macroeconomic headwinds – Increasing AI chip expenses and competition from rivals like AMD, Intel, and DeepSeek could shape market sentiment following the event. Additionally, global economic pressures, including tariffs, export restrictions, and geopolitical tensions, may impact Nvidia’s supply chain and overall market positioning.
Nvidia’s GPU Technology Conference (GTC) kicks off this week, drawing tens of thousands of attendees eager to hear from CEO Jensen Huang. Huang’s keynote speech is scheduled for 10am PT on Tuesday, March 18.
The event has become the premier showcase for cutting-edge advancements in AI, high-performance computing, autonomous driving, robotics and quantum technology. Investors, developers, and tech leaders alike will be watching for major AI breakthroughs, next-gen chips, and strategic partnerships that could reshape the competitive landscape.
What to watch for at GTC?
Nvidia has been the undisputed leader in AI hardware, with its GPUs powering everything from ChatGPT to enterprise AI systems. But this year’s GTC could signal the next frontier: a bigger push into physical AI such with robotics and autonomous driving and a push for quantum computing alongside major GPU advancements.
Here are some of the key themes to follow:
- Blackwell: The next AI powerhouse – Expected to succeed Hopper (H100), Blackwell GPUs could bring higher efficiency, increased memory bandwidth, and better scalability for AI workloads. Nvidia is also expected to showcase Blackwell Ultra (B300 series), a more powerful iteration set to launch in the second half of 2025. Reports suggest the performance leap from H100 to Blackwell Ultra could be even more substantial than the previous H100 to H200 transition.
- Rubin: The next leap in AI and computing? – Nvidia’s next-generation AI GPU architecture, Rubin, isn’t expected until 2026, but CEO Jensen Huang has already hinted at it being a “big, big, huge step up” in computing power. Analysts anticipate major efficiency gains in AI inferencing, making Rubin a significant upgrade over the Grace-Blackwell lineup. Additionally, Nvidia may provide a roadmap for Rubin Ultra, which could feature a 12-layer HBM architecture to further enhance performance.
- Enterprise AI & software – More cloud partnerships and software tools could reinforce Nvidia’s transition into an AI platform powerhouse, making it indispensable for enterprises.
- Autonomous & robotics advances – AI isn’t just about data centers; expect updates on self-driving, robotics, and edge AI solutions.
- Quantum Day (March 20) – Nvidia is hosting a special session with top executives from major quantum computing firms to discuss the path toward practical quantum applications. Investors will be watching for potential collaborations and Nvidia’s own progress in quantum acceleration.
Stock implications: Potential positive & negative catalysts
GTC 2025 could be a make-or-break moment for Nvidia’s stock depending on how the announcements land.
- Strong Blackwell performance – If new GPUs show a significant leap in AI acceleration, it could reaffirm Nvidia’s dominance. For reference, Blackwell provided 30 times faster performance over the previous generation of AI inferencing.
- Cost and pricing concerns – If Blackwell and Rubin’s cost is significantly higher than expected, it will raise concerns about the rising chip costs vs. China’s cost-efficient AI progress that were first raised by the launch of Deepseek. Nvidia’s approach to reducing power consumption and increasing performance per dollar for enterprise AI customers is also a key focus to ensure that more AI startups and enterprises can afford these chips long-term.
- Availability of next-gen chips – When Blackwell and Rubin chips will be available could be a key catalyst for the stock. Earlier-than-expected delivery schedule can ease supply concerns for investors.
- Enterprise AI expansion and new partnerships – More software, cloud, and service-based revenue could boost Nvidia’s long-term margins. Deals with hyperscalers (AWS, Google, Microsoft) or AI labs could drive demand.
- Quantum computing breakthroughs – Any unexpected progress here could open up a new high-growth market for Nvidia.
- Competitive pressures – AMD, Intel, and China’s AI advancements could erode Nvidia’s market share faster than anticipated.
- Stock valuation – Nvidia’s stock is now trading at 26 times forward earnings which makes it far more reasonable compared to its historic valuation and the valuation of most of the other mega-caps. This mean the expectations have become more reasonable and the bar for an upside surprise is lower.
- Macroeconomic & regulatory risks – AI chip export restrictions, tariffs, and geopolitical tensions could impact Nvidia’s global sales outlook.
Stocks to watch: Key players in the AI boom
While Nvidia will be the main focus, several other companies stand to benefit—or face pressure—depending on GTC’s announcements:
- Semiconductor giants – Broadcom (AVGO) and Taiwan Semiconductor (TSM) play critical roles in Nvidia’s supply chain and could see movement based on demand signals from GTC.
- AI infrastructure leaders – AMD (AMD) and Intel (INTC) are Nvidia’s key competitors in the AI GPU space, and any breakthroughs at GTC could shift market expectations.
- Cloud & hyperscalers – Companies like Amazon (AMZN), Microsoft (MSFT), and Google (GOOGL) that rely on Nvidia’s GPUs for cloud AI services will be closely watched for new partnerships or AI initiatives.
- Quantum computing stocks – Companies such as D-Wave Quantum (QBTS), Rigetti (RGTI), IonQ (IONQ) and Quantum Computing (QUBT) could gain attention if Nvidia makes significant strides in quantum computing integration.
- China tech & AI players – High cost concerns from Nvidia could accelerate the focus on Chinese tech plays that have seen a strong momentum this year on the back of more efficient AI models and government push towards private tech innovation after years of regulatory crackdowns. Earnings reports are also due from Tencent (TCEHY), PDD Holdings (PDD), XPeng (XPEV), and Xiaomi (XIACF), and these stocks could react to AI trends and geopolitical developments.
