Nvidia (NVDA) CEO Jensen Huang kicked off this year’s consumer electronics trade show with a slew of artificial intelligence (AI) announcements Monday, in a blockbuster address that had analysts calling the chipmaker’s stock a “top pick” on its AI leadership.
Shares hit an all-time high of $153.13 shortly after the open, before reversing course as part of a broader market decline. The stock was down 5.3% to $141.50 in recent trading, after closing at a record high Monday ahead of the event.
“There was a lot here I think for people to get excited about. I don’t think the price action today really has much to do with anything that Jensen said or didn’t say yesterday,” said Bernstein analyst Stacy Rasgon in an interview with CNBC Tuesday morning. Rasgon cited the broader issues affecting the market and said there was likely some profit-taking after the stock hit new highs.
During Monday’s event, Nvidia …