Why Nvidia Stock Jumped Today
What happened
Shares of Nvidia (NASDAQ: NVDA) rose 5.4% on Wednesday, as excitement builds for the technology titan's upcoming product unveiling.
So what
On Tuesday, Nvidia announced a "GeForce Special Event" on Sept. 1, during which CEO Jensen Huang will speak about the chipmaker's "latest innovations in gaming and graphics." Meanwhile, the website for the event promises to unveil "the biggest breakthroughs in PC gaming since 1999."
Nvidia stock climbed on Wednesday as gamers eagerly await its new product announcement. Image source: Getty Images.
1999 was the year Nvidia introduced its first GeForce graphics processing unit for the gaming market. It was considered a major development for the industry, as it helped to make high-end graphic capabilities affordable for many more people.
Analysts say the debut of next-generation graphics chips could spark a major upgrade cycle, which should fuel growth for Nvidia and fellow chipmaker Advanced Micro Devices.
Now what
Rumors are swirling among gamers and industry pundits ahead of Nvidia's event. With expectations rising among its customers and shareholders alike, Nvidia will need to unveil something special. Perhaps management will provide more hints as to what's to come when Nvidia reports second-quarter results and holds itsearnings conference callafter the market close on Aug. 19.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NVIDIA. The Motley Fool has a disclosure policy.
