Artificial intelligence semiconductor powerhouse Nvidia (NVDA.O) kicks off its annual developer conference on Monday, with investors focused on new chip announcements from Chief Executive Jensen Huang in an afternoon keynote address.
Nvidia's new chip and software announcements at GTC 2024 will help determine whether Nvidia can maintain its leadership position as the dominant seller of the tools needed to fuel the past year's frenzy around AI. Nvidia dominates the data center AI chip market, capturing roughly an 80% share last year.
Nvidia's market share is expected to drop several percentage points in 2024 as new products from rivals such as Intel (INTC.O) and Advanced Micro Devices (AMD.O) hit the market.
Though Nvidia is widely regarded as a chip designer, the company has built a significant battery of software products as well, and Huang is expected to unveil a swath of new products related to software on Monday. Nvidia said earlier this year its software and services business had reached an annual run rate of $1 billion by the end of the company's last fiscal year.
The Santa Clara, California, company is holding GTC in person this year for the first time since 2019. It expects roughly 16,000 people to attend, about double the last in-person event.
Huang's keynote address is set to take place at a Silicon Valley hockey arena at 1:00 p.m. (2000 GMT), the largest venue the company has secured for such an event.
