Nvidia Stock Levels-Up on New GeForce RTX 30 Series GPUs

Nvidia Stock Surges On New Gaming Graphics Processors By Investors Business Daily

Nvidia (NVDA) on Tuesday introduced new GeForce graphics processing units for PC gaming that promise to deliver the “greatest-ever generational leap” in the product’s history. Nvidia stock jumped on the news.

The GeForce RTX 30 Series GPUs are powered by Nvidia’s Ampere architecture. The GeForce RTX 3090, 3080 and 3070 GPUs offer up to two times the performance and 1.9 times the power efficiency over the previous Turing-based generation.

“Today’s launch of Nvidia Ampere GPUs is a giant step into the future,” Chief Executive Jensen Huang said in a news release. “The GeForce RTX 30 Series delivers our greatest generational leap ever. Nvidia RTX fuses programmable shading, ray tracing and AI for developers to create entirely new worlds.”

The GeForce RTX 30 Series GPUs start at $699. The top-of-the-line version costs $1,499 and is referred to as the BFGPU for “big ferocious GPU.”

Nvidia Stock Is On IBD 50 List

The new GeForce GPUs “didn’t disappoint,” Rosenblatt Securities analyst Hans Mosesmann said in a note to clients. He rates Nvidia stock as buy with a price target of 600.

“The key for investors to consider is that the RTX 3000 series is much more than just the impressive silicon accomplishment (new shaders, new RT cores, and new AI tensor cores), it encompasses a platform with a myriad of innovations,” Mosesmann said. “Our sense is that Nvidia just crushed it with the RTX 3000 series.”

On the stock market today, Nvidia stock rose 3.4% to 552.84. Earlier in the session, Nvidia stock notched an all-time high of 559.75.

Nvidia stock ranks second on the IBD 50 list of top-performing growth stocks. It also is on IBD’s prestigious Leaderboard stock list.