Major driver of the AI trade takes a breather. But Nvidia's business is still full steam ahead

The major force behind this year's AI trade has cooled off in recent weeks. Nvidia shares have essentially traded sideways since CEO Jensen Huang addressed developers at the company's GTC conference nearly three weeks ago. Huang announced a new chip platform, Blackwell, and spent plenty of time talking about new software and services.

Nvidia CEO Jensen Huang delivers a keynote address during the Nvidia GTC Artificial Intelligence Conference at SAP Center on March 18, 2024 in San Jose, California.

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