Benchmark On NVIDIA’s CES Keynote Address: “We Believe Many Investors Were Hoping For More Concrete Progress Updates On The Ramp Of Blackwell And Some Input As To The Company’s Progress With Its Next Generation GPU Platform, Rubin”

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By all accounts, NVIDIA's CEO Jensen Huang managed to deliver on elevated expectations during his CES keynote address, one that Wedbush's Dan Ives describes as imbued with more of "a rock concert vibe than a tech CEO speech." However, the address did not satiate the ravenous appetites of all listeners, as per the latest commentary from the investment banking firm Benchmark.

$NVDA Buy Following CES - Benchmark

While Jensen Huang, as expected delivered a broad master-class on the current state and direction of the AI industry, and made several technically interesting announcements that together further extend the company’s hardware and software…

— Kaushik (@BigBullCap) January 7, 2025

To wit, while conceding that NVIDIA's Jensen Huang "delivered a broad master-class on the current state and direction of the AI industry, and made several technically interesting announcements," Benchmark believes that "many investors were hoping for more concrete progress updates on the ramp of Blackwell and some input as to the company’s progress with its next generation GPU platform, Rubin."

Benchmark did take pains to highlight Huang's declaration that NVIDIA's latest Blackwell platform was in full production phase now, but asserted that most of the content of the keynote address was "already well understood by the market and again there was zero mention of Rubin, although to be fair, this next-generation design is not expected until 2026."

For the benefit of those who might not be aware, Huang touched on the following points in his CES keynote address on Monday (the list also includes several material developments that occurred in the immediate aftermath of the address):

1. Unveiled NVIDIA's RTX 50 lineup of GPU cards built on the Blackwell architecture and featuring Micron's memory solution.
2. Announced Project Digits, a $3,000 desktop-sized AI supercomputer that can deliver 1,000x the processing power of a typical laptop and run a 200-billion-parameter AI model.
3. Introduced Cosmos, an open-source model that generates synthetic data to train robots, Autonomous Vehicles (AVs), and other AI models.
4. Huang declared that the "ChatGPT moment" for robotics was just around the corner.
5. Launched Thor Blackwell, NVIDIA's next-gen processors for AVs and humanoid robots.
6. Jensen Huang declared that AVs will become the first multi-trillion-dollar robotics industry. Tesla's Elon Musk later concurred with this prediction.
7. Announced that Toyota would use NVIDIA's technology to power autonomous driving in its own vehicles.
8. Aurora, a provider of autonomous driving tech, has partnered with NVIDIA to power Continental's self-driving trucks, which are expected to enter into mass production in 2027.

Coming back, Benchmark does feel that, on the whole, Huang's keynote address provided "a strong kick-off to this year’s CES." The firm, therefore, reiterated its 'Buy' rating for NVIDIA shares, replete with a $190 stock price target, which implies a 25 percent upside potential relative to the current price level.

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