Morgan Stanley resets Nvidia stock forecast after key event

Nvidia (NVDA) stock is up about 15.98% year to date, at the time of writing, Thursday afternoon, June 4. Meanwhile, the SPDR S&P 500 index (SPY) is up about 10.97% in the same period.

While the stock has outpaced the S&P 500, its growth has lagged that of other computer-related semiconductor companies benefiting from the AI boom.

How have the main Nvidia competitors in the compute space have performed?

A look at Nvidia’s top rivals year-to-date:

• Intel (INTC) is up 202.06%.

• Advanced Micro Devices (AMD) is up 145.09%.

• Broadcom (AVGO) is up 20.46%.

These competitor stocks that achieved higher growth are driven by the sentiment that they can take more market share in the AI data centers. However, sentiment might change, and Broadcom is currently trading approximately 12% lower following its earnings report, which disappointed investors.

Nvidia has used its GPU Technology Conference (GTC) at Computex to send a strong signal that it can surely maintain its high market share and quite likely even increase it. Morgan Stanley analysts had a lot to say about Nvidia after attending the conference.

Key news for Nvidia stock:

Key announcements from GTC at Computex

The most important announcement was confirmation that the Vera Rubin platform is ramping into full production.

Vera Rubin platform unifies NVL72 systems, Vera CPU, Groq 3 LPX, Vera BlueField-4 STX storage, and Spectrum-6 SPX Ethernet racks into a fully integrated system.