By Adam Clark and George Glover

Nvidia stock was rising Tuesday as investors reacted to developments around new products from the chip designer.

Nvidia was up 2.3% to $152.98 in premarket trading. Futures tracking the benchmark S&P 500 were up 0.1%.

Nvidia rose 3.4% on Monday, setting a record closing high and briefly topping Apple's market valuation in intraday trading. The chip designer closed at a market capitalization at $3.66 trillion, putting it on the brink of overtaking the iPhone maker as the world's most-valuable company.

Nvidia CEO Jensen Huang gave a keynote speech at the CES tech trade show in Las Vegas late Monday. Huang gave relatively few details about the company's most lucrative business -- providing chips to train and run artificial-intelligence models -- apart from noting that its Blackwell AI processors are in full production.

"We believe many investors were hoping for more concrete progress updates on the ramp of Blackwell [AI chips] and some input as to the company's progress with its next generation GPU [graphics-processing unit] platform, Rubin," wrote Benchmark analyst Cody Acree.

However, Huang did unveil new gaming graphics cards. In discussing the company's new GeForce RTX 50 Blackwell family of gaming cards, he mentioned that Micron Technology was providing the memory chips.

Micron shares were rising 3.5% in premarket trading, adding to a 10% gain from the previous day.

Nvidia also announced a new platform to accelerate autonomous vehicle and robotics development, partnering with ride-hailing platform Uber Technologies and others.

"We believe the robotics and autonomous technology market alone represents another $1 trillion of incremental market opportunity that Nvidia now can tap into over the coming years which speaks to our view this company will exceed $4 trillion market cap and ultimately could be a $5 trillion market cap valuation as we head into the next 12 to 18 months," wrote Wedbush analyst Daniel Ives in a research note.

Write to Adam Clark at adam.clark@barrons.com and George Glover at george.glover@dowjones.com

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January 07, 2025 07:57 ET (12:57 GMT)

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