Nvidia (NVDA) CEO Jensen Huang kicked off this year’s consumer electronics trade show with a slew of artificial intelligence (AI) announcements Monday, in a blockbuster address that had analysts calling the chipmaker's stock a "top pick" on its AI leadership.

Shares hit an all-time high of $153.13 shortly after the open, before reversing course as part of a broader market decline. The stock was down 5.3% to $141.50 in recent trading, after closing at a record high Monday ahead of the event. 

"There was a lot here I think for people to get excited about. I don't think the price action today really has much to do with anything that Jensen said or didn't say yesterday," said Bernstein analyst Stacy Rasgon in an interview with CNBC Tuesday morning. Rasgon cited the broader issues affecting the market and said there was likely some profit-taking after the stock hit new highs.

Nvidia Unveils New Chips and Models for AI PCs, Partnerships on Self-Driving Cars, and More

During Monday’s event, Nvidia revealed new chips in its GeForce RTX 50 series for AI PCs that run on Nvidia’s Blackwell architecture, among a flurry of other announcements. 

The GeForce RTX 50 lineup, which includes the RTX 5070, RTX 5070 Ti, RTX 5080, and RTX 5090, range from about $550 to $2,000, with some desktop models holding the chips slated to launch later this month, and laptops expected in March. 

Nvidia also introduced AI foundational models for its RTX AI PCs, and unveiled its Cosmos platform meant to support processing pipelines for robots, autonomous vehicles, and vision AI. 

Huang called Cosmos a “game-changer for robotics and industrial AI," and said he expects “the ChatGPT moment for general robotics is just around the corner," with a shoutout to ridesharing giant Uber (UBER) and Chinese electric vehicle maker XPeng (XPEV) as early adopters of Cosmos.

“The autonomous vehicle revolution is here,” Huang said, highlighting partnerships with Toyota (TM) and Aurora Innovation (AUR) on autonomous driving as well.

Analysts Call Nvidia a ‘Top Pick’ on Its ‘AI Dominance’

In a note to clients after the event, Bank of America analysts called Nvidia a “top pick,” citing its “continued AI dominance” and growing reach across different enterprise and consumer segments. 

The analysts maintained a “buy” rating and $190 price target, a roughly 35% premium from the stock’s intraday price, after nearly tripling in value in 2024. 

They’re not the only ones bullish on Nvidia’s trajectory. All but one of the 21 analysts covering the stock tracked by Visible Alpha maintain a “buy” or equivalent rating as of Tuesday, with a consensus price target of $177, implying 25% upside. 

Wedbush analysts, who wrote Monday’s event “felt more like a rock concert vibe than a tech CEO speech,” said the robotics and autonomous tech market could present another $1 trillion opportunity for Nvidia over the next few years.

They projected Nvidia’s market value to exceed $4 trillion, and could even hit $5 trillion in the next year and half—levels no company has reached yet. The company currently has a market capitalization of about $3.5 trillion.