The much awaited Nvidia’s annual developer conference set off this week, pooling investors towards Chief Executive Jensen Huang’s keynote speech regarding the revelation of the new chip innovations.

Named GTC 2024, the event is focused on the company’s significant position in the artificial intelligence (AI) semiconductor market and its capacity to hold on to its leading position amid intense competition.

Also, Nvidia is now the third most valuable company in the US stock market after Apple and Microsoft with a 240 percent increase in share price over the last year.

Nvidia is highly known for its chip design expertise and developing a large number of software product line. At the event, Huang is expected to deliver details on Nivdia’s diverse approach to AI technology through the introduction of a slew of new software-based products.

Nvidia is holding GTC in person for the first time since 2019, which is a huge milestone and reflects the steady return to pre-pandemic standards. An estimated 16,000 people are anticipated to attend, which is twice as many as the previous in-person meeting and indicates that industry enthusiasm is growing.

It is anticipated that Nvidia's market share will decrease by multiple percentage points in 2024 due to the release of new devices from competitors like Advanced Micro Devices and Intel.

Huang will likely reveal the company's upcoming line of AI chips. It's anticipated that the upcoming B100 chip would have a lot of enhancements over the H100.

Even while Nvidia is mostly known for its chip designs, the business also produces a sizable array of software products. On Monday, Huang is anticipated to present a wide range of new software-related goods.

Earlier this year, Nvidia said that by the conclusion of its most recent fiscal year, its software and services division had achieved an annual run rate of $1 billion.