Did Nvidia ( NVDA ) do enough to reawaken the bull narrative on the chipmaker's stock at its annual developer event? Wall Street is weighing in on that.

First, consider the optics: CEO Jensen Huang wore his trademark black leather motorcycle jacket at the GTC event on Tuesday, not the shiny alligator leather one he donned for a keynote at the Consumer Electronics Show earlier this year.

There were lots of details on powerful new AI chips such as Blackwell Ultra and Vera Rubin, which could do their part in taking civilization to a whole other level of productivity.

And of course, Huang dropped a host of big numbers around AI's potential. None were bigger than his prediction that Nvidia’s data center infrastructure revenue will hit $1 trillion by 2028.

But when all is said and done, the Street seemed to have expected it all and is now looking for truly fresh catalysts to jumpstart one of its favorite stocks.

"I think what's really been more of the nuts and bolts of the keynote [from Huang] was really just a bit more details around what we knew was already in the works," Benchmark Company analyst Cody Acree said on Yahoo Finance's Market Domination (video above). "For the most part, it was a lot of incremental details that were relatively small."

Nvidia's stock fell 3.4% by the close of trading on Tuesday. Shares only rebounded slightly in premarket trading to $116 each on Wednesday.

Year to date, the once-hot stock is down by 14% as the Street questions Nvidia's pace of future growth.

"Jensen delivered the goods and gave the grand AI vision for Nvidia, and that’s what long term investors want. Short term, traders wanted something more granular, and just like CES, that was unrealistic," Wedbush tech analyst and Nvidia bull Dan Ives said. "We graded this [an] A+ keynote — inflection point in AI spend."

Read more: How does Nvidia make money?

Here's what Wall Street is saying more widely about what Huang unveiled at Nvidia's latest GTC event. Most analysts left their price targets and ratings on the stock unchanged.

One longtime Nvidia watcher and bull — Eric Jackson of EMJ Capital — will appear in a new episode of Yahoo Finance's Opening Bid podcast today. That will air at 8:30 a.m. ET.

Stifel analyst Ruben Roy

"The GTC keynote featured updates on next-gen Blackwell Ultra, Rubin, and Rubin Ultra architectures. The keynote also featured the launch of Dynamo — NVDA's inferencing software designed for the optimization of reasoning models within data centers, which was described as the operating system for AI Factories. As was widely expected, Mr. Huang also touched on scale-out networking with the formal announcement of silicon photonics/co-packaged optics Quantum-X and Spectrum-X switches. On the enterprise infrastructure front, NVDA announced the DGX Spark and DGX Station PCs, offering AI capabilities and performance in a desktop form factor.

"Continued full-stack infrastructure development is targeted at evolving reasoning models and agentic AI, which NVDA believes will drive 10-100x compute intensity. We continue to view NVDA's innovation on AI infrastructure positively within the backdrop of a broader accelerated computing market which is forecast to drive data center capex to ~$1 trillion annually by the end of the decade."

Citi analyst Atif Malik

"Jensen Huang delivered GTC keynote today. Three key points jumped out to us: 1) Nvidia is adding more color to its total addressable market expectations with total annual capex reaching $1 trillion by 2028 as both inference and training continue to require more compute. 2) Blackwell is not only back on track, it is outperforming expectations with units (individual dies) from top 4 US hyperscalers already reaching 3.6 million in 2025, 2.8x vs. Hopper's peak year. 3) The company reminded investors that it is leading inference and is not stepping its foot off the gas with a blisteringly fast compute road-map (B300, Rubin, Rubin Ultra), software leadership (e.g. Dynamo) and networking innovation (CPO).

"Net-net, we came out of the keynote reassured in Nvidia's leadership which if anything seems to be expanding. We view positively Nvidia's push for inference which per company comments now requires significantly more compute."

KeyBanc analyst John Vinh

"Nvidia CEO Jensen Huang kicked off GTC with a keynote speech with announcements largely in line with expectations heading into the event. We'd highlight the following key takeaways, including: 1) Announced Blackwell Ultra (GB300) NVL72, which is expected to be 1.5x performance of GB200 NVL72 and is expected to be available in 2H25; 2) Announced Vera Rubin NVL144, with Vera being the next-gen ARM-based CPU and Rubin being the next generation GPU; with 144 GPUs per rack and performance expected to be 3.3x GB300 NVL72 and expected 2H26; and 3) Announced co-packaged optical (CPO) at 1.6TB, which is expected to ship in the second half of the year.

"Additional thoughts from GTC include: 1) NVDA continues to push the envelope on performance with its annual cadence roadmap, such that it remains the clear leader in AI, in our view; and 2) Blackwell Ultra (GB300) uses the same rack architecture as GB200, and as such we expect a rather seamless transition as NVDA will unlikely have to go through the same learning curve in ramping GB200 NVL72, which should allow NVDA to accelerate GB NVL rack shipments in the second half of the year."

Correction: A previous version of this article misspelled Citi analyst Atif Malik's name. We regret the error.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi , Instagram , and LinkedIn