Nvidia stock is ending the week essentially flat from where it began despite unveiling its new PC chip and a flurry of announcements at the Computex conference in Taiwan. Shareholders will have to wait for the market to catch up.

Nvidia shares were down 1.4% at $215.60 in premarket trading. The chip maker's initial gains early this week on the back of the unveiling of its RTX Spark processor for the consumer PC market have faded.

Although the PC chip entry was the splashiest announcement at Computex for Nvidia, it is an unproven market. It's no surprise that markets are waiting to see if consumers will be willing to pay up for premium devices that can run AI agents -- programs which can autonomously -- directly on the device.

Investors are perhaps overlooking the more important news coming from the conference, which was that mass manufacturing of Nvidia's next-generation Vera Rubin hardware for artificial intelligence is on track for volume shipments in the third quarter, and its stand-alone Vera central-processing units add another major market.

"We continue to be optimistic on all of the debates holding back Nvidia's stock, and Computex is another step toward a rerating, in our minds," wrote Morgan Stanley analyst Joseph Moore in a research note this week. "Sentiment won't shift overnight, but the relative risk/reward in an increasingly crowded semis opportunity set looks attractive."

Moore has an Overweight rating and $288 target price on Nvidia stock.

Nvidia was a recent Barron's stock pick when shares were trading at around $226, noting it was cheap at a forward price-to-earnings ratio of around 26 times. It currently trades at a forward earnings multiple of 21.7 times, according to FactSet.