Overview
- After Wednesday’s sell-off, he said he would buy Nvidia if he didn’t already own it, calling the stock too cheap on forward earnings.
- He attributed recent underperformance to market structure, saying Nvidia is over‑owned, and advised taking small positions given macro risks.
- Nvidia used its GTC event to unveil a new inference chip, with reported expectations for as much as $1 trillion in Blackwell and Vera Rubin orders through 2027 if realized.
- Cantor Fitzgerald projects a path to $15 in 2027 EPS, which would put the shares at roughly 12 times that estimate versus about 18 times for the S&P 500.
- Broader context: oil spikes plus a hotter wholesale inflation print drove the Dow to a 2026 closing low, while Fed Chair Jerome Powell said disinflation has been slower but dismissed 1970s‑style stagflation.