This Ain't 1999: 'Nvidia Is Cheaper Than It Was 26 Months Ago' — Market Expert Says Magnificent 7 Stocks Are Not In A Bubble
Portfolio Pulse from Aaron Bry
Ryan Detrick, chief market strategist at Carson Group, discussed on Benzinga's PreMarket Prep that the Magnificent Seven stocks, including NVIDIA Corp (NASDAQ:NVDA), are not in a bubble. Detrick highlighted NVIDIA's earnings growth of over 250% since early 2022, with only a slight expansion in its multiple. He argued that the growth of these mega-cap tech firms is driven by actual earnings, contrasting the situation with the dot-com bubble. Detrick also mentioned that despite perceptions of a weak economy, U.S. consumers are in a strong position.
February 28, 2024 | 8:41 pm
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POSITIVE IMPACT
NVIDIA Corp has experienced over 250% earnings growth since early 2022 with only a slight multiple expansion, indicating strong financial performance and potential undervaluation.
Ryan Detrick's analysis points to NVIDIA's substantial earnings growth outpacing its multiple expansion, suggesting the stock may be undervalued. This contrasts with broader market skepticism, potentially making NVDA an attractive investment. The emphasis on actual earnings growth as a driver for the stock's performance, rather than speculative valuation, supports a positive outlook for NVDA in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90