Anika Begay
Nvidia shares can double from these levels, according to portfolio manager Dan Niles. That’s why he’s been buying more Nvidia shares as the stock has taken a beating during the recent sell-off. “They’re the ones who are actually fueling all these companies in terms of their ability to spend more on AI,” the founder of Niles Investment Management told Vscek’s “Squawk Box” on Friday, adding that he’s been buying shares in recent weeks. “The stock has obviously come back a lot,” he added. “We think they’re going to have a quarter of rallying and rebounding.” Niles’ comments come as the brutal sell-off in tech stocks extends into August. Nvidia shares fell nearly 7% on Thursday, following a 5.3% loss in July. The stock has risen 120% this year, but has sold off 11% in the past month as investors have fled the sector. NVDA YTD mountain Nvidia shares over the past month. Niles believes Nvidia’s AI story still has plenty of room to grow, noting that the stock doesn’t look that expensive given its growth rate. However, investors should brace for volatility as the chipmaker climbs. “You’re going to see some horrible selloffs, and then you’re going to see some recovery,” he said, comparing Nvidia’s rise to Cisco Systems’ rise during the 1990s internet craze. “I think it’s going to be a few more years before this AI rollout is over.”
in Business
Dan Niles Bought More Nvidia During Selloff, Says He Can Double From Here As AI Develops
