The Bear Market Is Over for Nvidia
The emergence of the AI economy is a long-term thesis for owning Nvidia right now, but the more notable news on the last earnings update was that the company would be returning to growth again. It doesn't completely justify the more than 60% run-up in the stock price so far in 2023, nor the more than doubling in share price from lows last reached in mid-October 2022.
Stock prices are volatile, and investors should fully expect a pullback in Nvidia from these levels.
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Reasonable valuation is relative, though. Even when eyeing a strong rally in financial results in the next year, Nvidia is a premium-priced stock. That is going to create some very volatile stock price action in the months ahead. Nevertheless, Nvidia has earned that premium price tag. I don't think this stock will be cheap anytime soon. If you decide to buy now, do so with the intent of owning Nvidia for the very long term.