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As the tech sector faced intense volatility in the prior trading week, semiconductor manufacturer Nvidia (NVDA), in particular, has come under pressure. The former Gartman Letter editor and publisher Dennis Gartman joins Morning Brief to discuss Nvidia’s movement and overall valuation.
“Each low recently has been lower. Each high has been lower. I think we’re in a bear market in Nvidia, and I would not be a buyer. I’d rather own consumer disposables, I’d rather own REITs [real estate investment trusts], I’d rather own dividend-paying stocks. I’ll avoid Nvidia,” the University of Akron endowment committee chairman tells Yahoo Finance.
“I missed it on the way up. I’ll miss it on the way down,” Gartman argues. He notes that Nvidia peaked in the middle of July, and since then, it has gone lower, which he reads as a bear market indicator.
He adds, “I thought it was egregiously overextended a month and a half ago, but then again, I thought it was egregiously overextended about a year ago. I’ve been wrong about Nvidia. I’ve been wrong about high tech, and I admit it openly and consistently.”
For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.
This post was written by Melanie Riehl
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