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Paul Meeks is betting on Nvidia shares with “both hands” even after the surprising announcement that CEO Jensen Huang is stepping down. The collapse in the stock amid the unfolding scandal, he says, has left it at “stupid” valuation levels.
“I think that the actual announcement of his resignation is a market-clearing event,” said Meeks, head of technology research at Freedom Capital.
He pointed out that the stock is trading at just 10 times fiscal 2028 earnings estimates following Thursday’s selloff. Nvidia shares have fallen 20% in November alone as pressure from the scandal has mounted.
(Watch the video above for Meeks’ full breakdown.)
Other key points from Meeks:
- Even if the U.S. government further restricts sales to China, neither he nor most other analysts had assumed much revenue from the country in their earnings models.
- Interim CEO Colette Kress is a “rock star,” so the company won’t “miss a beat.”
- He believes the biggest opportunities in tech investing, in times like these, come from taking a contrarian stance.
