It's Nvidia's market, and we're all just trading in it, Steve Sosnick says
15,925
Published 2024-06-25
"It's Nvidia's market and we're all just trading in it," Sosnick explains. He notes how Nvidia has been spearheading the tech sector's growth (XLK) and the broader market rally (^DJI, ^IXIC, ^GSPC). While the tech sector's rally may spark concerns, he notes that its recent dip isn't a problem "because of end-of-the-quarter factors making it more of a rotation."
"These companies do earn very good money. And someone asked me today, 'Would you buy Nvidia at these levels?' And my comment was kind of neither here nor there because it's not cheap, but it's not expensive either, because they do earn ridiculous amounts of money. It's just how much growth is priced in," Sosnick explains.
He points to "weaponized FOMO" as one of the themes driving the market rally:
"For institutional portfolio managers, it's the real deal. And the reason being is they can't be behind their peers. So, if that guy over there is making a ton of money in Nvidia or that guy's making it in GameStop (GME), I may not have put all my chips on the table. That's fine. But if I'm an institutional investor, I can't professionally be in that bottom quartile. I can't miss this rally," he explains. Sosnick adds that this creates a "piling effect" where stocks become very heavily weighted.
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
- Get the latest news and data at finance.yahoo.com
- Download the Yahoo Finance app on Apple (apple.co/3Rten0R) or Android (bit.ly/3t8UnXO)
- Follow Yahoo Finance on social:
X: twitter.com/YahooFinance
Instagram: www.instagram.com/yahoofinance/?hl=en
TikTok: www.tiktok.com/@yahoofinance?lang=en
Facebook: www.facebook.com/yahoofinance/
LinkedIn: www.linkedin.com/company/yahoo-finance
All Comments (21)
-
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.
-
I am buying!
-
Did he just lump Nvidia in with Game stop? LOL
-
Thanks for sharing NVIDIA and xAIGK. 💯
-
Dude is CLUELESS .. Nvidia stock price has been following their earnings growth, it's not hopeful emotional BS like the price of Tesla stock.
-
ppl already forgot there was a 10 for 1 split
-
Nvidias incredible growth scares the sht out of old school "experts "
-
Those crypto bros must be missing the ai train.
-
You can tell the people in the comments who are sour and didnt make money. NVDA looks good accross the board on and off paper. Haters gonna hate.
-
What do you think sets xAIGK apart from other projects? It seems to be dominating discussions lately
-
🖤💚📈🇺🇸
-
My investment portfolios are Bitcoin, ETH and xAIGK
-
Anchors and so-called experts , should watch their own vedios , monday nvda is meme , tuesday great opportunity, Wednesday its gona tank, Thursday is the best..., think before u talk guys..
-
that's a dumb thing to say.
-
I am sure that xAIGK will go 100x just like you said
-
Why everyone is talking about xAIGK?
-
these hosts and the guy keeps saying 'steve' and he mentioned guests names all the time as he talks, it's just super salesy and annoying.
-
Coinbase, OKX and Binance will list xAIGK very soon. We do not have much time left
-
It is funny that not everyone knows about xAIGK
-
Going to hell with a hand basket lmao
