Nvidia Corp.’s earnings and the turnaround in its shares on Thursday underscore the upside momentum for megacap technology stocks heading into year-end.
That’s according to Anthony Saglimbene, chief market strategist at Ameriprise Financial, who spoke of the recovery in Nvidia’s stock in afternoon trading, as well as its strong quarterly results.
“Our advice is that any kind of selloff or consolidation is probably a buying opportunity for investors who missed out on Big Tech’s rally this year,” Saglimbene said. While valuations have begun to matter more, he said that “Big Tech still has some upside momentum into next year.”