Paul Meeks, head of technology research at Freedom Capital, is advocating for investors to buy Nvidia shares aggressively, describing the stock's valuation as 'stupid' following a significant decline. After the announcement of CEO Jensen Huang's resignation, Nvidia's shares have dropped 20% in November, now trading at just 10 times fiscal 2028 earnings estimates.
Meeks views Huang's resignation as a 'market-clearing event' and believes that the interim CEO, Colette Kress, will maintain the company's momentum. He also noted that potential U.S. government restrictions on sales to China are unlikely to impact Nvidia's revenue significantly, as these figures were not heavily factored into earnings models.
Meeks emphasizes that being a contrarian in the tech sector during turbulent times can yield substantial returns