Why this analyst call himself the 'least bullish' on Nvidia
Nvidia (NVDA) closed at a record high ahead of CEO Jensen Huang's keynote speech at the 2025 Consumer Electronics Show (CES). D.A. Davidson head of technology research Gil Luria breaks down the chipmaker's stock moves during the trading day and explains why he considers himself the "least bullish" Wall Street analyst covering Nvidia. "I like to think of myself as maybe the least bullish of the 60-something analysts that cover Nvidia," Luria says. "The reason is that I think this is a cycle just like any other cycle we've ever seen, which is to say: This may be the peak year of the cycle." The analyst continues, "For Nvidia stock to be attractive from here, you would need to believe that it can grow 15, 20% into next year and the year after that. We think that that may not happen." Luria notes that hyperscalers like Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOG, GOOGL) are unlikely to continue spending at their current monumental rate and that sovereign artificial intelligence customers are unlikely to make up for any normalization of Big Tech capital spending. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. This post was written by Naomi Buchanan.
