Jefferies’ global head of equity strategy Christopher Wood’s decision to replace Nvidia with a Greek infrastructure company is emerging as a powerful contrarian trade, underscoring how investors are looking beyond the artificial intelligence boom for the next leg of equity market returns.
Wood removed Nvidia from his global long-only equity portfolio and replaced it with GEK TERNA on Oct. 9, 2025. Since then, the Greek stock has risen 65% in US-dollar terms, compared with a 15% gain for Nvidia, according to his latest Jefferies GREED & fear report.
