CNBC host Jim Cramer said he loves Nvidia Corp.’s (NASDAQ:NVDA) stock long-term and views any weakness in the chipmaker’s stock as a chance to buy more of it.
What Happened: “I know this is a tough market for a stock like Nvidia, and I wouldn’t be surprised if it has another leg lower. But when you look at what this incredible company is coming up with, I think Nvidia owns the future,” Cramer said on his “Mad Money” show.
Nvidia has a major edge in artificial intelligence (AI) since it has the best inference technology, the CNBC host noted, adding that the company has estimated it has a $1 trillion total addressable market.
Cramer added he thinks Nvidia’s stock is “going to roar back” once the Federal Reserve gets inflation under control.
Why It Matters: Nvidia CEO Jensen Huang announced several new products and initiatives — including new H100 Datacenter chips and AI platform updates — at the Nvidia GTC 2022 virtual keynote event on Tuesday.
Nvidia reported better-than-expected earnings results for the fourth quarter in February, helped by performance in its data center and gaming businesses.
Price Action: Nvidia shares closed 3.4% lower in Wednesday’s regular trading session at $256.34, but rose almost 0.6% in the after-hours session to $257.80, according to data from Benzinga Pro.
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Photo courtesy: Nvidia
