Nvidia added a staggering $880 billion to its market cap, but shares fell almost 7%, wiping out more than $220 billion in value.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribereached new heights, touching an intraday record of 5,505.53 on Thursday and closing last week with a 0.6% gain. The tech-centric.
"Investors in general aren't comfortable buying things that are high," Lee said on CNBC's 'Power Lunch.'"But if we are mid-cycle, which I think we probably are, then we are going to be making a lot more highs over the next five years. There is a lot of statistical support showing buying at new highs actually has a better win ratio than trying to buy at lows."
Lee's bullish stance on Nvidia is rooted in the company's unique market position. Nvidia"is a 30 P/E stock that sells something that no one else produces in the world. I'd feel very differently If we were discounting Nvidia being larger than global GDP at 100 times PE and everyone saying there is no way it can be stopped. Because everyone wants to sell Nvidia and call the top, I feel there is a lot more upside.
Nvidia is still up 155% for the year, while the broader market has seen limited moves either ways. CNBC's Brian Evans reports that the– the longest such streak since the 2008 financial crisis, according to FactSet data. Notably, the index hasn't seen a gain of 2.15% or more during this period either.CNBC's Samantha Subin, Hakyung Kim, Brian Evans, Rohan Goswami, Alex Harring, Spencer Kimball, Lora Kolodny and Hugh Son contributed to this report.
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