'I Love Nvidia:' Portfolio Manager Praises Chipmaker's 'Idiosyncratic' AI Growth Amid Retail Bullishness

Nvidia Corp. (NVDA) stock has rallied sharply in recent sessions amid the return of risk appetite on Wall Street, advancing over 11% in two trading days. A portfolio manager reportedly suggested that the rally could gain further momentum.

While appearing on CNBC's "Power Lunch" on Tuesday, Aptus Capital Advisors portfolio manager David Wagner said he expects Nvidia's artificial intelligence (AI) momentum to strengthen.

The portfolio manager said the "scarcity growth premium might finally find its way back to Nvidia."

He pointed to the deal Nvidia announced with Saudi Arabia on Tuesday for supplying 18,000 GB300 Grace Blackwell AI supercomputers.

Wagner said, "I don't just like Nvidia. I love Nvidia. … The news out of Saudi Arabia today just continues to show the resiliency that the company has from a growth perspective, not just domestically, but also internationally."

While noting that the tariff uncertainty will likely slow down growth, mainly on the consumer side, and also internationally, the portfolio manager said, "I think that this leaves this AI trade as the idiosyncratic area of growth moving forward."

On Monday, Morgan Stanley analyst Joseph Moore maintained an 'Overweight' rating and $160 price target for Nvidia stock and also reaffirmed it as the 'Top Pick' in the semiconductor space.

The analyst allayed tariff concerns by highlighting positive data points from Taiwan. He noted that Morgan Stanley's original design manufacturing (ODM) checks found that close to 1,500 GB200 racks were shipped in April across three ODMs. This marked an increase from 1,000 shipped for the first quarter.

The analyst called this as an important "inflection" that matched up with his estimates, potentially allaying investor concerns.

Nvidia is set to report its financial results for the first quarter of the fiscal year 2026 (ending April 27, 2025) on May 28. The Finchat-compiled consensus models adjusted earnings per share of $0.88 and revenue of $43.03 billion for the quarter.

On Stocktwits, retail sentiment toward Nvidia stock remained 'extremely bullish' (83/100) by late Tuesday, with the message volume at 'high' levels.

A bullish watcher said the Nvidia stock rally may not have been done yet. "Epic run from $90s tho $145 coming," they said.

Another user highlighted Nvidia's attractive valuation by stating, "Back to where it was almost a year ago. In the meantime, revenues have doubled."

Nvidia's stock has been stuck in a rut since it hit an all-time high of $153.13 in January, stymied by the Trump administration's China chip curbs and the tariff uncertainty.

The stock is down over 3% for the year. The recent rally has helped the company reclaim the $3 trillion market-cap mark for the first time since February. 

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