Following a five-week market selloff that pushed major averages into correction territory, Gibbens Capital Management CIO Mark Gibbens says the pullback has created a prime buying opportunity for long-term investors eyeing the tech sector.
Nvidia At A Discount
Despite recent geopolitical headwinds and inflation concerns weighing heavily on the broader markets, Gibbens remains decidedly bullish on technology. Pointing to the roughly 10% drop across major indices, he noted that fundamentally strong companies are now trading at attractive multiples.
“If you’re a long-term investor, I think it’s a great time to get in,” Gibbens said in a Schwab Network interview. “You’re getting these great companies at great prices.”
Among his top broad tech picks are industry giants Nvidia Corp. (NASDAQ:NVDA) and Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL). Gibbens highlighted the significant shift in Nvidia’s valuation, noting that the chipmaker is trading at a much more palatable 20 times forward earnings—a steep drop from the 40 times multiple seen in the recent past.
According to Benzinga Pro, the stock was trading at a forward price-to-earnings of 20.284x, …
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