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In an interview on CNBC’s “Squawk Box” Thursday, Tepper disclosed that his hedge fund sold a substantial portion of its Nvidia holdings earlier this year. "We thought [it] was too high at the time and would come down. Unfortunately, we didn’t buy it when it came back down," he explained. As of the end of the second quarter, Tepper's stake in Nvidia was valued at about $85 million after he reduced his holdings by more than 80%.
Skepticism About Long-Term AI Growth Potential
While acknowledging Nvidia’s pivotal role in the AI industry, Tepper expressed concerns over the long-term sustainability of its growth. According to this article from Finquota, Nvidia’s stock has surged nearly 200% over the past 12 months and over 157% in 2023 alone, with its market cap approaching $1 trillion. However, Tepper questioned whether the company can sustain this momentum, particularly given the uncertain trajectory of AI technology. “Do you have enough power for the growth? Do you have the next-generation models that can take their chip?” he pondered.
Concerns Over AI Earnings and Growth Trajectory
Backed by research done by the site The Motley Fool, Tepper conveyed uncertainty about Nvidia's ability to maintain its rapid growth beyond 2026. "Different things have to happen to make the growth projections happen," he said, suggesting that Nvidia’s path to continued growth relies on various external factors. "I’m not saying it won’t happen. I’m just not smart enough to know if they will."
Investor Scrutiny Over AI Market Dynamics
Nvidia remains under close investor observation as market participants evaluate its prospects in the context of rapid AI advancements. Tepper’s remarks reflect a broader debate over the company's valuation, given the unpredictable nature of AI-driven earnings and growth projections.
