Few investors can claim they spotted Nvidia (NVDA) before the world did, but Tony Wang is one of them. Before he ran T. Rowe Price’s (TROW) $13 billion Science & Technology Fund, Wang was the analyst pounding the table in 2017 and 2018, urging the firm to buy Nvidia when the market had not yet connected the dots between accelerated computing and the coming AI boom.
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Wang told MarketWatch that the dynamics he saw then are reappearing now. Back in 2017, Nvidia looked expensive, misunderstood and volatile, yet the adoption curve was only beginning. He believes today’s weakness across AI stocks feels similar. The fundamentals remain in place even as sentiment shakes out.
Wang Turns to the Next Group of AI Winners
Wang sees opportunity forming in a handful of companies positioned to benefit from the next wave of AI build-outs. While Nvidia remains a long-term cornerstone of the portfolio, he is reallocating toward names that are benefiting from the broadening of AI infrastructure and software demand.
He highlighted Advanced Micro Devices (AMD) as a prime beneficiary of customers diversifying their accelerator supply. Wang views AMD as entering an inflection point similar to where Nvidia stood eight years ago, though with different competitive dynamics. He is also leaning into Microsoft (MSFT) and Alphabet (GOOGL), which continue converting AI hype into revenue and margin expansion at a scale smaller firms cannot match.
Wang sees Meta Platforms (META) as another name gaining leverage from its internal AI investment. He believes the company has quietly built competitive advantages in both training compute and AI-driven ad optimization.
Wang Expands Beyond Mega-Caps to Capture the S-Curve
Wang is also looking outside the obvious mega-caps. Semiconductor equipment maker KLA Corp. (KLAC) is high on his radar because AI data centers need increasingly advanced manufacturing nodes. Infrastructure and networking names such as Cisco (CSCO) and Celestica (CLS) are also in his rotation as AI server demand pushes into a multiyear build cycle.
He is searching for companies entering the steepest part of their S-curve. In his view, those are the names where growth accelerates even as the broader market worries about valuations and rate risks.
Wang’s view comes through unmistakably. He believes the recent pullback is a temporary shakeout rather than a trend change, and he sees the AI cycle as a long-lasting structural shift that will keep reshaping markets for years. In his mind, investors who can tolerate volatility may discover that the next “Nvidia moment” is already taking shape beneath the surface, even if most of the market has not noticed it yet.
Is Nvidia a Buy, Hold, or Sell?
Nvidia continues to command overwhelming confidence from analysts. Based on 41 ratings over the past three months, the stock carries a Strong Buy consensus. This breakdown includes 39 Buy recommendations, one Hold, and one Sell.
The average 12-month NVDA price target stands at $257.26, which implies about 41% upside from the last closing price.
