CNBC’s Jim Cramer on Wednesday urged investors to add Nvidia stock to their portfolios and watch for chances to buy the dip.
“I know this is a tough market for a stock like Nvidia, and I wouldn’t be surprised if it has another leg lower. But when you look at what this incredible company is coming up with, I think Nvidia owns the future. That’s why I still love the stock long-term, and I view any weakness as a chance to buy more gradually on the way down,” the “Mad Money” host said.
Nvidia stock fell 3.36% on Wednesday to $256.34.
Cramer’s comments were part of his recap of chief executive Jensen Huang’s keynote address on Tuesday during Nvidia’s annual GPU Technology Conference from March 21 to 24, which features guests across the technology industry.
Cramer highlighted notable parts of Huang’s speech, including mentions of partnerships with Microsoft and electric vehicle company Lucid as well as Nvidia’s plans to bolster its technology offerings. Cramer also discussed Nvidia CFO Colette Kress’ discussion of the firm’s $1 trillion dollar addressable market, stating that while he’s often skeptical of such claims, he gives Nvidia the benefit of the doubt.
The host also said that investors should watch Nvidia’s stock long-term.
“Right now the market may not care about this stuff because Wall Street’s in a real defensive crouch, but once the Fed gets inflation under control, and I think it will, Nvidia’s stock’s going to roar back,” he said.
Disclosure: Cramer’s Charitable Trust owns shares of Nvidia.
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