One value investor struggles to understand Nvidia's valuation as he thinks about the winners from AI.
Who right now could be considered to be the Joey Chestnut of investing? Click here to participate in that very important discussion — Warren Buffett appears to be the early leader — but hats off to the 16th winner of the hot dog-eating contest, as well as Miki Sudo, who won the women’s title for a ninth time.
Pabrai posted a discussion he had with an Indian investing club, and he noted an interesting conversation about Nvidia NVDA , the microchip company at the center of the AI speculative frenzy. Nvidia stock has soared a breath-taking 190% this year. Speaking of Microsoft MSFT , Pabrai said he had the opportunity to be seated next to Bill Gates in Omaha this year, presumably at an event tied to the Berkshire Hathaway annual meeting.
On the question of who wins the AI race, Pabrai said he has an idea of where to invest. “I won’t share that here, but I would say that if you were an investor in Microsoft, I would just keep that investment. I don’t know if you were looking to invest in Microsoft today, whether I would do it, or again, pay a rich price for a company that’s a tremendous company,” he said. “I’m a cheap skate at heart, so it’s hard for me to pay up for things.
The buzz The economics calendar includes factory orders data, and then at 2 p.m. Eastern, the release of the minutes from the June 14-ending Fed meeting. Heading into the release, markets are pricing in an 86% probability of a July rate hike. Wolfspeed WOLF shares jumped as it signed a 10-year wafer-supply agreement with Japan’s Renesas Electronics.American retirees are investing more like 30-year-olds with their exposure to stocks.Top tickers Here were the most active stock-market tickers on MarketWatch as of 6 a.m. Eastern.
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