Name: Nvidia stock inexpensive given its growth trajectory, says Bernstein's Rasgon
Uploaded: 2026-01-06T20:22:41+00:00
Duration: 201 s

Speakers

Stacy Rasgon — Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research

Summary

Stacy Rasgon, senior US analyst at Bernstein, joins CNBC's Power Lunch from CES to discuss semiconductor stock moves. He attributes strength in analog names to Microchip's second positive preannouncement of the quarter and a bottoming/recovery thesis. Rasgon is bullish on Nvidia, citing Rubin's full production, expected H2 launch, strong specs, upward earnings bias, and an inexpensive valuation. He flags AMD underperformance and memory-driven cost risk for PCs, smartphones, and consumer electronics.

Stacy Rasgon of Bernstein speaks from CES about chip stocks.
Analog semiconductor names rally after Microchip's positive preannouncement.
Nvidia's Rubin details reduce product-delay concerns.
Rasgon sees upward bias to Nvidia numbers and inexpensive valuation.
AMD underperforms amid Nvidia Rubin progress and PC/memory worries.
Memory price inflation threatens PCs and smartphones.
Rasgon expects 2026 to be a very good year for Nvidia.
Transcript ends mid-sentence during a valuation comparison.

Ideas

Stacy Rasgon Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research 0:27

Analog chips bottoming and recovering

Most analog semiconductor names are up because Microchip had another small positive preannouncement, its second of the quarter, and investors have been eager to play an analog bottoming and recovery thesis, which Rasgon says is what is happening today in analog.

Stacy Rasgon Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research 0:32

Microchip preannouncement signals analog bottoming

Microchip had another small positive preannouncement at CES, its second in the quarter, which is driving analog names higher and supports the analog bottoming/recovery setup.

Stacy Rasgon Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research 1:18

Nvidia cheap with strong Rubin growth

Jensen Huang's CES keynote provided details on Rubin, saying it is in full production and on track for a second-half launch and ramp, with specs that look like a monster. This reduces product-delay worries, creates an upward bias to Nvidia numbers, and makes 2026 look like a very good year, with the stock quite inexpensive at low-to-mid 20s forward earnings given its growth trajectory.

Stacy Rasgon Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research 1:34

AMD underperforms on Rubin and PC worries

AMD is incrementally weaker relative to Nvidia, likely because Nvidia's Rubin details are strong and because of incremental worries in PCs and consumer electronics from skyrocketing memory prices, with no new PC-side products at CES providing comfort.

Stacy Rasgon Senior Analyst, U.S. Semiconductors & Semiconductor Capital Equipment, Bernstein Research 2:22

Memory costs threaten PCs and smartphones

Memory prices have been skyrocketing, creating general worries in consumer electronics for memory-intensive items like PCs and smartphones, where there could be weakness; no new PC products at CES gave people more comfort.

Nvidia stock inexpensive given its growth trajectory, says Bernstein's Rasgon

Summary

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