Nvidia is a buying opportunity as the stock has pulled back, says Wolfe's Chris Caso

Watch on YouTube ↗  |  January 13, 2026 at 19:50  |  4:37  |  CNBC
Speakers
Chris Caso — Chief Market Strategist, Foresters Financial

Summary

Chris Caso of Wolfe Research tells CNBC's The Exchange that Nvidia is a buying opportunity after its multiple pulled back and the stock lagged, citing strong fundamentals, pricing power, margin durability, and the upcoming Rubin Ultra product cycle. He says Wolfe is rotating within AI semiconductors rather than leaving the space, and while Micron remains an Outperform, it is less non-consensus after a 300% year-to-date run. Caso identifies Google's TPU as Nvidia's closest competitor but argues TPU is Google-owned and not sold broadly, while Nvidia's networking and software advantages help sustain its position.

  • Wolfe's Chris Caso says Nvidia is a buying opportunity after the stock's pullback.
  • Nvidia upside is supported by pricing, margins, competitive advantage, and the Rubin Ultra cycle.
  • Caso says Wolfe is rotating within AI semiconductors, not out of the space.
  • Micron remains an Outperform rating but is less non-consensus after a 300% YTD gain.
  • Google's TPU is described as Nvidia's closest competitor due to performance.
  • Caso says TPU is Google-owned and not sold broadly, limiting its market impact.
  • Nvidia's networking, systems, and software tools are cited as additional competitive advantages.
Ideas
Chris Caso Chief Market Strategist, Foresters Financial 0:39
Rotate within AI semiconductors
Caso says Wolfe is rotating within the AI semiconductor space rather than rotating out of it. Micron was Wolfe's favorite way to play AI over the past year, but Nvidia is now the preferred opportunity as its multiple has pulled back and fundamentals remain strong.
AI Semiconductors MED
Chris Caso Chief Market Strategist, Foresters Financial 0:46
Micron remains an Outperform rating
Caso still likes Micron and maintains an Outperform rating on the stock. He says Micron was Wolfe's favorite AI play for most of last year because of attractive valuation and fundamentals, but after a roughly 300% year-to-date gain it is far less non-consensus than before.
MU MED
Chris Caso Chief Market Strategist, Foresters Financial 1:11
Nvidia is a buying opportunity
Caso sees Nvidia as a buying opportunity because the stock has not done much for six months and the multiple has fallen to the low 20s on 2026 numbers. He expects upside to those numbers from pricing, durable margins, a sustainable competitive advantage, and the Rubin Ultra product cycle, which adds memory and more GPUs per chip, increases power, and improves performance per watt and per dollar for inference demand; he also argues TPU competition is limited because Google's TPU is not sold broadly and Nvidia has networking/systems and software advantages.
NVDA HIGH
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This CNBC video, published January 13, 2026, features Chris Caso discussing AI Semiconductors, MU, NVDA. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Caso  · Tickers: AI Semiconductors, MU, NVDA