--- title: "Nvidia rally is fueling FOMO in the overall market, Evercore's Julian Emanuel warns" description: "Nvidia's rally is causing a fear of missing out in the market, according to Evercore's Julian Emanuel. Clients are more worried about being underinvested than overexposed. Emanuel warns of similaritie" type: "news" locale: "en" url: "https://longbridge.com/en/news/107879209.md" published_at: "2024-02-13T00:24:48.000Z" --- # Nvidia rally is fueling FOMO in the overall market, Evercore's Julian Emanuel warns > Nvidia's rally is causing a fear of missing out in the market, according to Evercore's Julian Emanuel. Clients are more worried about being underinvested than overexposed. Emanuel warns of similarities to the dot-com boom and highlights excitement around artificial intelligence and the US avoiding a recession. He predicts a potential 13% pullback in stocks this year and suggests considering defensive sectors. His year-end target for the S&P 500 is 4,750, implying a 5% loss from current levels. Evercore ISI's Julian Emanuel thinks Nvidia's monster rally is fueling a fear of missing out in the market. He finds clients, including many who traded through the dot-com boom and subsequent collapse, are more worried about being underinvested than overexposed right now. "That's the first time that's happened since 2021 for us," the firm's senior managing director said on CNBC's "Fast Money" on Monday. "That's a bit of an alarm bell." In his Sunday note, Emanuel warned clients there are similarities to Y2K emerging, particularly when it comes to momentum. This time around, he cites excitement around artificial intelligence and the idea the U.S. will avoid a recession as major catalysts. "The sentiment is very, very bullish. The bears have been eliminated," he told CNBC's Melissa Lee. "It's time to think more about risk than reward until we get just a little cooling off." On Monday, the Dow closed at an all-time high to 38,797.38. The tech-heavy Nasdaq Composite is up 6% so far this year and is less than 2% off its record high. Meanwhile, Nvidia, the global leader in artificial intelligence chips, is up 46% so far this year and 240% over the past year. Emanuel thinks stocks could go through a 13% pullback this year, which he considers normal during a nonrecession period. "If you can't see yourself being a buyer down there, you should probably lighten up a little bit," said Emanuel. However, he hasn't completely ignored the winning growth trade. "We have been on board in pieces," he said. "We like communication services. It's been a great sector. We think there are defensive properties." Emanuel's top picks also include consumer staples, health care and money markets. "At the end of the day, you're still making 5% on cash," he added. His S&P 500 year-end target is 4,750, which implies a roughly 5% loss from Monday's close. Disclaimer ### Related Stocks - [NVDA.US - NVIDIA](https://longbridge.com/en/quote/NVDA.US.md) - [NVD.DE - NVIDIA Corporation](https://longbridge.com/en/quote/NVD.DE.md) - [EVR.US - Evercore](https://longbridge.com/en/quote/EVR.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 黄仁勋预告 “前所未见” 的芯片新品，下一代 Feynman 架构或成焦点 | 黄仁勋预告今年的 GTC 大会上发布” 世界从未见过” 的全新芯片产品，分析认为新品可能涉及 Rubin 系列衍生产品或更具革命性的 Feynman 架构芯片，市场预期 Feynman 架构将针对推理场景进行深度优化。 | [Link](https://longbridge.com/en/news/276310964.md) | | 机构 “最超配” 闪迪，“最低配” 英伟达 | 据摩根士丹利最新的统计：“机构对美国大型科技股的低配程度是 17 年来最大的” 相比 2025 年 Q4 的标普 500 指数权重，“$NVDA 仍然是机构低配程度最大的大型科技股，其次是苹果、微软、亚马逊和博通，而存储巨头闪迪则是 “最超 | [Link](https://longbridge.com/en/news/276289765.md) | | 学习英伟达刺激芯片销售，AMD 为 “AI 云” 借款做担保 | AMD 为扩大市场份额祭出金融 “狠招”！为初创公司 Crusoe 的 3 亿美元购芯贷款提供担保，承诺在其无客户时 “兜底” 租用芯片。这一复刻英伟达 “租卡云” 路径的策略虽能短期推高销量，但也令 AMD 在 AI 需求放缓时面临更大的 | [Link](https://longbridge.com/en/news/276401504.md) | | 为 AI 交易 “背书”！OpenAI 正敲定新一轮融资：以 8300 亿美元估值募资高达 1000 亿美元 | OpenAI 正以 8300 亿美元估值推进新一轮融资，目标筹集 1000 亿美元。软银拟领投 300 亿美元，亚马逊和英伟达可能各投 500 亿及 300 亿美元，微软拟投数十亿美元。本轮融资是 OpenAI 自去年秋季公司制改革以来的首 | [Link](https://longbridge.com/en/news/276298180.md) | | LPDDR 6 时代来临！AI 需求太猛，下一代 DRAM 将比预期更快进入市场 | LPDDR6 性能较前代提升 1.5 倍，最快下半年正式商用，英伟达、三星及高通等巨头正积极布局。目前多数 HPC 半导体设计企业考虑并行搭载 LPDDR5X 及 LPDDR6 IP，特别是在 4 纳米及以下先进制程芯片的设计中，需求出现得 | [Link](https://longbridge.com/en/news/276431575.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.