He Bought the April Dip – Now He’s Bullish on Nvidia and Tech Stocks

Ross Mayfield, Investment Strategist at Baird Private Wealth, is a staunch supporter of Nvidia. In April, he accurately called the market bottom and recommended buying high-quality AI-related companies—a move that proved prescient.

“With Nvidia, strong earnings—especially the continued, insatiable demand for its core products—should help reignite investor enthusiasm for the AI theme,” Mayfield said. “Nvidia is the bellwether of the most important long-term trend in the stock market today. Quarter after quarter of solid results continue to push the boundaries of what investors believe AI can achieve.”

Mayfield remains bullish on the broader tech sector, citing structural tailwinds and relative insulation from political uncertainty.

“Tech stocks don’t need to worry about guessing Trump’s next move. The AI boom, combined with massive investments in data centers, chips, and infrastructure, is building a world where AI infiltrates every corner of business. That won’t change because of politics or geopolitics.”

According to Mayfield, the clearest opportunities lie in areas that he is confident will still exist 6 months, 12 months, or even 5 years from now—namely, large-cap tech companies and AI winners.

“When those names trade at any meaningful discount, in this kind of market, that’s rare. On a 6- to 12-month horizon, the overall market outlook remains optimistic, even if we might be slightly overbought in the short term following the recent rebound.”

He also noted that the rally from April lows has been broad-based, with sectors beyond tech—such as consumer discretionary and industrials—showing strong momentum. “I believe we’re in a rising risk appetite market, led by cyclical sectors—whether it’s tech and consumer, or financials and industrials. Since the April bottom, the Magnificent Seven, AI-related firms, and tech stocks have regained some market dominance.”

Mayfield acknowledged the possibility of an AI bubble similar to the early 2000s, but suggested we may still be in the early stages of growth. “If we take the late 1990s as a reference, and consider ChatGPT as the ‘aha moment,’ then it suggests there’s still a lot of upside.”

He also sees a shift in investor behavior, pointing to more disciplined retail investors who have steadily added to their 401(k) accounts and bought the dip over the past six weeks, while institutional investors have remained bearish and hesitant.

“This could be a paradigm shift in market structure. It’s time to rethink who really represents smart and dumb money—retail or institutions,” Mayfield said. “We’ve had several bear markets over the past decade, but historically, those downturns have been short-lived, and buying the dip has often paid off. That will be tested again.”

Still, Mayfield urged caution.

“Stock valuations are still high, and risks tend to show up when multiples are stretched. If the Trump administration takes a less market-friendly stance on tariffs or trade deals, it could hit stocks. We may see volatility rise to levels not seen since the COVID-19 pandemic. Investors should be mentally prepared.”