Despite a recent surge, Nvidia still appears to be a good buy at its current valuation, according to Brook Dane, co-head of public investment technology at Goldman Sachs Asset Management. Renewed hype around artificial intelligence has driven Nvidia shares to all-time highs. The stock has jumped 38% this year, but there is more growth to come as the chipmaker appears poised to capture a large portion of future spending on AI chips, Dane said. NVDA YTD Mountain NVDA YTD Chart NVIDIA captures about 70 cents of every dollar invested in the space, Dane said, adding that capital spending growth is expected to exceed more than 30% over the next year. “We still like Nvidia here, right now,” he said Tuesday morning on CNBC’s “Money Movers.” “It doesn’t appear to be a bubble. It doesn’t appear to be extensive.” Besides Nvidia, on the AI side of infrastructure, Dane also listed semiconductor maker TSMC as another high-profile company building the underlying infrastructure to run AI models. On the data and security side of AI, Dane highlighted top stocks such as Snowflake, Zscaler, and Varonis Systems. “There are a bunch of companies that benefit from this enterprise effort to clean data, to have data in the proper format so that models can learn from it, and then secure that data and govern it,” he noted. Finally, on the AI application side, Dane listed Samsara, which provides fleet management and telematics software, as well as HubSpot, which partnered with Openai on the chatppt maker’s agentic template builder. “HubSpot has this great advantage … they are the technology provider to many small businesses in the United States and around the world, and so those businesses are going to look to HubSpot to help them, guide them, through this confusing time period of AI,” he said. As an honorable mention, Dane said Oracle is a company that could catch up to become a “credible hyperscaler player.” “If there is one company that I could identify in the global markets that is driven by profit and profit maximization, Oracle would probably be at the top of that list,” he said. “I’m not sure I’d bet against this team.” Oracle shares came under pressure Tuesday after a report in the news raised questions about the profitability of the company’s NVIDIA Cloud business. Shares are down more than 2% recently, but year-to-date gains are hovering around 70%. (Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC Pro Live. Tickets and information here.)
Goldman Sachs Portfolio Manager Brook Dane Lists Nvidia, TSMC Among Best AI Stocks to Buy
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