Chip giant Nvidia is poised to lead the next technology boom, according to Ritholtz Wealth Management CEO Josh Brown. Nvidia held an investor event on Tuesday, detailing new initiatives and products related to artificial intelligence and the so-called omniverse. The presentation bolstered the idea that Nvidia is going to be an integral part of the next wave of tech innovation, Brown said on Thursday on CNBC's " Halftime Report ." "The transformation that's about to take place in every single industry on earth related to AI, honestly, it feels like we're in the first inning of the internet all over again," Brown said. "Like another internet-esque opportunity, and Nvidia is sitting in the center of the entirety of the whole thing." Brown said Nvidia had the potential to be a "one-stop shop" for the underlying technology that powers the next wave of computing. "It's scary what the potential is," he added. Nvidia is already one of the most valuable companies in the world, with a market cap of around $700 billion. Its shares were up 9% on Thursday amid a broader rally in the chip space, but are still down about 5% for the year. The stock has been one of the biggest winners on Wall Street over the past decade. Nvidia was trading at roughly $280 per share on Thursday afternoon and, accounting for a stock split, was valued below $5 per share as recently as 2015. The stock currently trades at 44 times its expected earnings for the upcoming year, well above the market average. However, Brown said that investors shouldn't get caught waiting for Nvidia to fall and become cheap. "Yeah, it's an expensive stock. It always has been, it never won't be. But this is a company where the fundamentals have been catching up to the valuation, basically every year," Brown said.
Adam Jeffery | CNBC
Chip giant Nvidia is poised to lead the next technology boom, according to Ritholtz Wealth Management CEO Josh Brown.