Graham: NVDA "Must Own" for Investors, Mind Macro Risks Ahead

Andrew Graham, Managing Partner at Jackson Square Capital, reiterated a strongly bullish outlook on Nvidia (NVDA) following its latest earnings report and forward guidance, describing the semiconductor giant as an indispensable 'must own' core holding for equity investors. Graham noted that Nvidia is no longer just providing basic AI picks and shovels, but now dominates the comprehensive infrastructure stack. He also emphasized that management successfully alleviated market concerns surrounding circular financing. While identifying near-term macroeconomic headwinds—specifically substantial Treasury supply, widening credit default swaps, and roughly $250 billion in investment-grade debt issuance from AI hyperscalers—Graham pointed out that strong consumer metrics and stable weekly unemployment numbers near 200,000 continue to support broader equity markets. Looking beyond Nvidia, Graham highlighted several technology and software equities positioned to outperform in the inference economy. He expressed particular bullishness on Arista Networks and Cisco for data center interconnect growth, alongside Palo Alto Networks, Snowflake, Shopify, and Cloudflare ahead of future quarterly earnings results.