Hightower Chief Investment Officer Stephanie Link is doubling down on artificial intelligence infrastructure, adding Nvidia Corp. (NASDAQ:NVDA) and Micron Technology Inc. (NASDAQ:MU) to her portfolio while declaring that Nvidia “will always dominate the GPU market.”
By rotating capital from earlier tech victories, Link is capitalizing on recent semiconductor pullbacks to secure long-term positions in compute and memory.
Swapping Marvell for Micron
Link’s strategic rotation began by locking in profits on Marvell Technology Inc. (NASDAQ:MRVL). “I sold Marvell because I was up over 100%,” Link explained, noting that investors should take gains when available.
She redirected capital into Micron, scooping up shares after a 24% drop from recent highs. Link argued that fundamentals remain exceptionally robust and will be “stronger for longer.” Highlighting Micron’s recent trajectory, she noted the company signed 16 deals last quarter, yielding $100 billion in Remaining Performance Obligations (RPO).
“We are short memory, we are short compute,” Link said, emphasizing how this supply imbalance grants Micron massive pricing power, with average selling prices soaring 60% in DRAM and 80% in NAND. She estimates the company holds roughly $40 per share in long-term cycle earnings power.
Loading Up on Nvidia
Alongside Micron, Link initiated a buying phase for Nvidia, citing the stock’s recent lag as a prime entry point. Noting it had underperformed its peer group by 53% year-to-date, she found the valuation highly attractive.
“It trades at 18 times forward estimates,” Link observed. “That’s the cheapest it’s traded at since 2019.”
Despite emerging challengers, her conviction in Nvidia remains absolute. “I understand there’s competition coming, but they will always dominate the GPU market in my mind,” she stated. With revenue growth in the 80s, gross margins in the 70s, and a projected doubling of free cash flow by the end of next year, Link expressed immense confidence in the sector.
“I do think the AI trade is certainly not over,” she concluded. “I think we’re in the third or fourth inning at this point in time.”
How Have MU and NVDA Performed In 2026?
MU shares were up 240.15% year-to-date, down 14.39% over the last month, and higher by 757.39% over the year. It closed 12.17% higher at $970.82 per share on Tuesday, and it was down 2.57% in overnight trading.
Benzinga’s Edge Stock Rankings indicate that MU maintains a weak short-term price trend but strong long- and medium-term trends, with a solid quality score.
NVDA shares were up 11.15% year-to-date, down 1.61% over the last month, and higher by 20.95% over the year. It closed up 1.97% at $207.29 per share on Tuesday, and it was 0.97% lower in overnight trading.
Benzinga’s Edge Stock Rankings indicate that NVDA maintains a weak price trend in the short term but a strong trend in the long and medium terms, with a solid growth score.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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