Evercore ISI’s Julian Emanuel Thinks Nvidia’s Fear of missing out is fueling the monster rally.

He Many clients who have traded through the dotcom bubble and subsequent collapse are now more concerned with being underinvested rather than overexposed.

“That’s the first time that’s happened since 2021 for us,” The firm’s senior management director was interviewed on CNBC’s “Fast Money” Monday. “That’s a bit of an alarm bell.”

In The following is a list of the most recent and relevant articles. Sunday note, Emanuel Clients were warned that there are many similarities with Y2K, especially when it comes down to momentum. This This time, he mentions the excitement surrounding artificial intelligence the idea the U.S. will avoid a recession Catalysts are major factors.

“The sentiment is very, very bullish. The bears have been eliminated,” CNBC’s Melissa Lee. “It’s time to think more about risk than reward until we get just a little cooling off.”

On MondayThe Dow Closed an all-time high You can get it for 38,797.38. The tech-heavy Nasdaq Composite The stock is up 6% this year, and less than 2% away from its record high.

Meanwhile, NvidiaThe global leader in artificial intelligence chipsThe number of people who have a, has increased by 240% in the last year.

Emanuel He thinks that the stock market could experience a pullback of 13% this year. “If you can’t see yourself being a buyer down there, you should probably lighten up a little bit,” You can also read about the importance of this in our article Emanuel.

HoweverHe hasn’t totally ignored the winning growth trade.

“We have been on board in pieces,” He said: “We The following are some examples of how to use communication services. It’s been a great sector. We think there are defensive properties.”

Emanuel’s Top picks include consumer staples, health care The money markets.

“At the end of the day, you’re still making 5% on cash,” he added.

His S&P 500 The year-end goal is 4,750. This implies a loss of approximately 5% from Monday’s close.

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