NVIDIA Corp NVDA shares have been beaten down for most of the year and remain out of favor amid current market conditions. That's why "Shark Tank" investor and O'Shares ETFs chairman Kevin O'Leary is buying more of the stock.
"You have to decide where you're gonna take your pain," O'Leary said Wednesday on CNBC's "Fast Money Halftime Report."
What To Know: Nvidia shares are down more than 55% since the start of the year. Despite the steep declines, the stock could still go lower given the pressure on the markets, but investors need some exposure to growth, O'Leary said.
"The growth metrics of that company are never going to end ... every single sector of the economy is going to be using these chips," he said.
Not only did O'Leary increase his Nvidia position this week, he also plans to continue buying the name on weakness.
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"It's a position I'm going to keep adding to the more it gets crushed because there's no sector that isn't going to use this technology," he emphasized.
If investors only want to own one chip stock, Nvidia is the one to own, O'Leary said. He noted that he also has exposure to the semiconductor industry via Broadcom Inc AVGO.
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NVDA Price Action: Nvidia has a 52-week high of $307.11 and a 52-week low of $119.46.
The stock was down 0.96% at $130.42 at time of publication, according to Benzinga Pro.
Photo: courtesy of Nvidia.
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