The Blubber

Harry Dent, founder of HS Dent Investment Management, says he believes there will be a 98% crash in Nvidia, $NVDA, 92% drop in Nasdaq.

He also says there will be financial ‘crash of a lifetime’ within months, and the S&P will drop to to $2,500.

This growth trajectory has been predominantly bullish throughout 2024, reflecting strong investor confidence and robust market performance. However, leading economist and financial author Harry Dent has issued a cautionary note, forecasting a potential downturn that could impact this upward trend.

According to Dent, Nvidia will likely be a victim of a general market crash, which he terms the "bubble of all bubbles" that will dwarf the 2008 financial crisis, he said in a recent interview with Fox Business.

Dent elaborated on his prediction, reflecting on the recent performance of leading stocks like Nvidia while focusing on historical patterns and the longevity of the current market boom. He warned that NVDA stock will likely record a 98% crash.

"This bubble has been going for fourteen years. Instead of most bubbles [going] five to six, it's been stretched higher, longer. So you'd have to expect a bigger crash than we got in 2008 to '09."

The forecaster added:

"I think we're going to see the S&P go down 86% from the top and the Nasdaq 92%. A hero stock like Nvidia, as good as it is, and it is a great company, [goes] down 98%. Boy, this is over," he said.