The rebound following Micron’s results has clearly stabilised sentiment, but whether this is a clean buy-the-dip for Nvidia depends on time horizon.

Fundamentals:

Morgan Stanley’s stance is credible. The AI compute cycle remains capacity-constrained, not demand-constrained. Nvidia still sits at the centre of this ecosystem, with strong visibility on data-centre orders extending into 2026. On that basis, dips driven by positioning or sentiment rather than earnings deterioration remain attractive for medium-term investors.

Near-term price action:

After a sharp rebound, the risk tonight is a gap-up-and-sell-the-news session. Micron’s beat reduces downside tail risk, but it also gives short-term traders an excuse to lock in gains. Nvidia has already rallied meaningfully off recent lows, so upside follow-through may be capped unless volume expands decisively.

How to frame it:

This looks less like an all-in entry and more like a scaled accumulation zone. Long-term investors can add selectively on weakness. Short-term traders should respect the possibility of post-gap consolidation.

In short: structurally bullish, tactically cautious. A healthy pause would strengthen, not weaken, the broader AI upcycle narrative.