Nvidia rally is fueling FOMO in the overall market, Evercore's Julian Emanuel warns

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Evercore ISI's Julian Emanuel finds clients are more worried about being underinvested than overexposed right now.

Evercore ISI's Julian Emanuel thinks Nvidia's monster rally is fueling a fear of missing out in the market.

He finds clients, including many who traded through the dot-com boom and subsequent collapse, are more worried about being underinvested than overexposed right now. "That's the first time that's happened since 2021 for us," the firm's senior managing director said on CNBC's "In his Sunday note, Emanuel warned clients there are similarities to Y2K emerging, particularly when it comes to momentum. This time around, he cites excitement around artificial intelligence and

"The sentiment is very, very bullish. The bears have been eliminated," he told CNBC's Melissa Lee. "It's time to think more about risk than reward until we get just a little cooling off."Emanuel believes stocks could go through a 13% pullback this year, which he considers normal during a nonrecession period. "If you can't see yourself being a buyer down there, you should probably lighten up a little bit," said Emanuel.

 

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