Despite the repeated record highs of the US stock market and the eye-catching performance of AI chip giant Nvidia, American economist Harry Dent warned on the 10th that an epic stock market crash is imminent. The Nasdaq Composite Index may plummet by 92%, and Nvidia’s stock price may drop by 98%. It is worth noting that he stated last December that he would buy Bitcoin after the market hits bottom.
According to Fox Business, American economist and founder of HS Dent Investment Management Harry Dent warned in December last year that a once-in-a-lifetime crash is looming. In a recent interview, he has not changed his opinion, stating that while the bubble has not burst, a crash potentially larger than the 2008 financial crisis is on the horizon:
US stock market to face epic crash, Nvidia to plunge 98%
In recent years, the US stock market has continued to hit new highs. The Nasdaq Composite Index has surged over 16% so far this year, the S&P 500 Index has risen over 13%, and the Dow Jones Industrial Average has climbed 3%. AI chip giant Nvidia has risen over 152% so far this year, with its market value surpassing $3 trillion.
However, Harry Dent predicts that when the bubble eventually bursts, the S&P 500 Index could fall by 86% from its peak, the Nasdaq Composite Index by 92%, and while Nvidia is a heroic stock and a great company, its stock price will plummet by 98%, signaling the end of it all.
The only adjustment Harry Dent made was the timing of the crash, pointing out that the market bottom may occur sometime between early and mid-2025.
Previously suggested to buy Bitcoin
Believing that the “mother of all bubbles” will burst, Harry Dent advised investors to withdraw funds from the stock market in December last year. He also mentioned that if one had to choose a new investment target, he would choose Bitcoin.