Oppenheimer Analyst Downgrades Big Banks After 15 Years, Buys NVIDIA

After 15 years of consistently recommending major bank stocks, Oppenheimer analyst Chris Kotowski made a dramatic shift on June 30, 2026. Kotowski downgraded Goldman Sachs (GS), Morgan Stanley (MS), Bank of America (BAC), and Citigroup (C), and bought NVIDIA (NVDA) instead.

Rating Change

Kotowski had been a strong advocate for big banks since the 2008 crisis, shrugging off the 2011 eurozone panic, the 2016 energy blowup, COVID-19, and the 2022 rate hikes. He now downgraded those banks and replaced them with NVIDIA.

Analyst's Rationale

The source did not provide specific reasons for the shift, but the timing coincides with continued strength in the semiconductor sector and rising demand for AI chips, making NVIDIA an attractive pick.

Context

The move comes as banks face headwinds from slowing economic growth and increased regulation, while NVIDIA benefits from the AI boom. Other analysts remain mixed on both sectors.

What to Make of It

A veteran analyst's change of heart is noteworthy but not a buy or sell recommendation. Investors should conduct their own research.