Legendary value-stock investor Bill Nygren, co-manager of the Oakmark Fund OAKMX, says that the S&P 500 “looks more like a growth fund today than it ever has” — but he adds that the benchmark U.S. stock index isn’t overpriced.

Nvidia had a rocky start to the year. That has done little to dull its popularity among individual investors, many of whom are positioning for the shares to rally after Wednesday’s earnings report.The graphics-chip maker lost nearly $600 billion in market value in a single session in late January when news of a lower-cost artificial-intelligence model from Chinese company DeepSeek temporarily rattled investors’ confidence in the AI trade.