2 AI stocks with ‘strong buy’ ratings for June 2024
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The excitement surrounding artificial intelligence (AI) and its wide-ranging applications has been a major driver of the stock market rally this year. Conservative estimates place the market value of generative AI at around $1 trillion, with some projections even higher. Companies at the forefront of AI technology, especially those providing semiconductors and servers, have experienced a surge in demand, significantly boosting their stock prices. This trend shows no signs of abating, making it a compelling time to consider AI-focused investments. Moreover, Wedbush anticipates that AI-related spending will constitute about 8% to 10% of IT budgets in 2024. AI boom shows no signs of slowing down AI’s influence extends beyond traditional tech companies. For example, Apple (NASDAQ: AAPL) has recently embraced the AI boom, introducing new AI features, including upgrades to Siri, integration with OpenAI’s ChatGPT, and new writing assistance tools. This move shows Apple’s commitment to leading AI innovation and highlights the pervasive impact of AI across various sectors. Additionally, AI is transforming industries such as real estate investment trusts (REITs) that own data storage facilities. This widespread integration of AI technologies across diverse industries shows the sustained momentum in AI investment. Nvidia’s market cap milestone Nvidia (NASDAQ: NVDA) has been at the forefront of the AI revolution, briefly becoming the world’s most valuable company by market capitalization. On June 18, 2024, Nvidia’s market cap reached an impressive $3.3 trillion, surpassing industry giants Microsoft (NASDAQ: MSFT) and Apple. Although its market cap has since adjusted to about $3.1 trillion, this rapid growth highlights the significant impact of the AI boom and solidifies Nvidia’s position as a critical player in the AI market. Nvidia’s recent rally prompted Finbold to look into the fundamentals and analyst ratings of its alternatives to determine stocks that show potential buy opportunities. AI stocks with ‘strong…
Filed under: News - @ June 23, 2024 12:06 pm