The post 2 AI stocks with ‘strong buy’ ratings for July 2024 appeared on BitcoinEthereumNews.com.

The recent pullback in artificial intelligence (AI) and the semiconductor sector has presented investors with another entry point as the stock market heads into July, a month that has brought positive performance for the previous 16 years. With this in mind, Finbold analyzed the ongoing trends and tracked down the two best investments in the AI sector for the upcoming month. Micron (NASDAQ: MU) Micron Technology (NASDAQ: MU), a leading supplier of dynamic random-access memory (DRAM) and non-volatile memory (NAND) used in PCs and data centers, has seen its stock soar 72% this year. This surge is mainly due to the exploding demand for high-performance memory modules from AI servers. The memory and storage markets are known for their cyclical swings in demand and pricing. Last year, the semiconductor industry experienced an 8% revenue decline, primarily due to falling memory prices. However, AI technology is now pulling Micron out of this slump, as the most recent Q3 report revealed a revenue increase of 82% year-over-year. Micron’s bottom line has significantly improved due to the short supply of high-performance memory chips. In the fiscal third quarter, the company reported a $0.62 earnings-per-share. Strong demand from the data center market is expected to support favorable pricing trends and further boost the company’s earnings growth. The current report surpassed expectations while falling in line with the growth outlook, causing the MU stock to slump 6% in the pre-market. Nevertheless, Wall Street analysts assign MU shares a “strong buy” rating. Of 21 experts, 19 opted for a “buy” recommendation, two advised investors to “hold,” and none pointed towards a “sell.” The average price target for MU stock indicates a further 10.39% upside at $157.15 from the current price levels. Analysts’ prediction for MU stock. Source: TipRanks Amazon (NASDAQ: AMZN) E-commerce and cloud-computing giant Amazon…

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Filed under: News - @ June 27, 2024 10:24 am