Investors Could Be Underestimating These Two Key AI Stocks
Artificial intelligence stocks are still very hot, but they can also make for risky investments as the market fluctuates. Two stocks stand out as being good long-term investments according to major financial firms.
HSBC says that AMD (AMD) is an important artificial intelligence company that has incredible growth potential. They recently upgraded the semiconductor chip company to a status of Hold, from their previous Buy rating. AMD is up today on the stock market by 1.82%, even though the wider markets are down.
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The stock is rising fast but could go much higher. It is currently on a long downtrend but may have reached its support level and looks to be turning around and seeking higher ground. The stock has performed well overall this year, starting January off at about $1.38 per share and increasing to its current price of $163 per share. It soared as high as $211 just recently and could easily repeat that soon.
Nvidia Is Still a Worthwhile AI Stock
Financial firms still have a lot of confidence in Nvidia (NVDA), calling it a stock with staying power. They expect the stock to do incredibly well this year, especially after its remarkable performance already that saw the stock gain 97% between January and late March of this year.
Evercore ISI says that Nvidia will outperform expectations, and they anticipate that the AI stock will double by the end of the year hitting somewhere around $1,600 per share. It is Nvidia’s software ecosystem that sets it apart, as many tech companies rely on what Nvidia creates to power their Ai projects.
The consensus from most financial experts is that Nvidia is one stock you do not want to sleep on, and its initial performance this year is only the tip of the iceberg for what it will accomplish before 2024 is through.
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