In a message addressed to investors on Friday, a Lynx Equity Strategies analyst suggested acquiring Apple shares (NASDAQ:AAPL) while recommending a reduction in Nvidia (NASDAQ:NVDA) holdings ahead of the upcoming GPU Technology Conference (GTC) event scheduled later this month.
The analyst highlighted the increasing importance of AI adoption, emphasizing the active involvement of industry giants like Apple and Google (NASDAQ:GOOGL). This challenges the traditional view of these companies merely as financial supporters for current AI leaders such as Nvidia and AMD (NASDAQ:AMD).
By underscoring the crucial role of tech titans like Apple and Google in propelling the global AI revolution, the analyst raised questions about the willingness of investors to rely solely on a single hyperscale cloud provider like MSFT for the widespread application of AI technology.
The analyst emphasized the inevitability of AI integration into everyday life and stressed the importance of prompt and efficient global expansion for this transformative technology.
It was noted that the advancement of the AI revolution significantly depends on the active participation of AAPL and GOOG. Any potential lag from these companies could have implications for the industry as a whole.
In the aftermath of the fiscal Q1 2024 report, Bank of America analysts reiterated a Buy rating for Broadcom (NASDAQ:AVGO) and increased the price target from \(1,500 to \)1,680. They foresee a potential upswing in AVGO’s non-AI semiconductor sales in the latter half of the year, anticipating double-digit growth by the end of the fourth quarter extending into the 2025 fiscal year.
Furthermore, they anticipate a secular growth trend of 20-25% CAGR in AI sales, with a specific focus on high-speed switches. The analysts also highlighted the growing importance of Meta (NASDAQ:META) as an additional ASIC customer for AVGO alongside its strong presence at Google.
Despite being a preferred AI stock selection, analysts at Melius Research expressed optimism about AMD’s future prospects, particularly in data centers. They adjusted their projections for the chipmaker, anticipating improved performance in both the short and long term. Melius Research also raised AMD’s price target from \(192 to \)265, citing the expected benefits from AMD’s MI300X AI chip in the evolving “inferencing phase” of AI.
Additionally, Mizuho Securities analysts took a forward-looking stance on the AI and custom silicon landscape, highlighting Arm’s expansion into the Mobile and Data Center sectors. They raised ARM’s price target to \(160 from \)100, foreseeing further growth potential post-IPO.
Moreover, Wedbush analysts raised the price target for Palantir (NYSE:PLTR) to \(35 from \)30, acknowledging the company’s AI capabilities through its Artificial Intelligence Platform (AIP). They praised Palantir’s strategic positioning to leverage the increasing enterprise demand for AI solutions, envisioning a significant market share in the projected $1 trillion AI Global Total Addressable Market (TAM).
