Nvidia (NVDA) and Amazon.com (AMZN) did not make it onto the latest roster of acquisitions by leading mutual funds this month, keeping the artificial intelligence version of musical chairs in play. While Apple (AAPL) and Microsoft (MSFT) garnered attention from prominent money managers, NVDA and AMZN stocks were overlooked.
The top mutual funds allocated over \(4.18 billion towards purchasing MSFT stock and nearly \)4 billion in AAPL stock, which recently gained prominence as the IBD Stock Of The Day following a breakout.
Among the esteemed Magnificent Seven stocks like Alphabet (GOOGL), Meta Platforms (META), and Tesla (TSLA), there have been recent additions and removals in the monthly screening updates.
Nvidia introduced a new camera in October, with Amazon seizing the spotlight in November. Tesla’s property debut in August stemmed from an AI-driven trend, influencing the demand for Meta shares and Google as well.
Beyond the Magnificent Seven, various businesses capitalizing on artificial intelligence and other transformative shifts witnessed notable stock purchases by leading mutual funds.
This month’s acquisitions and divestments by prominent funds are detailed in the provided links.
Leading Mutual Funds Embrace AI-Centric Investments
It is no surprise that major fund managers have directed their investment focus towards companies leveraging the transformative power of artificial intelligence, permeating a wide spectrum of industries.
While Apple, Microsoft, Nvidia, and other key players have intermittently graced the list of new acquisitions by top mutual funds, leading business technology firms have engaged in a dynamic game of musical chairs.
As industry stakeholders integrate machine learning, cloud computing, and other AI-driven technologies into their operations, this edition features 14 prominent business technology entities. Notable mentions include Workday (WDAY), Salesforce.com (CRM), Shopify (SHOP), Datadog (DDOG), and Palantir Technologies (PLTR).
Cybersecurity firms such as Palo Alto Networks (PANW), CrowdStrike (CRWD), and Zscaler (ZS) have harnessed AI solutions to bolster cloud network security for their clientele.
Adobe, recognized as a leading AI innovator akin to Microsoft in the industry realm, features prominently among the coveted AI-centric entities.
Uber Technologies (UBER), poised to enter the S&P 500 index, stands out as a trailblazer in the ride-share sector, continually advancing AI enhancements across its platforms and brands.
