This financial picture shows continued investor confidence, but also opens the door to investment opportunities beyond traditional stocks, especially in the promising artificial intelligence sector.
Enthusiasm among investors persists, with a solid 44.3% bullish sentiment that remains above its historical average of 37.5%, evidencing confidence in the market. Nvidia continues to reign in investor preference, although there are signs of opportunities for bigger gains in other top stocks.
The technology sector, especially artificial intelligencehas been the main engine of the S&P 500, led by the “Magnificent 7”: Apple (AAPL), Microsoft (MSFT), Meta (META), Amazon (AMZN), Alphabet (GOOGL), Nvidia and Tesla (TSLA). However, there are glimpses Stocks with potential for higher profits this year.
Despite Nvidia continues to be the undisputed leader among the “Magnificent 7” with a staggering +265% increase in revenue, there is a select group of companies that are expected to exceed this growth in 2024.
Notable examples include:
- Allstate (ALL) with a forecast of earnings per share (EPS) growth of +1211%.
- Merck (MRK) with +466%.
- And others like Stanley Black & Decker (NYSE:SWK), Estee Lauder (EL), Tyson Foods (NYSE:TSN), Paramount Global (PARA), Eli Lilly (NYSE:LLY), and Targa Resources (TRGP) with positive expectations .
It should be noted that since the beginning of the pandemic in 2020, some stocks have outperformed Nvidia in terms of performanceas Celsius (CELH), Antero Resources (AR), and Range Resources (RRC).
Additionally, Advanced Micro Devices (NASDAQ:AMD) has climbed to become the 25th stock on the S&P 500 and the 10th on the Nasdaq 100, although it is not part of the “Magnificent 7.”
Regarding the current exhibition, the distribution is as follows:
- Nvidia: 20.03%
- Goal: 17.12%
- Amazon: 14.35%
- Microsoft: 13.87%
- Alphabet: 12.93%
- Apple: 12.03%
- Tesla: 9.52%
If you are interested in investing in the artificial intelligence sector, there are notable products, such as the Allianz Global Artificial Intelligence Fund, the DWS Artificial Intelligence, the WisdomTree Artificial Intelligence ETF and the Global X Robotics & Artificial Intelligence ETF, the latter with a strong bet at the Nvidia company.
This financial picture shows continued investor confidence, but also opens the door to investment opportunities beyond traditional stocks, especially in the promising artificial intelligence sector.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
