AI Stocks in Technical View 🕵️🕵️🕵️
AI, the hottest investment theme in 2024 without doubt. Artificial Intelligence trends continue to redefine the technological landscape, introducing innovations that enormously enhance software capabilities and greatly influence human activities across various sectors. As we power through 2024, staying ahead of today's key AI trends is essential for IT professionals and businesses aiming to leverage cutting-edge technologies to drive growth and innovation. Let's dive into a few AI hot stocks in market today.
PLTR
This week, Palantir has won a $480 million contract from the U.S. Department of Defense for a prototype known as the Maven Smart System, deepening the data analytics provider's work with the Pentagon. Maven takes in data from various sources to identify military points of interest and to speed up intelligence analysts' work.
PLTR daily chart
For PLTR, again, for the 4th time, the share price retraces to the blue coloured neckline support at around 20.30 USD. As I predicted last week, PLTR really rebounded strongly again once it touched this critical support. Let's see if PLTR can remain this positive momentum next week or not. Personally, I am more towards the bullish vote for $Palantir Technologies Inc.(PLTR)$
C3
C3.ai shares jumped around 20% on last Thursday after the enterprise software company reported fiscal fourth-quarter results and guidance for the next year that topped expectations. Looking to fiscal 2025, C3.ai expects to generate between revenue between 370M and 395M USD, above the estimated 367.7M USD.
C3 daily chart
C3 has quite a similar neckline support pattern like PLTR, but not exactly the same. As you can see from the chart drawn above, 23.59 USD acts as a very strong and important neckline support for C3. The share price touched this support for at least 5 times, since Oct 2023. With the recent great earnings, C3 rebounded strongly at this support and now even broke through its EMA trendline resistance as highlighted in blue circle in the chart above. With all the positive indications, I am bullish for $C3.ai, Inc.(AI)$
META
Meta is investing “aggressively” to support AI research and product development efforts. The company has its own large language model (LLM) called Llama, the latest version of which (Llama 3) was released in April and is used to power its assistant Meta AI. The company is also working on the infrastructure necessary for AI workloads and introduced last month its custom-made chips.
Meta daily chart
From the chart above, we can see that Meta fails to sustain above its EMA50 blue coloured trend line. For the past 2 days, the share price broke below EMA50 towards the critical neckline support at 452.12 USD. This is a gap up support formed on early February, and I think $Meta Platforms, Inc.(META)$
Amazon
Amazon Prime Air drone program has been cleared by US regulators to fly devices beyond the visual line of sight of pilots, increasing range and giving more customers access to the service. The approval, which means pilots won't need to be able to see the drones with their own eyes, will allow Prime Air to scale deliveries in the US.
Amazon daily chart
As we can observe from the chart above, Amazon experienced a double top pattern, which is a bearish trend reversal pattern. Therefore, next week will be bearish for $Amazon.com(AMZN)$
Microsoft
Microsoft seems to be concerned about some of OpenAI's business dealings. Satya Nadella recently met with Sam Altman to discuss a new OpenAI deal. OpenAI recently sealed a major deal with Apple. Microsoft is reportedly concerned about how the deal could affect its product ambitions.
Microsoft daily chart
As we can see, Microsoft share price failed to stay above its EMA50 trendline. The broke down last night will further push the share price down towards EMA200 trendline support around 380 USD. A bearish vote for $Microsoft(MSFT)$
How do you like AI and semiconductor stocks? Which are your top picks? Are they being mentioned above, else kindly share your favourite choice in the comments below, thanks!
@TigerStars @MillionaireTiger @CaptainTiger @Tiger_comments @TigerGPT @Daily_Discussion
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Here is an analysis of the AI stocks you mentioned:
Palantir Technologies Inc. (PLTR):
Business and Industry: Palantir is a data analytics provider that works with various sectors, including the U.S. Department of Defense. They use their Maven Smart System to analyze data and identify military points of interest.
Earnings: In the latest earnings report, Palantir reported an EPS of $2.95 for Q1 2024, with a net profit margin of 35.47%. The company has a positive earnings forecast, with an estimated EPS of $11.79 for FY 2024.
Trend Analysis: The stock has retraced to the blue neckline support at around $20.30 multiple times, showing strong rebound each time. It is important to monitor if the positive momentum can be sustained.
Valuation Analysis: Analysts have a target price range of $9.0 to $35.0 for Palantir, with a mean estimate of $21.45. The analyst recommendation is mixed, with 3 buy, 8 hold, 3 underperform, and 2 sell ratings.
Amazon.com Inc. (AMZN):
Business and Industry: Amazon is a multinational technology company that focuses on e-commerce, cloud computing, and artificial intelligence. It operates various online marketplaces and offers a wide range of products and services.
Earnings: In the latest earnings report, Amazon reported an EPS of $1.00 for Q1 2024, with a net profit margin of 7.28%. The company has a positive earnings forecast, with an estimated EPS of $4.54 for FY 2024.
Trend Analysis: The stock experienced a double top pattern, indicating a bearish trend reversal. It is expected to pull back towards the strong neckline support level at $165.78 before potentially rebounding.
Valuation Analysis: Analysts have a target price range of $180.0 to $500.0 for Amazon, with a mean estimate of $227.10. The analyst recommendation is positive, with 41 buy, 1 hold, and no sell ratings.
Microsoft Corporation (MSFT):
Business and Industry: Microsoft is a multinational technology company that develops, manufactures, licenses, supports, and sells computer software, consumer electronics, and related services. It is involved in various sectors, including AI.
Earnings: In the latest earnings report, Microsoft reported an EPS of $0.05 for Q1 2024, with a net profit margin of 16.64%. The company has a positive earnings forecast, with an estimated EPS of $0.33 for FY 2024.
Trend Analysis: The stock broke down below its EMA50 trendline and is expected to move towards the EMA200 trendline support around $380.00. Short-term outlook for Microsoft is bearish.
Valuation Analysis: Analysts have a target price range of $436.0 to $600.0 for Microsoft, with a mean estimate of $483.33. The analyst recommendation is positive, with 33 buy, 3 hold, and no sell ratings.
Please note that the above analysis is for informational purposes only and should not be considered as investment advice. It is important to conduct thorough research and analysis before making any investment decisions.