AI Stocks - ๐๐ Technical Analysis
AI is a broad field that encompasses many different disciplines, including computer science, data analytics and statistics, hardware and software engineering, linguistics, neuroscience, and even philosophy and psychology. AI is the hottest investment theme in 2024 without doubt. Let's dive into a few AI hot stocks in the market today.
PLTR
Palantir is certainly an AI stock to watch, with its impressive growth and strategic moves, but it's not all smooth sailing. The company's ability to deliver consistent growth, and meet or exceed investors' lofty expectations, will be crucial in justifying its high valuation. Its late summer earnings report will be a key moment to see if the company can keep up its momentum, especially if any guidance updates are offered.
PLTR daily chart
For PLTR, since the share price retraced to the blue coloured neckline support at around 20.30 USD, it rebounded from end May until now following its strong earnings results. Last week, the share price was rejected by its midterm downtrend resistance (orange coloured line) for the 3rd time. For such, I think PLTR will face some selling pressure next week and undergo further correction, therefore a bearish vote for $Palantir Technologies Inc.(PLTR)$
C3
For multiple quarters, C3.ai has failed to show that it can generate any serious revenue growth, despite the opportunities it possesses in AI. The company provides AI solutions for a wide range of industries, but investors have been less than impressed with its results, at least until recently. In its last fiscal quarter, the company hit record numbers and posted impressive quarter-over-quarter growth. And that led to a surge in its share price.
C3 share price
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 at least 4 times, since 2024. With the recent great earnings, C3 rebounded and gapped up strongly. Last week, C3 suffered some pullback after hitting 33 USD. A near term support that I am looking at will be around 27 USD, which is not far from current price. I believe $C3.ai, Inc.(AI)$
META
Meta's 450% surge offers potential for next tech stock split. Meta is the only Magnificent Seven member that never splits stock. Nvidia's recent split has put the practice back in focus, the most recent case is the one from Broadcom.
Meta share price
From the chart above, we could see that Meta successfully rebounded near the critical neckline support at 452.12 USD, which aligned with my prediction in the past 2 weeks. With all the EMA lines facing upwards as shown in the chart, I believe $Meta Platforms, Inc.(META)$
Amazon
Amazon said it is investing 230 million USD in the form of Amazon Web Service (AWS) credits in artificial intelligence startups, the latest example of cloud providers trying to capture AI clients from nascent stages. The credits will provide early-stage generative AI startups free access to computing power, a variety of AI models, and infrastructure, if they build their companies on AWS.
Amazon daily chart
As we can observe from the chart above, Amazon experienced a triple top pattern, which is a bearish trend reversal pattern. That was the reason that we observed a pullback in its share price towards end of last week. With this setup, I think $Amazon.com(AMZN)$
Microsoft
Microsoft is one of OpenAI's first and largest investors. The Redmond giant has integrated AI across most of its products and services, and there's no sign of it slowing down. Last month, Microsoft CEO Satya Nadella was reportedly worried about OpenAI's new partnership with Apple and how it would impact its AI advances, products, and services, which rely heavily on the ChatGPT maker's technology.
Microsoft daily chart
As we can see, Microsoft share price rebounded strongly since two weeks ago, following the bullish sentiment in AI and semiconductor related theme rally. With this rebound, Microsoft share price is trading at its all time high now. I believe $Microsoft(MSFT)$
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 @Tiger_comments @MillionaireTiger @CaptainTiger @TigerGPT
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Palantir Technologies Inc. (PLTR) - Stock Overview:
Palantir Technologies Inc. is a company in the AI industry that provides data analytics software and services to government agencies and large corporations.
The company has shown impressive growth and strategic moves, but its ability to deliver consistent growth and meet investors' expectations will be crucial in justifying its high valuation.
The latest earnings report for Palantir is not available in the provided information.
The earnings forecast for Palantir indicates that the company is expected to have a positive growth trajectory in the coming years. The forecasted EPS for 2024FY is $0.33 (USD), with forecasted gross income of $2.70 billion (USD) and forecasting EBIT of $879.50 million (USD).
The recent trend analysis shows that Palantir's stock price retraced to the blue-colored neckline support at around $20.30 USD and rebounded following strong earnings results. However, the stock price was rejected by its midterm downtrend resistance (orange-colored line) for the third time, indicating potential selling pressure in the short term.
The valuation analysis suggests that 16 analysts have forecasted the target price for Palantir. The mean, low, and high target estimates are $21.45, $9.0, and $35.0, respectively. The analyst recommendation for Palantir is 2 recommend, 3 buy, 8 hold, 3 underperform, and 2 sell.
Microsoft Corporation (MSFT) - Stock Overview:
Microsoft Corporation is a company that has integrated AI across most of its products and services and is one of OpenAI's first and largest investors.
The latest earnings report for Microsoft is not available in the provided information.
The earnings forecast for Microsoft indicates positive growth expectations. The forecasted EPS for 2024FY is $11.79 (USD), with forecasted gross income of $244.92 billion (USD) and forecasting EBIT of $109.15 billion (USD).
The recent trend analysis shows that Microsoft's stock price has rebounded strongly since two weeks ago and is currently trading at its all-time high. This indicates strength in the stock and its position as the second most valuable company in the world by market capitalization.
The valuation analysis suggests that 46 analysts have forecasted the target price for Microsoft. The mean, low, and high target estimates are $484.65, $436.0, and $600.0, respectively. The analyst recommendation for Microsoft is 22 recommend, 33 buy, and 2 hold.
Please note that the above analysis is based on the provided information and may not include all relevant data. It is important to conduct thorough research and analysis before making any investment decisions.
Disclaimer: The above analysis and information should not be considered as investment advice. Always do your own research and consult with a professional financial advisor before making investment decisions.