AI Stocks 🧠 through their Charts Review
The function and popularity of Artificial Intelligence are soaring by the day. Artificial Intelligence is the ability of a system or a program to think and learn from experience. AI applications have significantly evolved over the past few years and have found their applications in almost every business sector. This article will help you learn about the top artificial intelligence applications in the real world. 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 has been around as an artificial intelligence software company for a while. It started back in 2003 as a platform to help government intelligence agencies process data better. More recently, Palantir has expanded outside its core market into the public sector. Palantir's years of experience with AI, coupled with an impressive client list, gives credence to its product, but it also has a secret weapon that kick-started its growth, especially in the public sector.
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. 2 weeks ago, the share price successfully broke out from its downtrend line (orange coloured line). For last week, PLTR seems to sustain well above the breakout line. A higher low is also formed in the chart pattern, therefore I highly believe Palantir $Palantir Technologies Inc.(PLTR)$
C3
C3.ai is benefiting from an expanding clientele and growing adoption of its Enterprise AI software. In fiscal 2024, 88% of bookings were driven by AI application sales and 12% were driven by the C3 AI platform.It is riding on an increasing booking diversity such as from Federal, Defense and Aerospace, Oil and Gas, State and Local Government, Manufacturing, and Energy and Utilities.
C3 daily chart
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 5 times, since 2024. With the recent great earnings, C3 rebounded and gapped up strongly. Last week, C3 suffered some pullback after hitting 33 USD. The share price seems to find some support at EMA200 trendline (circled in Orange in the chart above). A lower high is formed this week and I believe C3 $C3.ai, Inc.(AI)$
META
Apple may be augmenting its new Apple Intelligence Artificial Intelligence (AI) features with models built by Meta. The two tech giants are supposedly discussing incorporating Meta's generative AI services into iOS 18 and the next generation of iPhone models.
Meta daily chart
From the chart above, we could see that Meta successfully rebounded near the critical neckline support at 452.12 USD, since early June. Despite the pullback in AI stocks, META remains strong right now. With all the EMA lines facing upwards as shown in the chart, I believe META $Meta Platforms, Inc.(META)$
Amazon
Amazon plans to launch an online storefront for low-priced apparel and home goods, the company's biggest move to date to counter the rise of discount upstarts such as Temu and Shein. Amazon and other US retail incumbents are grappling with the rapid rise of Temu, a unit of PDD Holdings, and online fashion retailer Shein, which have lured customers with steep discounts and, in Temu's case, a barrage of advertising on television and social media.
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 few weeks ago. However, this week, the share price rebounded and for the first time, it broke through the strong neckline resistance at 189.83 USD, achieving its all time high. With this bullish setup, no hesitation to have a bullish vote for Amazon $Amazon.com(AMZN)$
Microsoft
Microsoft said it would continue to allow customers in Hong Kong to use OpenAI's artificial intelligence (AI) models through its Azure cloud computing platform, after the start-up announced it was moving to restrict access to its services from unsupported regions such as mainland China and Hong Kong.
Microsoft daily chart
As we can see, Microsoft share price rebounded strongly since early June, 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 $Microsoft(MSFT)$
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!
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Palantir Technologies Inc. (PLTR)
Business and Industry: Palantir is an artificial intelligence software company that provides data integration, analytics, and operational intelligence solutions. It initially focused on serving government intelligence agencies but has expanded into the public sector as well.
Future Growth: Palantir's years of experience with AI and its impressive client list position it well for future growth. The company's expansion into the public sector has opened up new opportunities for revenue generation.
Latest Earnings and Forecast: In the latest earnings report, Palantir reported an EPS of $0.05 and a net profit margin of 16.64%. The company's earnings forecast for 2024FY is an EPS of $0.33, forecast gross income of $2.70 billion, and forecasting EBIT of $879.50 million.
Recent Trends: The stock price of PLTR has retraced to the support level at around $20.30 and rebounded from the end of May until the current time. The current stock price is $25.33.
Analyst Viewpoints: Analysts have mixed recommendations for PLTR, with 3 recommending a buy, 7 recommending a hold, 3 recommending underperform, and 3 recommending sell. The mean target price estimate is $21.45, with a low estimate of $9.0 and a high estimate of $35.0.
Microsoft Corporation (MSFT)
Business and Industry: Microsoft is a technology company that develops, manufactures, licenses, supports, and sells computer software, consumer electronics, personal computers, and related services. It is involved in various sectors, including AI.
Future Growth: Microsoft's involvement in AI and its Azure cloud computing platform position it for future growth in the AI industry. The company's commitment to allowing customers in Hong Kong to use OpenAI's AI models further strengthens its position.
Latest Earnings and Forecast: In the latest earnings report, Microsoft reported an EPS of $2.95 and a net profit margin of 35.47%. The company's earnings forecast for 2024FY is an EPS of $11.80, forecast gross income of $244.92 billion, and forecasting EBIT of $109.14 billion.
Recent Trends: The stock price of MSFT has rebounded strongly since early June and is currently trading at its all-time high. The current stock price is $446.95.
Analyst Viewpoints: Analysts have a positive outlook for MSFT, with 32 recommending a buy, 2 recommending a hold, and no sell recommendations. The mean target price estimate is $488.19, with a low estimate of $436.0 and a high estimate of $600.0.
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.
Disclaimer: The information provided above is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, and it is important to carefully consider your investment objectives and risk tolerance before making any investment decisions.