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The Zacks Analyst Blog Highlights NVIDIA, Apple, Netflix and Broadcom

For Immediate Releases

Chicago, IL – June 13, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NVIDIA Corp. NVDA, Apple, Inc. AAPL, Alphabet Inc. GOOGL, Netflix, Inc. NFLX and Broadcom Inc. AVGO.

Here are highlights from Wednesday’s Analyst Blog:

A.I. Optimism Powers Nasdaq to Hit Fresh All-Time High: 5 Picks

The tech rally has been helping Wall Street hit fresh records this year. On Jun 11, the Nasdaq and the S&P 500 closed at fresh all-time highs for the second straight day.

The tech-heavy Nasdaq closed 0.9% higher at 17,343.55 points on Tuesday, as the enthusiasm surrounding artificial intelligence continued to make investors optimistic about the AI space.

Year to date, the Nasdaq Composite has gained 15.5% after soaring 43.4% in 2023, recording its best year since 2020.

Tech stocks have been performing particularly well after a not-so-impressive 2022 as higher interest rates weighed on growth stocks. However, tech companies have since rebounded and powered Nasdaq into the winning zone.

This year’s rally is particularly being driven by stocks focused on AI, particularly generative AI, which has also been helping the broader market.

Optimism Surrounding AI Powering Nasdaq Rally

While AI experts' opinions, particularly on the future of generative AI, are divided, the excitement around this field has been enormous in the past year. Many believe that AI is still in its early stages and that its full potential has yet to be realized.

NVIDIA Corp. has been a frontrunner in generative artificial intelligence (AI) and has been central to the surge in interest in this field.

Its shares have soared 211.9% in the past 12 months and 144.2% year to date.

The company’s CEO, Jensen Huang, recently unveiled the company's new AI chip architecture, dubbed "Rubin," at an industry conference in Taipei. He also announced plans to release a high-performance version of the Blackwell chip, called the Blackwell Ultra, in 2025.

The Rubin architecture will include new GPUs designed for AI systems, CPUs, and networking chips.

NVIDIA’s solid progress in the generative AI space has seen several tech giants trying to get a prominent footprint in that area. On Tuesday, Apple, Inc. unveiled a series of new AI-powered features backed by a deal with OpenAI.

Also, the advancement of smart devices is supporting the field as they require computing and learning abilities for tasks like face detection, image recognition and video analytics. These functions require high processing power, speed, memory, low power consumption, and improved graphic processors and solutions, which are all favorable conditions for the semiconductor industry.

Moreover, the semiconductor industry is experiencing a strong recovery as a result, following a period of challenges until the first half of 2022.

Our Choices

Given this scenario, it would be ideal to invest in Nasdaq stocks such as Alphabet Inc., Netflix, Inc. and Broadcom Inc., which have strong potential in 2024. These stocks have a Zacks Rank #1 (Strong Buy) or 2 (Buy) and assure good returns. You can see the complete list of today’s Zacks #1 Rank stocks here.

Alphabet Inc. is one of the most innovative companies in the modern technological age. Over the last few years, GOOGL has evolved from primarily being a search-engine provider to cloud computing, ad-based video and music streaming, autonomous vehicles, healthcare providers and others.

Alphabet’s expected earnings growth rate for next year is 31%. The Zacks Consensus Estimate for current-year earnings has improved 12.3% over the past 60 days. GOOGL presently sports a Zacks Rank #1.

Netflix, Inc. is considered a pioneer in the streaming space. NFLX has been spending aggressively on building its portfolio of original shows. This is helping Netflix sustain its leading position despite the launch of new services like Disney+ and Apple TV+, as well as existing services like Amazon Prime Video.

Netflix’s expected earnings growth rate for the current year is 52.2%. The Zacks Consensus Estimate for the current-year earnings has improved 7.5% over the past 60 days. NFLX currently sports a Zacks Rank #1.

Broadcom Inc. is a premier designer, developer and global supplier of a broad range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor-based devices and analog III-V-based products. AVGO’s semiconductor solutions are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

Broadcom’s expected earnings growth rate for the current year is 11.4%. The Zacks Consensus Estimate for the current-year earnings has improved 0.3% over the past 60 days. AVGO currently carries a Zacks Rank #2.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance  for information about the performance numbers displayed in this press release.

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Apple Inc. (AAPL) : Free Stock Analysis Report

Netflix, Inc. (NFLX) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Broadcom Inc. (AVGO) : Free Stock Analysis Report

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

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