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Chicago, IL – September 16, 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, Broadcom Inc. AVGO, Apple Inc’s AAPL and Taiwan Semiconductor Manufacturing Co. Ltd. TSM.
Here are highlights from Monday’s Analyst Blog:
What AI Bubble? NVIDIA & 2 Other Chip Stocks with Strong Price Upside
Of late, the stock market has wavered, with tech stocks underperforming in July and August. The euphoria about the artificial intelligence (AI) revolution faded following the post-earnings decline in shares of prominent chipmakers, leaving Wall Street without a major driver.
Chip stocks tanked from a mid-July high as their stretched valuations raised doubts about their capability to sustain real revenue growth, which resembles the dot-com bubble of the late 1990s and early 2000s.
However, the AI boom is here to stay and will drive the prices of chip stocks northward. In reality, chip stocks have now begun to gain ground by banking on the strength of AI. Thus, it’s prudent for investors to keep an eye on chip stocks like NVIDIA Corp., Broadcom Inc. and Taiwan Semiconductor Manufacturing Co. Ltd., which display strong price upsides and increase shareholders’ wealth.
AI is Not in a Bubble Like Dot Com
The foundation of AI is based on practical applications whereas the dot-com companies had business models based on speculative ideas. Moreover, several sectors, including technology, healthcare, transportation, agriculture and finance, are adopting AI, curtailing sector-related bubbles’ risks.
Companies from these sectors utilize AI for product innovation, efficiency and cost savings. Thus, AI has more tangible economic benefits in contrast to the abstract nature of the dot-com period. Mature infrastructure like cloud computing platforms supports the deployment of AI technologies. However, these established infrastructures were not there for dot-com ventures.
Booming AI to Boost the Stock Price of NVDA, AVGO, TSM
The global AI industry expanded beyond $184 billion in 2024, a jump of nearly $50 billion from 2023. The astounding growth is estimated to continue till 2030, with AI market size surpassing $826 billion, according to Statista.
NVIDIA will benefit from this growth since the chip giant provides hardware and technologies vital for AI applications. NVIDIA’s graphic processing unit (GPU) is a core part of the computer server infrastructure required to train large language models and function AI interfaces.
Broadcom also plays a crucial role in the AI ecosystem. Its products used in data centers are important for AI applications. Broadcom’s CEO Hock Tan expects the company’s AI revenues to climb to $12 billion in fiscal 2024 and increase further in fiscal 2025 due to an uptick in demand for custom accelerators for AI data centers. Broadcom’s AI revenues increased 10% sequentially in the fiscal fourth quarter to about $3.5 billion.
Taiwan Semiconductor, or TSMC, manufactures chips for companies that make AI hardware and are therefore well-poised to gain from the flourishing AI industry. TSMC’s manufacturing capability is required for GPUs to be functioning. These GPUs are essential for data centers where huge amounts of data are stored. These data are needed for AI applications, whose demand has shot up and, in turn, is expected to boost TSMC’s business.
NVIDIA Stock – Offers Price Upside of Up to 71.1%
A possible green light from the U.S. government to export chips to Saudi Arabia, the launch of the much anticipated next-generation Blackwell chip and a wide competitive moat in the GPU market space will surely help the NVIDIA stock to scale northward (read more: 2 Reasons NVIDIA Stock Popped Yesterday With More Room to Run).
Brokers, thus, have jacked up the average short-term price target of NVDA by 27.7% from the stock’s last closing price of $116.91. The highest price target is $200, an upside of 71.1%.
Broadcom Stock – Offers Price Upside of Up to 51.6%
Broadcom’s capability to pay off debts banking on strong cash flow should propel its stock price. Broadcom’s free cash flow (FCF) was $4.791 billion in the fiscal third quarter, while revenues came in at $13.07 billion. Thus, the FCF margin was 36.65% (i.e., $4.791 billion/$13.07 billion in revenues), slightly more than last quarter’s 36% (read more: Broadcom Selloff Explained! Should You Buy the Dip in AVGO Stock?).
Hence, brokers have increased the average short-term price target of AVGO by 20.3% from the stock’s last closing price of $158.27. The highest price target is $240, an upside of 51.6%.
TSMC Stock – Offers Price Upside of Up to 46.9%
TSMC’s significant pricing power due to its supremacy in the high-end chip market, and being the exclusive manufacturer of Apple Inc’s AI chips should help its share prices scale upward (read more: 2 AI Stocks That Can Be the Next NVIDIA).
Therefore, brokers have raised the average short-term price target of TSM by 20.3% from the stock’s last closing price of $170.23. The highest price target is $250, an upside of 46.9%.
Shares of NVIDIA, Broadcom, and TSMC have soared 140.6%, 47.4% and 64.8%, respectively, so far this year.
All these stocks have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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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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Mining company BHP Group Ltd has flagged an acute shortage of copper metal as global Big Techs, including Microsoft Corp , Google parent Alphabet Inc , Amazon.Com Inc , and more, splurge on their artificial intelligence ambitions.
The growth of data centers and AI could boost global copper demand by 3.4 million tonnes a year by 2050, the Financial Times cites BHP’s CFO Vandita Pant.
Pant told the FT that BHP Group expects global copper demand to reach 52.5 million tonnes annually by 2050, up 72% from 2021. Previously, the mining company had warned against a possible rise in copper prices as the demand outweighed supply.
Also Read: BHP Averts Strike At World’s Largest Copper Mine, Stabilizes Chinese Copper Supply
Copper is indispensable for industries pivotal to the zero-emission target, including power cables, electric vehicles, and solar farms. Therefore, a crisis in the metal could hamper the prospects of companies ranging from Microsoft, Google, and Amazon to EV companies like Tesla Inc and more lest Nvidia Corp , fails to supply AI chips to the Big Techs due to the copper crisis.
JPMorgan analyst Patrick Jones projected a four million metric tonnes copper deficit by 2030, courtesy of EVs and renewable energy demand. The analyst also blamed China’s weak demand, which accounts for over 50% of global copper demand.
BHP Group’s copper production rose 9% in fiscal 2024 for the second successive year, reaching 1.9 million tons. The average realized copper prices increased in fiscal 2024.
BHP Group has snapped a 50% stake in Argentina’s Filo del Sol and Josemaria copper projects, which have the potential to help accomplish a 70% increase in global copper demand by 2050.
BHP Group expects the production to grow by another 4% in fiscal 2025, reaching 1.85 million tons–2.05 million tons.
BHP Group’s stock has been down close to 14% in the last 12 months. Investors can gain exposure to the stock through the Avantis International Equity ETF (NYSE:AVDTHE) and Dimensional International Core Equity Market ETF .
Price Action: BHP stock is up 0.42% at $53.11 premarket at the last check on Monday.
Also Read:
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get started!
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
If any company has dominated the limelight most amid the artificial intelligence (AI) megatrend, it has easily been Nvidia . Up a jaw-dropping 2,659% in just the last five years, Nvidia's AI chips have emerged as the preferred choice for so-called hyperscalers like Google (GOOGL), Microsoft (MSFT), and Meta Platforms (META) to power their generative AI platforms - a market touted to reach about $1.3 trillion by 2032.
However, recently it seems that some cracks have started to emerge in Nvidia's Cinderella story. Concerns over China export controls, overvaluation in the stock, the pace of AI demand, and even the wider U.S. economy all culminated in Nvidia experiencing the worst-ever share price fall in history, erasing a whopping $279 billion off its market cap.
Backed by strong fundamentals and continuous innovation, Nvidia's steady rise is expected to continue, even if at a somewhat decelerated pace. However, the recent volatility in NVDA is a good reminder that investors seeking long-term AI returns would be wise to include some exposure beyond the obvious industry leader.
Fortunately, analysts at Morgan Stanley and Citi recently called out these two alternative AI stocks as their top picks - though one key catalyst seems to be top of mind. Here's a closer look.
Apple Stock
Cupertino-based behemoth Apple has gone far beyond the realm of being a mere tech company. Co-founded by the legendary Steve Jobs and now helmed by Tim Cook, Apple has become a consumer brand synonymous with aspirational devices, and has been a part of our cultural zeitgeist for years.
With products like its flagship iPhone, Macbooks, Apple Watch, Air Pods, and iMacs in its repertoire, all connected by the ecosystem of its highly profitable Services business, the company is seemingly a giant in whichever area it operates in. This has resulted in AAPL becoming the most valuable company in the world, with a gargantuan market cap of $3.4 trillion.
Up 15.6% on a YTD basis, Apple stock offers a dividend yield of 0.45%, backed by 10 years of consistent growth. Further, with a payout ratio of just 14.89%, Apple can comfortably continue to grow its dividends in the coming years.
Due to the immense popularity of its products and services, Apple has been a revenue and earnings-compounding machine over the years. In the last 10 years, while Apple's revenues have compounded at a rate of 8.03%, earnings have clocked a CAGR of 10.21%.
In the most recent quarter, AAPL beat estimates on both revenue and earnings. During its fiscal Q3, Apple's net sales rose to $85.8 billion, up 4.9% on growth in both Products ($61.6 billion, +1.6% YoY) and Services ($24.2 billion, +14.1% YoY). The company reported record-breaking revenues in two dozen countries, including Germany, Canada, Mexico, and the UK.
EPS rose by 11.1% to $1.40, surpassing Wall Street's expectations and marking the company's sixth consecutive quarterly earnings beat.
Always a cash-rich company, Apple closed the quarter with a healthy cash balance of $25.6 billion, more than double its current debt levels of $12.1 billion.
Apple's launch of new iPhone 16 models has shifted Wall Street's attention to its AI strategy. In addition to the usual selling points, Apple said it will gradually roll out Apple Intelligence to approximately 40% of its iPhone user base by the end of this year, with plans to expand that to over 70% by the end of next year.
Apple Intelligence will focus on enhancing user experiences through new writing tools and emojis, improving photo capture and editing for reliving memories, offering smarter email and notification summaries for better prioritization, and refining control features with upgraded Siri, improved natural language understanding, and personalized settings. Notably, a recent Morgan Stanley survey revealed that nearly 60% of iPhone owners planning to upgrade in the next 12 months, citing Apple Intelligence as an important factor in their decision.
Prior to the device launch, Apple has been building up its AI prowess quietly over the years. Between 2016 and 2020, Apple was the biggest acquirer of AI startups, scooping up 25 companies in the process. The company also has its own AI Large Language Model (LLM) named Ajax, which has been trained on more than 200 billion parameters. It is also working on a new version of Xcode and other development tools that build in AI for code completion, which would improve the quality of third-party apps on the iPhone.
Citing confidence about Apple's AI capabilities and its muscle to compete with fellow tech giants in the space, Citi analyst Atik Malik named AAPL as his top AI pick. With a $255 price target, Malik said, "It will take time for consumers to test all these new capabilities and really see the impact of how it can improve daily life, before the adoption of AI phones go into the mass consumer market, and we view Apple as in the best position to make it possible given its leading position in the premium smartphone market and seamless integration of software and hardware."
Overall, analysts have an average rating of “Moderate Buy” for AAPL stock, with a mean target price of $246.61. This indicates an upside potential of about 10.8% from current levels. Out of 31 analysts covering the stock, 18 have a “Strong Buy” rating, 4 have a “Moderate Buy” rating, 8 have a “Hold” rating, and 1 has a “Strong Sell” rating.
Arm Holdings Stock
Founded in 1990 as a joint venture between Acorn Computers, Apple, and VLSI Technology, Arm Holdings designs semiconductor processors and intellectual property (IP). While the company does not manufacture chips itself, its processor designs are widely licensed by companies across various sectors, including mobile devices, automotive, networking, and IoT (Internet of Things).
The ARM architecture is known for its energy efficiency, making it the preferred choice for mobile devices, including smartphones and tablets. The company's processors power more than 95% of the world's smartphones, including Apple's iPhone. After a blockbuster IPO about a year ago, Arm now commands a market cap of $145.8 billion, with the stock up a whopping 96.1% on a YTD basis.
In its results for the latest quarter, ARM beat Wall Street's expectations on both revenue and earnings, though investors sold the news on light guidance. In its fiscal Q1, Arm reported total revenues of $939 million, up 39.1% from the previous year, while EPS jumped 67% to $0.40, outpacing the consensus estimate of $0.34.
Key operating metrics, such as annualized contract value ($1.2 billion, +14% YoY) and remaining performance obligations ($2.2 billion, +29% YoY), increased from the prior year, as well. Liquidity-wise, Arm wrapped up its Q1 with a cash and equivalents balance of about $2.5 billion, much higher than its debt levels of $254 million.
Arm's strong financial performance is driven by the widespread use of its architecture in the smartphone market, and its growing adoption among companies seeking to enhance their AI capabilities. Management has noted that recent increases in royalty revenue stem from customers transitioning from Armv8 to Armv9 for AI applications, such as high-performance computing. Additionally, Arm’s chip shipments have grown at an average of 4% over the past three years, while revenue per shipment has risen by 7%, supported by a prestigious customer base including Google, Microsoft, and Nvidia.
In terms of Arm's application by its customers, Microsoft recently launched its Copilot+ PCs powered by Arm. On Windows 10 and 11, 87% of app usage comes from native Arm versions, excluding gaming. Google also introduced its Axiom Processors, running on Arm-based CPUs for its cloud data centers. Amazon’s Graviton 4 is built on the latest Armv9 architecture for AWS data centers, while Nvidia’s Arm-based Grace Hopper CPU supports generative AI applications. Arm’s revenue per licensee has also grown by an average of 4%, driving its license revenue upward.
Arm continues to capture market share in the chip industry, with its share rising from 39% in 2014 to 51% in 2023, thanks to its cost-effective and energy-efficient chips. For example, the Cortex-A725 CPU delivers 35% better performance efficiency. Arm-based CPU architecture has proven highly energy efficient in AI training, with Google Cloud Axiom showing a 60% improvement in energy efficiency over legacy competitors, and Oracle Cloud’s Ampere Altra Max using 2.8 times less power than traditional alternatives. Arm’s latest Armv9 architecture for smartphones offers 25% better power efficiency than its predecessor, the Cortex-A720, enhancing 3D gaming graphics and improving the energy performance of daily apps.
Finally, the upcoming launch of the iPhone 16 models is expected to significantly benefit Arm. Apple uses Arm's processor IP for designing chips in its products, and Bloomberg estimates sales of around 90 million units for the new models. This will generate licensing fees for Arm, along with royalty payments for each product sold that incorporates Arm’s IP. Morgan Stanley is forecasting upside from Apple Intelligence device upgrades well into fiscal year 2026 for Arm, and named the stock its top AI pick with a price target of $175.
Overall, Wall Street rates Arm stock a “Moderate Buy.” Out of 24 analysts covering the stock, 16 have a “Strong Buy” rating and 8 have a “Hold” rating. ARM trades at a premium to its mean price target of $137.73, while Morgan Stanley's new price target implies expected upside of 18.7%.
On the date of publication, Pathikrit Bose did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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