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Investor interest in artificial intelligence-related stocks is showing little signs of slowing, with names including AMD and Intel among the top performers of the last week. Even glass and optics maker Corning got a major boost, with shares soaring 12% after it raised its guidance and cited strong demand for its products that power networks running generative artificial intelligence . Meanwhile, Nvidia 's stock continued its seemingly unstoppable rise, up around 7% over the last week. Here's a round-up of all the top analyst calls on AI stocks from CNBC Pro this week:
Persons: Corning, Here's Organizations: AMD, Intel, Nvidia, CNBC Pro
Take a look at this week's overbought names. Pittsburgh-based regional bank PNC Financial is among the week's most overbought names with an RSI of around 73. PNC YTD mountain PNC in 2024 Several real estate investment trusts, or REITs, are also at risk of a slide following this week's rally. American Tower , Alexandria Real Estate Equities and BXP are this week's three most overbought stocks. Shares of American Tower and Alexandria Real Estate Equities gained 5.9% and 6.9%, while BXP climbed more than 8%.
Persons: BXP, Corning Organizations: Big Tech, Federal Reserve, Dow Jones, Depot, Caterpillar, CNBC Pro, Pittsburgh, PNC Financial, CPI, PNC, Alexandria Real, American, Management, Corning Locations: Big, Alexandria
But Mizuho expects things will play out differently, and instead raises its price target on the electric vehicle maker, citing challenges with its robotaxis. Morgan Stanley stands by Starbucks, keeping it at an overweight, but lowering its price target. Fong's $155 price target suggests shares can jump another 19.3% over Thursday's closing level, building on a year of monster gains. Analyst Doug Anmuth hiked the mega-cap technology stock's price target by $100 to $750, now implying 14.9% upside from Thursday's close. While he upped his price target by $50 to $197, that fresh target reflects a drop of 18.3%.
Persons: Morgan Stanley, Cody Acree, Acree, — Alex Harring, Jon Tower, Chipotle, Alex Harring, BTIG, Marvin Fong, Fong, Carvana, CarMax, Doug Anmuth, Anmuth, Anmuth's, that's, he's, Christina Cheddar Berk, Vijay Rakesh, Rakesh, Joseph Spak, Spak Organizations: CNBC, UBS, Starbucks, JPMorgan, Netflix, Nvidia, Citi, Harbour, Tesla, robotaxis, Bloomberg Locations: Thursday's, premarket, China
The tech sector faces a moment of truth in its ambitious climate targets, as the growing power needs of artificial intelligence data centers jeopardize the industry's promise to slash carbon emissions. Goals at risk The energy needs of AI computing pose a significant challenge to Google's and Microsoft's ambitious climate goals. Google aims to achieve net-zero emissions by 2030 through around-the-clock carbon-free energy on every electric grid where it operates. Holcim and Skia offer construction solutions that improve energy efficiency and promise to reduce the carbon footprint of buildings. Schneider Electric and Legrand help make data center servers more efficient through power management and temperature solutions.
Persons: Keith Weiss, Morgan Stanley's, Morgan Stanley, Legrand, Schneider Organizations: Google, Microsoft, AES Corporation, Bloom Energy, AES Corp, Schneider
Before co-founding biotech startup Inceptive, Jakob Uszkoreit had an idea that would eventually make generative artificial intelligence possible. As a researcher at Google in 2017, Uszkoreit was trying to speed up the training of neural networks. That idea gave way to the transformer, the neural network architecture that underpins generative AI. He said OpenAI's ChatGPT, which was launched in late 2022, shined "the spotlight on these applications." The transformer idea was published by Uszkoreit and seven other Google researchers in the 2017 "Attention Is All You Need" paper.
Persons: Jakob Uszkoreit, Uszkoreit, OpenAI's, hasn't Organizations: Google, CNBC
The premium attached to Tesla's stock is increasingly difficult to justify as the company's core auto business deteriorates while enthusiasm over the effect of artificial intelligence on its future growth could wane, according to UBS. UBS analysts led by Joseph Spak downgraded Tesla to sell, though they increased their price target by $50 to $197 per share. The higher target still implies 18% downside from Thursday's close of $241.03 per share. But taken together, this is only $93 of identifiable value in the current share price, which means future option value represents 61% of today's stock, the UBS analysts said. "Given the lack of visibility and the risk that these growth opportunities materialize on a longer time horizon (or don't materialize at all), we rate the stock Sell."
Persons: Joseph Spak, Tesla, Spak Organizations: UBS
AI is disrupting the marketing world, but what are the dangers?
  + stars: | 2024-07-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAI is disrupting the marketing world, but what are the dangers? As some of the world's largest social platforms unveil new artificial intelligence-based capabilities at Cannes Lions 2024, CNBC's Tania Bryer investigates the dangers of AI and speaks to those campaigning to protect women and the vulnerable from the pitfalls of the technology.
Persons: CNBC's Tania Bryer Organizations: Cannes Lions
TM Roh, head of Samsung's mobile business, talks about Galaxy AI at the Galaxy Unpacked event in Paris, France. On Wednesday, Samsung launched two new foldable smartphones with new AI features as it continues to build up capabilities. PARIS — Samsung is developing its suite of artificial intelligence features known as Galaxy AI specifically for the Chinese market, the company's mobile chief told CNBC, as it looks to regain market share that has been decimated by local players. But China, the world's biggest smartphone market, has been a struggle for Samsung over the last few years. Foreign firms looking to launch AI features in China likely need to partner with local companies.
Persons: Roh, Roh didn't, Ernie chatbot, Francisco Jeronimo, Jeronimo Organizations: Galaxy, Samsung, CNBC, Huawei, Baidu, Samsung's, Apple, Apple Intelligence, IDC, Xiaomi Locations: Paris, France, PARIS, China, Europe, East, Africa
Rich Weiss wouldn't be surprised if the Federal Reserve cuts rates twice this year — and potentially before the November election. The comments from Weiss come as Wall Street continues to weigh whether the Federal Reserve will cut rates before year-end. But Weiss urges investors to diversify in this concentrated market. Although a riskier bet, Weiss is also finding opportunities in the real estate sector, which he expects should recover as rates fall. Bonds also look attractive should yields continue to come down, and could outperform stocks through the end of 2024, he added.
Persons: Rich Weiss wouldn't, CNBC's Dominic Chu, Weiss, that's, Bonds Organizations: Federal Reserve, Century Investments, American
The scale ranked AI systems by levels of intelligence, from chatbots at level one, to AI systems that could do the work of entire organizations at level five. Execs reportedly told staffers they believed OpenAI was at level one, defined as AI with conversational language skills, but was nearing level two, identified as "reasoners" with human-level problem-solving. Burden added developing AI systems to this level runs the risk of the machines "reasoning past us," something that could have consequences for the workforce. An OpenAI representative told Bloomberg the scale also included "Agent" and "Innovator" levels, which classified AI systems by their ability to take action and aid in invention. "We've got AI systems that appear to do a tiny bit of reasoning, but it's not clear if it's just a mirage."
Persons: , ChatGPT, Execs, OpenAI, Sam Altman, Altman, John Burden, Burden, they're, we're, We've, It's, Hannah Kirk Organizations: Service, Bloomberg, Business, University of Cambridge's, of Intelligence, University of Oxford Locations: chatbots
Tour $60 million mansion in Delray Beach, Florida
  + stars: | 2024-07-12 | by ( Ray Parisi | ) www.cnbc.com   time to read: +12 min
The Mar Pietra compound in Delray Beach, Florida, is being offered at $60 million. Daniel PetroniThe trophy home's massive footprint and its giant oceanfront lawn are a rare sight on this strip of beach in Palm Beach County. While the estate has been on and off the market since December 2021, its $60 million price tag holds steady. Daniel PetroniThe home's driveway passes through a grand archway called a porte-cochere that leads to a circular motor court. Daniel PetroniThe home's so-called auto lounge is an underground garage adorned with giant crystal chandeliers, ornate ceilings and parking for seven cars.
Persons: Daniel Petroni, Massimo Musa, Musa, Senada, Douglas Elliman, Adzem, Pietra, Mar Pietra, Mar, Daniel Petroni Musa, Vanderbilt, Daniel Petroni Mar Organizations: CNBC, Sunrise, Delray, South, Palm, Mar, Vehicles, Vizcaya Museum, Gardens Locations: Delray Beach , Florida, Italian, Florence, Italy, Yucatan, Verona, Colombia, Delray Beach, Rome, Palm Beach County, Intracoastal, South Florida, Highland Beach, Mar, Florida, intracoastal, Miami
IWM 5D mountain iShares Russell 2000 ETF Next week's earnings results will help investors glean whether that rotation trade is sustainable. The Dow Jones Industrial Average, which is weighted more toward the real economy than is the S & P 500 and Nasdaq, rose to a new record above 40,000. According to FactSet consensus estimates, S & P 500 companies are set to post blended earnings growth of 9.2% in the second quarter. "It's not unthinkable to see us exiting this year at 5,800 on the S & P," he said. This follows a difficult 2Q, when 75% of Large Cap Core managers trailed the S & P 500," Palfrey wrote.
Persons: Patrick Palfrey, Hogan, Keith Buchanan, Buchanan, Palfrey, David Sekera, Quincy Krosby, Goldman Sachs, Morgan Stanley, Huntington Organizations: Nasdaq, UBS, Investors, Riley, Dow Jones, Globalt Investments, Riley Securities, Big Tech, Core, LPL, BlackRock, Bank of America, Taiwan Semiconductor, Price, Retail, Hunt Transport Services, State, PNC Financial Services, UnitedHealth, United Airlines, Discover Financial Services, U.S . Bancorp, Johnson, Citizens Financial Group, Philadelphia Fed, Netflix, T Bank, KeyCorp, American Express, Halliburton, Fifth Third Bancorp, Regions Locations: Nasdaq, NAHB, Horton, Blackstone, Taiwan
New York CNN —If you were an AT&T cellphone customer in 2022, your call data was possibly breached to bad actors. AT&T said Friday that data was breached from “nearly all” of its cellular customers and the customers of wireless providers that used its network between May 1, 2022, and October 31, 2022. The records of a “very small number” of customers from January 2, 2023, were also breached, AT&T said. What they did get is metadata — call logs that contain a record of every number AT&T customers called or texted (including customers of other wireless networks), the number of times they interacted and the call duration. The age of artificial intelligence makes this even more pressing, according to Collin Walke, cybersecurity and data privacy partner at Hall Estill.
Persons: , John Dwyer, Collin Walke, ” Walke, Walke, Dwyer, ” Dwyer, ” Eric Noonan, CyberSheath, CNN’s Matt Egan, Sean Lyngaas Organizations: New, New York CNN, Bank of America, Binary Defense, Hall Locations: New York, ,
CNN —Sex and gender are often conflated or equated in everyday conversations, and most American adults believe a person’s gender is determined by sex assigned at birth. But a new study of nearly 5,000 9- and 10-year-olds found that sex and gender map onto largely distinct parts of the brain. The researchers on the new study defined sex as what was assigned to the child at birth. They also hope to see how different cultures affect a person’s gender and their brain development. The study did not look at whether sex or gender were congruent or incongruent in any study participant.
Persons: , Elvisha, Dr, Dani S, Bassett, , ” Bassett, ” Dhamala, , Sanjay Gupta, Avram Holmes, Holmes, “ It’s, ” Holmes Organizations: CNN, Feinstein Institutes for Medical Research, Zucker Hillside, University of Pennsylvania, Bioengineering, Systems Engineering, Physics, Astronomy, Neurology, Psychiatry, Research, London, Conservative, CNN Health, Rutgers University Locations: Glen Oaks , California, United States
A Bleak View of Soccer’s Future Misses the Full Picture
  + stars: | 2024-07-12 | by ( Rory Smith | ) www.nytimes.com   time to read: +1 min
Lesser managers than Bielsa, Uruguay’s philosopher-coach, might have been preoccupied by the looming material reality of a Copa América quarterfinal with Brazil. The picture he painted was emotional, heartfelt and midnight black. “Soccer has more and more spectators but it is becoming less and less attractive,” he said. “What made this the best game in the world is not prioritized today. No matter how many people watch, if you do not make what they are watching pleasant, it will only benefit the business.”Bielsa’s vision of the future is more than bleak; it is ever so slightly apocalyptic.
Persons: Marcelo Bielsa, Bielsa Organizations: Copa, Brazil, Soccer
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket trading in complacent manner on the back of strong earnings reports, analyst saysJanet Mui, head of market analysis at RBC Brewin Dolphin, says overall the market has been trading in a complacent manner due to the hope for rate cuts, the trend of artificial intelligence and strong earnings reports.
Persons: Janet Mui Organizations: Email, RBC
With that in mind, the authors of the note — led by Ryan Hammond — are closely watching downward revenue revisions for signs the AI spending isn't paying off. "Today's hyperscalers will eventually be required to prove that revenues and earnings will be generated from their investments," analysts wrote. "Investors have expressed uncertainty about the return on those investments for the mega-cap tech stocks, but these stocks remain extremely popular," the analysts wrote. Goldman also points out that, according to a measure it tracks, just 5% of companies are currently using AI to produce goods and services. "Adjusting for profits of these companies, the AI capex cycle still pales in comparison to the tech bubble," the analysts wrote.
Persons: Goldman Sachs, , they'll, Goldman, Ryan Hammond — Organizations: Meta, Microsoft, Service, Nvidia
To fight disinformation in a chaotic election year, Ruth Quint, a volunteer for a nonpartisan civic group in Pennsylvania, is relying on tactics both extensively studied and frequently deployed. Many of them, however, may also be futile. The problem: “I don’t have any idea if it’s working or not working,” said Ms. Quint, the co-president and webmaster of the League of Women Voters of Greater Pittsburgh, her home of five decades. “I just know this is what I feel like I should be doing.”Holding the line against misinformation and disinformation is demoralizing and sometimes dangerous work, requiring an unusual degree of optimism and doggedness. Increasingly, however, even the most committed warriors are feeling overwhelmed by the onslaught of false and misleading content online.
Persons: Ruth Quint, , Quint, Organizations: League of Women Voters, Locations: Pennsylvania, Greater Pittsburgh
"Our conversations with investors have been defined by skepticism about latter stages of AI adoption," Ryan Hammond of Goldman's portfolio strategy research team said in a recent note to clients. "Even among investors that are long-term bullish on the potential gains from AI adoption, there appears to be considerable uncertainty about the timeline." Goldman's AI adoption tracker showed that only 5% of U.S. companies are using generative AI to produce goods and services. Many software companies tied to AI posted disappointing guidance during the last earnings seasons that triggered a sizeable sell-off, Goldman noted. Investors should focus on revised sales forecasts of AI-related companies, Goldman said.
Persons: Goldman Sachs, Ryan Hammond, Goldman, Hammond Organizations: Nvidia, Wall, Investors Locations: U.S
The analyst has an outperform rating on Amazon and a price target of $220, which signals 10% upside from Wednesday's close. Anmuth has an overweight rating on the stock and a $240 price target, which implies upside of 20%. The commentary comes on the heels of the e-commerce giant's Amazon Web Services summit in New York, where the company highlighted the ways customers are implementing AI workloads and showcased its rapidly growth AI platform know as Bedrock. He retained a $245 price target on shares and called the stock a top Internet pick. The price target implies 23% upside from Wednesday's close.
Persons: GOOGL, Brian Pitz, workloads, Doug Anmuth, Anmuth, Ronald Josey Organizations: BMO Capital Markets Locations: New York
Read previewOne of the world's greatest Go players who was defeated by an artificial intelligence program warns that the technology may come with a rude awakening for humans as it advances. This story is available exclusively to Business Insider subscribers. 1 through frantic efforts," Lee told Yonhap News Agency at the time. "People used to be in awe of creativity, originality, and innovation," Lee told The Times. Noam Chomsky, a linguistics professor and philosopher, previously told Business Insider in 2023 that he was "skeptical" that artificial intelligence could make breakthroughs in studies like the arts.
Persons: , Lee, AlphaGo, Google's DeepMind, I've, Noam Chomsky, Steven Spielberg, Stephen Colbert, Spielberg Organizations: Service, Business, Yonhap News Agency, The New York Times, Go, The Times Locations: South Korean, Seoul
Microsoft CEO Satya Nadella (R) speaks as OpenAI CEO Sam Altman (L) looks on during the OpenAI DevDay event in San Francisco on Nov. 6, 2023. Microsoft has given up its observer seat on OpenAI's board. Apple , which was reportedly expected to take a similar observer position, will no longer pursue one, according to the Financial Times. "The timing of this move matters," Kak wrote in a message to CNBC. Kak told CNBC that regulators' pursuits are helping to get answers and deliver transparency.
Persons: Satya Nadella, Sam Altman, aren't, Amba Kak, Kak, Lina Khan Organizations: Microsoft, Apple, Financial Times, CNBC, Federal Trade Commission, FTC, Justice Department, Nvidia Locations: San Francisco
Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. Japan's Nikkei 225 surged to a fresh high on Thursday, crossing the 42,000 mark for the first time. Other Asia-Pacific markets rose on the back of a U.S. Big Tech rally and greater confidence on Federal Reserve rate cuts. Chip stocks were among the biggest winners of the U.S. trading session. In Asia, investors will be watching for any spillover optimism in the region's tech stocks, particularly in Japan, where chip related companies have lifted the Nikkei 225 to record highs.
Persons: Topix Organizations: Nikkei, Big Tech, Taiwan Semiconductor Manufacturing Company, Qualcomm, Broadcom, Bank of Locations: Seoul, South Korea, Asia, Pacific, U.S, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple's slower rollout of AI features is not necessarily a huge issue, analyst saysBryan Ma, vice president of client devices research at IDC, discusses how Apple and Samsung giant are faring when it comes to artificial intelligence.
Persons: Bryan Ma Organizations: IDC, Apple, Samsung
Bank of America increased its price objective for Apple stock in a note on Thursday. The bank highlighted the next iPhone upgrade as the key to taking Apple stock higher. The AI system is known "Apple Intelligence," and can only be accessed on Apple models 15 and older. AdvertisementBut the iPhone 16's features aren't the only catalyst — there's pent up demand for a new model, Wedbush said, estimating that 270 million iPhone users have not upgraded their devices in four years. Preference for Apple increased above other smartphone brands.
Persons: , Siri, BofA, Wedbush Organizations: Bank of America, Apple, Service, . Bank of America, Apple Intelligence, Wedbush Securities, Huawei Locations: China, Mar
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