It's time for investors to consider taking profits in some high-flying artificial intelligence names, according to Citi.
The value of AI linchpin Nvidia has more than doubled year to date, while Super Micro Computer has tripled.
Given this backdrop, Pettit recommends investors take profits in popular AI names — most notably the enabler stocks like semiconductors — and allocate funds "across the theme's value chain."
MCD YTD mountain Shares this year Several popular consumer staples stocks are in the basket, including Kraft Heinz and J.M.
Hartford Financial Services Group is the most negatively correlated stock in the basket, with shares up 25% this year.
Persons:
propping, Drew Pettit, Pettit, Kraft Heinz, J.M, Chubb
Organizations:
Citi, Nvidia, Gilead Sciences, Hartford Financial Services, Allstate, Honeywell, Exxon Mobil . Correction
Locations:
Biopharmaceutical