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But the next bottleneck in AI infrastructure — and one to invest in — is networking, according to tech analysts. An increase in investment in generative AI model training and inference will drive the AI networking spending growth of 34% over the next five years, said the firm. "Networking creates a performance bottleneck for generative AI model development," Morningstar's analysts said. "Well-positioned networking firms are a great second derivative play to invest in generative AI," they added. Stocks to play the trend Marvell Technology is Morningstar's top pick to play the generative AI networking trend, with the firm saying it is "attractively undervalued" currently and giving investors an "immediately opportunity" to tap rising generative AI networking investment.
Persons: There's, Clare Pleydell, William D, Kerwin, Brian Colello, Morningstar, Bouverie Organizations: Nvidia, Microsoft, Networking, Morningstar, Liontrust Asset Management, CNBC, That's, Marvell, Arista Networks, Broadcom, Arista, Meta
The first half of the year has generally been good for the market, with the S & P 500 and the Nasdaq repeatedly reaching record highs. Year-to-date, the S & P 500 is up around 13% and the Nasdaq has risen 14.9%. Against that uncertain backdrop, investors might be looking at exchange-traded funds or mutual funds to diversify their investments. Morningstar provided the list of top-performing funds, which all beat the S & P 500. Using FactSet, that list was screened for funds that analysts give 10% or more upside, and that at least half give a buy rating.
Persons: Thomas Poullaouec, Rowe Price, Ed Clissold, Ned Davis, Morningstar, Richard Bernstein Organizations: Nasdaq, U.S . Federal Reserve, Ned, Ned Davis Research, CNBC Pro, Copper Miners, X Copper Miners, Industrial, Richard Bernstein Advisors Locations: Asia, Pacific, U.S, Turkey
Morgan Stanley named a new top pick which it called a "unique Nvidia proxy." "We see Aspeed as a unique NVIDIA-related play, being the sole BMC supplier for GB200 and a key supplier to help realize Omniverse adoption," said Morgan Stanley analysts in a June 7 note. Morgan Stanley said with an average selling price of $100 per chip, it estimates the company could enjoy gross margins of 90%. The positive outlook for cloud capital expenditure is also set to benefit the data center supply chain, according to Morgan Stanley. That expected growth would be a 42-point acceleration from just 2% year-on-year growth in 2023, Morgan Stanley said.
Persons: Morgan Stanley, CNBC's Michael Bloom Organizations: NVIDIA, BMC, GB200, Nvidia, Aspeed, Meta, Microsoft, Google, International, Emerging, China ETF Locations: Taiwan, China
The year has reached its halfway mark — and stocks are still adding on to gains. The S & P 500 hit yet another fresh record on Wednesday , as did the Nasdaq Composite. That brings the S & P 500 to gain 12.93% year-to-date. Some say the U.S. Federal Reserve could be forced to hold off on interest rate cuts if inflation is sticky. "We believe the likely main volatility trigger is still the timing of potential Federal Reserve interest-rate cuts."
Persons: Scott Wren, Wren, Schroders, Jason Yu Organizations: Nasdaq, U.S . Federal, Wells, Wells Fargo Investment Institute, CNBC Locations: Wells Fargo, Asia
Many companies are in the AI infrastructure buildout phase right now. That's because, in order to enable AI applications, companies have to make the switch from "general purpose computing to accelerated computing," she said. "You can't run AI on traditional compute, it would be prohibitively expensive, and far too energy intensive," said Pleydell-Bouverie. That's a 35% increase from last year, she said, and all this incremental investment is being directed to AI initiatives. And the world is "only in the first five minutes of this AI infrastructure buildout," she added.
Persons: Clare Pleydell, Bouverie, Meta Organizations: Nvidia, Microsoft, Meta, Liontrust Asset Management, CNBC Pro, Google, Apple, JPMorgan, Liontrust Global Technology Fund, Technology
We asked the pros which are the best stock alternatives to Nvidia that are still cheap. Meta Meta remains a good investment at its current price, said Adam Coons, portfolio manager at Winthrop Capital Management. In 2025, that revenue growth is set for a 12% increase and earnings growth for 15%. That would put Meta's multiples at 26 times 2024's earnings and 23 times 2025's earnings, according to Coons. Meta is trading at a 19 times EV/EBIT multiple, versus Microsoft's 28 times, and Nvidia's 25 times.
Persons: Adam Coons, it's, Coons, Qualcomm Angelo Zino, Zino Organizations: Nvidia, Nasdaq, U.S . Federal, Winthrop Capital Management, CNBC Pro, Meta, Microsoft, Netflix, Big, Google, Gemini, Qualcomm, CFRA Research, Micron Micron, Micron Locations: Big Tech, China
The artificial intelligence boom is fueling demand for power, with many tech companies rapidly developing infrastructure as they compete for dominance. Data centers house vast amounts of computing power needed for AI workloads, and are intense power-guzzling workhorses. But the need for power goes beyond data centers and other infrastructure, according to Goldman. Goldman cited studies which showed that AI data centers can consume up to 10 times the energy of their regular counterparts. Taiwan's tech industry extends across a "comprehensive global AI supply chain," with tech manufacturers consuming a "substantial" amount of power.
Persons: Goldman, — CNBC's Michael Bloom Locations: Asia, China, Taiwan, South Korea, India, South Korea's, Power, Australia
For many investors, the million-dollar question is how far Nvidia can go or whether it can sustain its dramatic growth. Nick Griffin, chief investment officer at Munro Partners, has invested in Nvidia since 2019 — but even he is taken aback by the stock's astronomical run so far. Nvidia's outlook Griffin pointed to industry estimates that showed Nvidia is set to sell $100 billion of its AI accelerators in the next 12 months. Nvidia is currently the largest holding in Griffin's Munro Global Growth fund. Griffin also manages the Munro Concentrated Global Growth Fund and the Munro Global Growth Small and Mid Cap Fund.
Persons: Nick Griffin, CNBC's, Griffin, we've, there's, Munro Organizations: Nvidia, Munro Partners, Griffin's, Griffin's Munro Global, Fund Locations: Griffin's Munro
Super Micro Computer emerged as an investor darling early this year, as Wall Street unearthed the stock, driving it higher with gains that rivalled even Nvidia's. After Nvidia reported blockbuster earnings last Wednesday, Super Micro's shares were rocky again. The prominence of data centers in the AI boom is another tailwind for Super Micro, BofA noted, given the cooling needs of such centers. BofA reiterated its buy rating on Super Micro, giving it a price target of $1,090, or potential upside of about 23%. In a May 20 note, JPMorgan said it has an overweight rating on Super Micro.
Persons: BofA, Supermicro, Paul Meeks, Meeks, JPMorgan, — CNBC's Michael Bloom Organizations: Micro, Super, Nvidia, Wall, Portfolio Management, CNBC, JPMorgan, Intel, AMD Locations: United States
CNBC Daily Open: Musk's AI start-up raises $6 billion
  + stars: | 2024-05-28 | by ( Abid Ali | )   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share. Google AI Overview misfiresGoogle's "AI Overview" feature in search is facing criticism for producing incorrect or controversial responses.
Persons: Jensen, Huang, Glass Lewis, Elon Musk, Obama, Eli Lilly, Eli Lilly's, Weizhen Tan Organizations: CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google Locations: Texas, Indiana
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share.
Persons: Elon Musk, The Beverly Hilton, Jensen, Huang, Glass Lewis, Obama, Weizhen Tan Organizations: SpaceX, Tesla, The Beverly, CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google, Nikkei, Bank of Japan's, CSI Locations: Beverly Hills , California, U.S, Texas, Asia, Pacific
Investor darling Nvidia continued its artificial intelligence-fueled boom, with its earnings beating expectations last week. But some analysts are worried about a potential slowdown in growth from the previous quarter, or an "air pocket" in sales toward year-end. But investors who are worried about being overexposed to Nvidia or who want to make their portfolios more balanced could consider replacing their Nvidia allocation or complementing it with other growth stocks with a low correlation to the chipmaker. Using FactSet, CNBC Pro screened four exchange-traded funds for stocks that have negative or low correlation to Nvidia in the past month. The ETFs are Vanguard S & P 500 Growth ETF, Schwab U.S. Large-Cap Growth ETF, Vanguard Russell 1000 Growth ETF and Fidelity Enhanced Large Cap Growth ETF.
Persons: Lucas Keh, Nancy Tengler, CNBC's, Vanguard Russell Organizations: Nvidia, Investments, CNBC Pro, Schwab U.S, Growth, Vanguard, Fidelity
Its shares jumped in extended trading but given the "blowout earnings," Nancy Tengler of Laffer Tengler Investments said she expected to see a higher move. "We think there's another way to play this," she said, adding these are namely buying into "old economy companies," as well as data center names. One such "old economy" name is Walmart , according to her. They've embraced not only digital solutions, but robotics, generative AI and their ad business in cloud computing, obviously in their e-commerce business," she said. Quanta Services , which builds infrastructure for electric power and renewables, as well as provides utility performance services, was another pick from Tengler.
Persons: Nancy Tengler, CNBC's, They've, Tengler, Kif Leswing Organizations: Nvidia, Google, Microsoft, Meta, Investments, Walmart, Carrier, Oracle, Broadcom
Here's how family offices are investing this year and how they plan to change their allocations in the next five years, according to UBS' Global Family Office Report 2024. Family offices plan to maintain the same allocation for 2024 – at 16%. Real estate Apart from fixed income, real estate was the other big change in how family offices invested last year, according to UBS. But family offices plan to increase the real estate part of their portfolios — to 12% in 2024, according to the report. Elsewhere, family offices are investing in Western Europe – in sectors such as luxury goods and automation, and in Asia Pacific (35%).
Persons: That's Organizations: UBS, Global, , Globally, Koh Locations: North America, U.S, Western Europe, Asia, Greater China
Morgan Stanley Investment Management's Andrew Slimmon has been consistently bullish on stocks — even during periods of volatility. Given the "sky high" inflation numbers in 2022 and 2023, Slimmon said, it's "only natural" that inflation would be on a downward trajectory as the year-on-year comparisons were "relatively easy." Last week, the April consumer price index report in the U.S. showed that inflation eased slightly for the month. "The problem is, as we get into May number, June numbers, July numbers of last year, those CPI numbers really came down quite a bit," Slimmon told CNBC's " Street Signs Asia. " "When you think about Netflix, Amazon, you're talking about two [companies] that give a lot of value to their customers for a relatively reasonable price," Slimmon said.
Persons: Morgan Stanley, Andrew Slimmon, it's, Slimmon, CNBC's, , Jeff Cox Organizations: Morgan Stanley Investment, CNBC, U.S . Federal Reserve, Treasury, Federal Reserve, Netflix, United Rentals, Waste Management Locations: U.S
On top of that, the Inflation Reduction Act (IRA) subsidies to reshore the battery supply chain to the U.S. are also "having the desired impact," it added. It named companies such as LG Energy Solution and Samsung SDI which have more than 65% of U.S. battery manufacturing capacity. LG Energy Solution has the additional benefit of being the most exposed to growth and IRA benefits, they added. But Bernstein said it prefers Samsung SDI to LG Energy Solution for now, as the former offers "growth at a reasonable price." Bernstein gave Samsung SDI and LG Chem an outperform rating and LG Energy Solution a market perform rating.
Persons: Bernstein, Freyr, — CNBC's Michael Bloom Organizations: U.S, LG Energy, Samsung SDI, LG Chem, Umicore, Basf, LG, Panasonic, Tesla, SolidEnergy Systems Locations: U.S, North America, decouple, China, South Korea, Europe
Meme stocks are in the spotlight this week. These so-called meme stocks, which gained popularity through social media platforms like Reddit and X (formerly known as Twitter), have attracted retail investors looking to make a quick profit. Future of meme stocks One analyst, who has previously been bearish on GameStop and tech stocks, said that while fundamentals for the stock have improved, GameStop is still in the "danger zone." 'Danger zone' stocks Here are some other stocks Trainer says is in his "danger zone" list, which also includes his "zombie stocks." He cited its "continuing deterioration" of its fundamentals, including its "unsustainable" expenses and steady cash burn.
Persons: David, Trainer, DoorDash's, Yun Li Organizations: GameStop, AMC, CNBC Pro, AMC Entertainment Holdings, Tilray
Citi recently named one under-the-radar company to buy on a "data and AI opportunity." The bank pointed out that ExlService has the talent to meet the demand too, with its more than 13,000 AI, generative AI, data and digital "experts." "EXLS also provided medium-term targets (2024-25) of double digit revenue growth, incremental margin improvement, and faster-than-revenue EPS growth," Citi analysts wrote. The current demand pipeline for its data and AI services stand at $2 billion, according to Citi. The bank gave the stock a buy rating and a price target of $37, or potential upside of 22%.
Persons: ExlService Organizations: Citi, ExlService Holdings
'Conviction list' stocks with big upside Investors still looking for quality names with more upside may want to consider names in Goldman's conviction lists — directors' cut. CNBC Pro scoured Goldman's May conviction lists for stocks with further upside of 50% or more, based on the bank's price targets. Goldman gave it a price target of $35, implying 107% upside. Goldman gave it a price target of 37 euros ($40), implying 64% upside. The bank gave the stock a price target of 380,000 Korean won ($277), or potential upside of 94%.
Persons: Stocks, Goldman Sachs, Peter Oppenheimer, Goldman, Neste, — CNBC's Michael Bloom Organizations: Dow Jones, U.S . Federal, Fed, CNBC, Europe's, Energy, Korean Locations: 1Q24, United States, Europe, Asia, Korean
There's been so much love for one global chip stock that as many as 14 analysts upgraded it in the past two weeks. Based on a CNBC Pro FactSet screen, 14 analysts upgraded the stock in the past two weeks, and none downgraded it. Those covering the stock say they are optimistic in light of AI demand, among other factors. This "inefficiency" has been estimated to likely create an additional ~10% in equipment demand over time," Kim added. When it comes to AI, Kim also said that each large language model upgrade cycle requires roughly 100 times more in compute capacity upgrades.
Persons: There's, That's Taiwan's, Phelix Lee, Lee, Dan Kim, Kim, FactSet, TSMC Organizations: Taiwan Semiconductor Manufacturing Company, Nvidia, CNBC, Morningstar, Saturna Locations: U.S, China, Taiwan
The bank therefore expects Arm-based AI PCs to "start a transformation that will affect the global semis industry." Morgan Stanley added it believes that Apple may expand its Arm-based CPU to AI servers as well. The bank estimates that AI PCs will reach a penetration rate of 95% by 2027 — up from 8% in 2024. Stocks What stocks will benefit from Arm's foray into AI PCs? As for TSMC, Morgan Stanley says its foundry market share with the "x86" CPU market will grow.
Persons: Morgan Stanley, That's, TSMC, MediaTek, bode, — CNBC's Michael Bloom Organizations: Microsoft, Intel, AMD, Qualcomm, Apple, Nvidia Locations: British, Taiwan
U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. Tech stocks, which would be boosted by rate cuts, have been a big part of that rally — with Meta , Alphabet and Amazon in particular having a strong showing over the past couple of weeks. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. Kevin Liu, managing director and strategist at CICC Research, said his conviction call would be a structural barbell allocation with themes including tech names "with high-end upgrading opportunities," among others. Stock screen Against this backdrop, CNBC Pro screened FactSet for stocks from four exchange-traded funds (KraneShares CSI China Internet ETF, Vanguard Information Technology ETF, Invesco China Technology ETF and the iShares MSCI China Multisector Tech ETF) to find stocks that: have beaten the S & P 500's around 9% year-to-date performance.
Persons: Bernstein, Kevin Liu Organizations: Dow Jones, Tech, UBS, CICC Research, CNBC Pro, CSI China Internet, Vanguard Information Technology, China Technology ETF, China Multisector Tech Locations: China
U.S. stocks have been rather volatile in the past month, but in the past week they had a strong run on hopes of rate cuts. The Dow Jones Industrial Average had its fourth consecutive winning session on Monday, and the S&P 500 also climbed for the past four days. Elsewhere, analysts are getting more optimistic on China stocks, especially those in the tech sector. CNBC Pro screened FactSet for stocks from four exchange-traded funds. — Weizhen Tan
Persons: Weizhen Tan Organizations: Dow Jones, Tech, CNBC Locations: China
China stocks have staged such a strong rally after a protracted slump for the past few years that they're beating even the S & P 500 so far this year. The MSCI China index, which includes the mainland A-shares, Hong Kong-listed shares and U.S.-listed China names, has jumped around 9%, while the KraneShares CSI China Internet ETF is up around 13%. Most analysts said whether the rally can be sustained will largely depend on China policy. How to play China Though most were bullish on China stocks, they would be selective in stock-picking. They include: SPDR S & P China ETF iShares MSCI China A ETF Global X MSCI China Consumer Disc ETF iShares MSCI Hong Kong ETF — CNBC's Michael Bloom contributed to this report.
Persons: Bernstein, it's, , Goldman Sachs, Kevin Liu, CICC, Nomura's, Goldman, Kweichow, Ping, Morningstar, Michael Bloom Organizations: U.S, CSI China, Investors, CICC Research, CNBC, BYD, SAIC, Changan Automobile, Energy, Anhui, Cement, JPMorgan, Kuaishou, Ping An Insurance, China Merchants Bank, Hong, China, iShares, China Consumer Locations: China, Hong Kong
Two stocks have dominated the memory chip market: Samsung and SK Hynix . SK Hynix is already the primary supplier of HBM3 chips to Nvidia's AI chipsets. SK Hynix Trent Masters, global portfolio manager at Alphinity Investment Management, says he prefers SK Hynix. Nam Hyung Kim, partner at Arete Research, also prefers SK Hynix, giving it a buy rating and Samsung a neutral rating. "[But I] also anticipate a buying opportunity on SK Hynix once it is adjusted due to intensifying competition in HBM3E," said Kim.
Persons: TSMC, Masters, Nam Hyung Kim, Nam, Sung Kyu Kim, Kim, , Sheila Chiang Organizations: Big Tech, Nvidia, Samsung, SK Hynix, South, South Korean, CNBC, SK Hynix Trent Masters, Alphinity Investment Management, Micron, SK Hynix's, Arete Research, Daiwa Locations: Asia, Pacific, HBM3, HBM3E
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