Tech stocks, including Pure Storage, Corning, and Twilio, are overvalued due to AI hype.

From Nasdaq: 2024-06-22 14:06:48

Tech stocks, driven by AI, added $5.1 trillion market cap in 2023. Morgan Stanley warns of overvaluation in AI stocks. Pure Storage (PSTG) offers all-flash storage. Revenue up 18% YoY. Stock expensive at 41x forward earnings. Analysts rate “Moderate Buy,” with $68.95 target price. Corning (GLW) anticipates growth from AI demand and EPA standards. Revenues down 3% YoY. Price target $38, stock rated “Moderate Buy.” Twilio (TWLO) provides cloud communications platforms. Q1 revenues up 4%. Stock down 27.8% YTD. Morgan Stanley downgrades to “Equal-weight.” AI potential with $69.08 target price.



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