AI tech stocks like NVDA, SMCI, and AVGO have fallen but show bullish trends and stable earnings

From MarketWatch: 2024-06-28 10:15:00

Large-cap technology stocks, particularly in AI, have faced pressure recently, with Nvidia (NVDA), Super Micro Computer (SMCI), and Broadcom (AVGO) shares falling. Despite this, Nvidia’s Data Center sales hit a record of $22.6 billion, keeping valuation multiples historically sound. Super Micro Computer gained nearly 200% in 2024, with robust earnings and growth expectations.

Broadcom posted record AI revenue of $3.1 billion, raising its sales outlook and growing free cash flow by 18%. Analysts raised earnings outlooks after the favorable quarter. While tech stocks face pressure, all three companies show bullish trends with stable earnings revisions. The market remains positive, anticipating a rebound.

Experts recommend 7 elite stocks, including NVDA, SMCI, and AVGO, as “Most Likely for Early Price Pops” due to Zacks Rank #1 status and strong business trends. Since 1988, these stocks have outperformed the market with an average annual gain of +24.2%. Don’t miss out on these top picks.



Read more at MarketWatch: These AI Stocks Have Fallen: Time to Buy NVDA, SMCI, AVGO?