5 big analyst AI moves: Lynx analyst: Buy Apple, reduce Nvidia ahead of GTC event
Investing.com — Here are the biggest analyst moves in the area of artificial intelligence (AI) for this week.
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In a Friday note to clients, a Lynx Equity Strategies analyst advocated for buying Apple shares (NASDAQ:AAPL) and reducing Nvidia (NASDAQ:NVDA) holdings before the latter’s GPU Technology Conference (GTC) event later this month.
He argues that for AI to be universally adopted, major players like Apple and Google (NASDAQ:GOOGL) must be involved, challenging the view of using them merely as funding sources for investing in current AI winners like Nvidia and AMD (NASDAQ:AMD).
He emphasizes that the AI revolution requires the involvement of tech giants like Apple and Google to achieve global scale.
“Perhaps they are behind that ball. If so, are investors willing to bet that AI could make real traction in global applications powered on by just one hyperscale cloud provider – MSFT?” the analyst wrote.
“The AI revolution is upon us, for sure. It will become part of our daily lives. We are merely pointing out the inconvenience of the time and resources it takes to take the revolution global.”
“The revolution simply cannot happen on a meaningful time scale without the participation of AAPL and GOOG. If they are laggards, so be it,” they added.
In the aftermath of its fiscal Q1 2024 report, Bank of America analysts reiterated a Buy rating and raised the price target from $1,500 to $1,680 for Broadcom (NASDAQ:AVGO).
The analysts believe that the first half of the year could be a trough for AVGO’s non-AI semiconductor sales, particularly in broadband.
Looking ahead, they expect these sales to pick up momentum in the second
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