These stocks with a rising exposure to artificial intelligence could see continued outperformance in 2024, according to Morgan Stanley.
Buying stocks with a rising exposure to artificial intelligence could lead to outperformance later this year, according to Morgan Stanley. The artificial intelligence revolution has powered the current bull market rally, with Nvidia leading the way. Year to date, shares of Jensen Huang's maker of graphics processing units used to power AI have rallied 142% after soaring 239% in 2023. But for investors who have missed out on the AI trade, Morgan Stanley says it's not too late.
"We remain bullish on the outlook for FSLR and believe several tailwinds could support higher or potential capacity expansion," Goldman Sachs wrote. Morgan Stanley also highlighted Broadcom as an AI enabler. The semiconductor manufacturer has rallied more than 25% this year, but still remains extremely popular with analysts. Most analysts rate it the equivalent of a buy, with the average consensus price implying 10% upside.
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