These 4 AI-Related Stocks Outside Magnificent 7 Are Already Outperforming In 2024
Portfolio Pulse from Neil Dennis
Nvidia Inc (NVDA) and Meta Platforms Inc (META) are leading the S&P 500 in 2024, continuing their strong performance from 2023, driven by AI anticipation. Despite concerns of an AI "baby bubble", stocks outside the Magnificent 7 like Palo Alto Networks (PANW), Fortinet (FTNT), Juniper Networks (JNPR), and Arista Networks (ANET) are also performing well, with significant gains and positive earnings reports, highlighting the importance of AI in cybersecurity and networking.
February 12, 2024 | 2:35 pm
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POSITIVE IMPACT
Arista Networks reports a 20% gain in 2024, following a 94% increase in 2023, with expectations for strong fourth-quarter earnings, highlighting its AI networking solutions.
Arista's consistent performance and the market's anticipation of strong earnings reflect confidence in its AI networking solutions, suggesting a positive impact on its stock.
CONFIDENCE 65
IMPORTANCE 70
RELEVANCE 65
POSITIVE IMPACT
Fortinet's shares are up 20% in 2024, with a positive earnings report and a price target increase from Goldman Sachs, underscoring its AI and ML capabilities in cybersecurity.
Fortinet's performance and the positive response from analysts indicate investor confidence in its AI and ML technologies for cybersecurity, suggesting potential for further stock appreciation.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 75
POSITIVE IMPACT
Juniper Networks' shares rise 26% in 2024, following a 20% surge after reports of Hewlett Packard's takeover talks, highlighting its AI and cloud networking leadership.
Juniper's stock surge, especially after takeover talks, reflects market optimism about its AI and cloud networking capabilities, indicating a positive short-term outlook.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Meta Platforms Inc is among the top performers in the S&P 500 for 2024, benefiting from the AI-driven market momentum.
Meta's position as a top performer, alongside Nvidia, indicates strong market confidence in its AI initiatives and potential for continued growth.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 85
POSITIVE IMPACT
Nvidia Inc continues its strong performance into 2024, leading the S&P 500, driven by anticipation of AI becoming a significant revenue stream.
Nvidia's continued leadership in the S&P 500, driven by AI anticipation, suggests strong investor confidence and potential for further gains.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Palo Alto Networks sees a 28% increase in 2024, following a 111% gain in 2023, highlighting the critical role of AI in cybersecurity.
Palo Alto's significant gains and emphasis on AI for cybersecurity suggest a positive outlook for its stock, driven by increasing demand for AI-based security solutions.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80