AI wave swept the U.S. stock market, Apple, Microsoft, Google, Amazon, Meta, Nvidia and Tesla “seven giants” market capitalization soared 60% so far this year, to a shocking 11 trillion U.S. dollars. And the rising trend seems to continue, Nvidia, Microsoft, Broadcom and other leading U.S. stocks are continuing to hit a new record high.
On July 14, Nvidia’s early morning trading once rose more than 3%, shares hit a record high of $480 in the plate, nvidia has risen more than 217% this year.
Known as the next “Nvidia” Broadcom also touched a record high of $903.35 during the session, Broadcom has risen more than 60% this year.
Truist analyst William Stein said the two chipmakers have the most upside in the artificial intelligence chip market after conducting extensive industry research.
After Broadcom reported earnings that beat expectations, Wall Street analysts believe that Broadcom is likely to be the next company to benefit from the demand for AI infrastructure after NVIDIA. Broadcom CEO Hock Tan said on a post-earnings conference call that the demand for AI chips from a large number of companies in the AI boom will double the company’s AI-related revenue, which is expected to increase to about $7.5 billion in the next fiscal year.
Meanwhile, Microsoft, which is widely favored by Wall Street analysts, has continued to hit record highs.
On July 15, after Morgan Stanley, UBS also expressed bullishness on Microsoft and raised Microsoft’s price target to $400, Microsoft had risen more than 2% in the early trading session to $351.43, and is expected to hit the closing high of $348.10 set on June 15th.
Microsoft finally closed up nearly 0.8% to $345.24, up four days in a row approaching the June 15 record high, Microsoft also rose more than 44% this year.
UBS (UBS) analyst Karl Keirstead upgraded Microsoft’s rating to “buy” and raised its price target to $400, compared with the previous day’s closing price of more than 16% of the increase in space.
Morgan Stanley analyst Keith Weiss in the latest report, Microsoft became their first choice among large software companies, AI will help Microsoft take off and become the second after Apple among the three trillion dollar market capitalization of technology giants.
Morgan Stanley raised Microsoft’s price target for the next 12 months from $335 to $415 and maintained a hold rating on the stock, which means Microsoft still has room for about 20% gains and a market capitalization of about $3.1 trillion.
Shares of cybersecurity company Fortinet also set a new closing record amid the AI boom. fortinet closed up 0.9% to an all-time high of $78.92 on Friday. So far this year, Fortinet has risen more than 62 percent.
Morgan Stanley analyst Hamza Fodderwala said in a recent report that Microsoft’s gradual expansion in the cybersecurity space won’t have a major impact on cloud cybersecurity providers like Fortinet.
