Wall Street is expected to continue its recent gains, fueled by optimism around Nvidia's upcoming earnings and the potential long-term boost in earnings per share from the adoption of artificial intelligence (AI). According to Goldman Sachs, companies with high exposure to AI adoption and larger size are likely to see increased valuation multiples as the adoption timeline becomes clearer.
Nvidia's stock reaches a new high as Wall Street analysts praise the company's strong earnings, which demonstrate that the artificial-intelligence industry is continuing to drive its growth.
Goldman Sachs analysts remain optimistic about the impact of artificial intelligence (A.I.) on the global economy, predicting increased productivity, higher corporate revenues, and boosted earnings for companies in the short and long term, naming Nvidia, Microsoft, and Meta Platforms as some of the key beneficiaries of A.I. advancements.
Workday reported better-than-expected earnings for the second quarter, leading to a surge in stock prices during after-hours trading.
Workday, a human resources firm, is making waves in the world of artificial intelligence and machine learning, earning a spot on the IBD Breakout Stocks Index and gaining recognition alongside big names like Nvidia and Meta Platforms.
Wall Street analysts are growing more optimistic about corporate profit, with their profit forecasts for the upcoming quarter increasing for the first time in two years, signaling a positive outlook for the economy.
Analysts believe that Microsoft stock will continue to rise due to several catalysts, including the artificial-intelligence trend.
Stocks were higher on Monday, with the Nasdaq leading the way, as Apple stabilized and the CNBC Investing Club with Jim Cramer highlighted key events including Salesforce's Dreamforce event, Apple's iPhone 15 event, Google's search trial, upcoming inflation data, and the expiration of the UAW labor contract. Additionally, Meta Platforms is developing a new AI system to rival OpenAI's model, while Oracle's earnings are set for release, with analysts expecting upside from Oracle Cloud Infrastructure.
Stock investors should focus on long-term beneficiaries of artificial intelligence, as near-term beneficiaries have already experienced significant share price increases, according to Goldman Sachs. Companies across various sectors, such as communication services, consumer discretionary, financials, and information technology, are expected to see a boost in their earnings per share from AI adoption.
Intel's stock is rising as an analyst suggests investors should pay attention to the company's efforts in artificial intelligence.
Tech stocks have been driving the market gains this year, particularly in the field of artificial intelligence (AI), with analysts like Daniel Ives predicting long-term growth and recommending AI-focused companies such as Palantir Technologies and C3.ai.
