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Missed the Nvidia boat? 2 AI stocks to buy right now

Missed the Nvidia boat? 2 AI stocks to buy right now
Elmaz Sabovic

While Nvidia (NASDAQ: NVDA) became a synonym for the artificial intelligence revolution that has spurred impressive growth in the technology sector of the stock market, its 215% growth in the last year might mean that there is not much fuel left in the tank for further gains, and in the worst-case scenario, a crash might occur, making alternative options more attractive.

Competitors are working diligently to close the market share gap, and Nvidia’s accelerated growth could slow down, which could present a perfect moment to consider alternatives.

Choosing alternative investments might be challenging, which prompted Finbold to analyze the current market conditions, developments, and growth outlooks of various AI stocks and find two investment opportunities to buy right now.

Apple (NASDAQ: AAPL)

While Apple (NASDAQ: AAPL) is renowned as the United States’ most profitable publicly traded company, it has traditionally not been considered a significant AI player. However, this perception is about to change.

At February’s shareholder meeting, CEO Tim Cook emphasized Apple’s work in generative AI and announced upcoming AI functionalities in its technology later this year.

Specific details were initially unclear, but insights have gradually emerged. In May, reports indicated that Apple is developing its own AI data center processors, moving away from third-party chips like those made by Nvidia. 

At a recent developers’ conference, WWDC, Apple revealed that OpenAI‘s ChatGPT would soon be integrated with its newer devices. Crucially, Cook assured Apple that it would not collect or store personal data using its new AI features.

Initially, investors were underwhelmed and sought more detail about these AI-powered features. Yet, within 24 hours, Apple’s stock surged 6% on the news, with gains extending to over 11% in the last three trading sessions.

AAPL stock 5-day price chart. Source: Finbold
AAPL stock 5-day price chart. Source: Finbold

As for the technical aspects of AAPL stock, the medium-to-long-term horizontal trend channel has been broken upwards, signaling strong development; AAPL stock now finds support from the trend lines on any dips and broke through the $200 resistance, indicating a potential rise to $238 or higher. 

With no resistance ahead, further increases are likely and support around $196 is available in case of a pullback. Positive volume balance and short-term solid momentum, with an RSI above 70, suggest growing investor optimism and further price increases for Apple stock.

Broadcom (NASDAQ: AVGO)

The ongoing artificial intelligence rally in the stock market has made companies like Broadcom (NASDAQ: AVGO) stand out regarding performance, guidance, and stock growth.

On June 12, Broadcom reported its second-quarter fiscal year 2024 results, exceeding analysts’ estimates with adjusted earnings per share of $10.96 (compared to the expected $10.84) and revenue of $12.49 billion (surpassing the anticipated $12.03 billion).

Broadcom provided guidance that impressed Wall Street, forecasting approximately $51 billion in sales for fiscal 2024, surpassing its previous forecast and the consensus expectation of $50.42 billion.

As AVGO’s stock price opened trading on June 13 with a 15% gain, surpassing the $1,700 mark, retail investors might have worried it had become too expensive, but their concerns were addressed with Broadcom’s announcement of a 10-for-1 stock split, which will take effect on July 15.

AVGO stock 24-hour price chart. Source: Finbold
AVGO stock 24-hour price chart. Source: Finbold

The technicals of AVGO stock have completely changed with the latest trading opening. The new resistance zone is identified at $1,742, while support is set at $1,344.

Although the announced stock split won’t impact the fundamentals, AVGO stock will become more accessible to retailer investors, potentially increasing its appeal and future growth.

AAPL and AVGO stocks look like clear winners in the current AI stock market, as their potential growth and strong guidance could spell gains in the future that could outperform or at least match Nvidia’s.

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