The AI Revolution: Analyst Foresees Lucrative Opportunities in 2024

Photo of author

By Ronald Tech

Artificial intelligence (AI) is rapidly advancing, with each of the major tech companies participating in some capacity, and the opportunities are not monopolized by the Magnificent Seven.

“Every company is going to have to be an AI company,” said Ivan Feinseth, senior partner and CIO at Tigress Financial, expressing his views on the matter of AI’s proliferation. He emphasized that AI is poised to revolutionize industries, asserting that “This is going to be the next goldrush – like automation and electronics was in the 1970s, home computing in the 1980s and the internet in 1990s and early 2000s.”

Feinseth highlighted the necessity for companies to deploy AI to track customer behavior, optimize supply chains, and enhance business and employee efficiency.

Also Read: Forget The Magnificent 7: Did Anyone Back These 1,000% Gainers In 2023?

The Big and the Small Players

Feinseth mentioned that his stock portfolio includes what he calls the “hyperscalers” like Amazon.com Inc AMZN, Alphabet Inc GOOGL, and Microsoft Corp MSFT, alongside recently listed companies such as MongoDB MDB, Monday.Com MNDY, and C3.ai. He stressed the importance of companies adapting to meet vast rises in demand.

Addressing concerns about the impact of AI on job security, Feinseth owns shares in Adobe Inc ADBE and believes that AI will enhance creativity and job satisfaction for graphic designers rather than jeopardize their employment.

Intel’s Path to Growth

Feinseth sees potential for long-term growth in Intel Corp INTC, particularly due to the company’s significant $20 billion investment in new foundries, despite its 2023 gains.

See also  Investor Sentiment Surrounding Apple Stock Amidst China Challenges

Highlighting the importance of this investment, Feinseth stated, “This is important, especially as all the other companies in the world would like to move away from China and come back to the U.S.” He also noted the interest of chip manufacturers and users such as Apple Inc AAPL and Nvidia Corp NVDA in Intel Foundry Services.

Now Read: Short Sellers’ Nightmare: $195B Evaporates In 2023’s Market Surge

Photo IvanFeinseth/TigressFinancialPartners Geralt/Pixabay