Apple Stock Will Outperform Nvidia Over Next Year, Says Gene Munster: Investors Are ‘Largely in Denial’ About iPhone Maker’s AI Opportunity – Meta Platforms (NASDAQ: META), Apple (NASDAQ:AAPL)
May 29, 2024 9:21 p.m. | 2 minutes of reading
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Gene Munstera prominent industry analyst, predicted that Apple Inc. (NASDAQ: AAPL) will exceed NVIDIA Company (NASDAQ:NVDA) in performance thanks to its AI initiatives.
What happened: Munster, a leading voice in technology analysis, shared his views on the future of Apple. and NVIDIA. On Wednesday, Munster shared his belief on X, formerly Twitter, that Apple would surpass Nvidia next year. He highlighted the market’s current underestimation of Apple’s potential in artificial intelligence.
“Investors are largely in denial about what Apple’s AI opportunity will be,” Munster said, highlighting the tech giant’s push into AI.
During his comments on CNBC’s Last Call, Munster acknowledged Nvidia’s contribution to the field by calling out the company’s CEO. Jensen Huang the “godfather of AI”.
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Why is this important: Nvidia stock is up 203% over a 12-month period and is up nearly 132% since January. In contrast, Apple stock has gained just 7.4% over a 12-month horizon and is down nearly 1.2% since the start of 2024.
Munster’s comments are consistent with his previous analyses, in which he identified Apple as one of the most underrated players in AI. He suggested that Apple, with Mark Zuckerberg-led by Meta, could achieve “a whole different atmosphere” thanks to its AI developments.
Nvidia could become the most valuable company in the world, according to an earlier report. Nvidia has been a pioneer in AI and graphics processing, but Munster’s ideas suggest that Apple’s AI strategy could lead to a shift in market dynamics.
Read next: Cathie Wood’s Ark Invest scoops up shares of AMD and Palantir – dumps Moderna shares worth $4.4 million
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
27% profits every 20 days?
This is Nic Chahine’s average with his options purchases. Do not sell calls or covered spreads… BUY options. Most traders don’t even have a 27% winning percentage when buying options. He has a win rate of 83%. Here’s how he does it.
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