While the artificial intelligence boom brought stocks to record highs in the first half of the year, concern has mounted that valuations are stretched. Strategists polled by CNBC Pro opine that market gains in the rest of 2024 may be harder to come by , forecasting the S & P 500 will add just 1%, based on median price targets.
mountain Super Micro Computer stock. Broadcom fiscal second-quarter results reported earlier this month surpassed Wall Street estimates for earnings and revenue, and it declared a 10-for-1 stock split. Bank of America posited that the company could soon join the likes of Nvidia with a multi trillion dollar valuation. Super Micro Computer, meanwhile, has continued to ride the AI wave despite some weakness last month after third-quarter revenue missed analyst expectations.
mountain Broadcom stock. "Given the focus and architecture of generative AI technology today... truly transformative changes won't happen quickly and few — if any — will likely occur within the next 10 years," Massachusetts Institute of Technology professor Daron Acemoglu was quoted telling Goldman Sachs global macro analysts in a June 25 note. Eli Lilly Eli Lilly also turned up as expensive, after shares of the GLP-1 weight loss drugmaker have soared more than 54% in 2024.
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