TECH - AI Stocks Dominate In January: Nvidia Juniper Palo Alto Lead The Charge | Benzinga
Tech stocks are propelling the S&P 500 index toward a new record high, originally set in January 2022. However, not all companies are from the small group of mega caps that led the final quarter rally in 2023.
The index is within 30 points of the 4,818.6 intraday high reached on Jan. 4, 2022, with the top five stocks all sporting double-digit percentage gains after the first few weeks of the year.
Juniper Networks: Takeover Premium
Heading the table is Juniper Networks (NYSE:JNPR). The software networks and cybersecurity company gained nearly 27% in January. Most of that gain was on Jan. 9 after it received a $14 billion, all-cash takeover offer from Hewlett Packard Enterprise (NYSE:HPE).
HP is looking to expand its footprint in artificial intelligence (AI).
“AI will continue to be the most disruptive workload for companies,” the company stated. The HPE portfolio will “capitalize on these substantial IT trends with networking as a critical connective component.”
Nvidia: High Valuation But Still Going Strong
In second place on the year-to-date gainers table is ...