TSLA - Nvidia Meta Microsoft And Amazon Among Dan Niles' Top Picks For 2024 Amid AI Bubble Concerns: 'We Have A Lot More Room To Go' | Benzinga
Dan Niles, prominent hedge fund manager and Satori Fund founder disclosed his top stock picks for 2024. His choices are Nvidia Corp (NASDAQ:NVDA), Meta Platforms Inc (NASDAQ:META), Microsoft Corp (NASDAQ:MSFT), and Amazon.com Inc (NASDAQ:AMZN).
What Happened: Niles believes that the earnings potential of these companies will drive their stock performance in 2024, reported CNBC on Sunday. Niles pointed out that the recent surge in stock prices for big tech firms was not due to their earnings but rather the Federal Reserve’s policies.
He anticipates a shift this year, where earnings will play a more significant role in stock market performance. Despite negative estimate revisions for Apple Inc (NASDAQ:AAPL), Tesla Inc (NASDAQ:TSLA), and Alphabet Inc (NASDAQ:GOOGL), Niles’ four picks continue to see analysts raise forecasts.
Analysts have raised EPS expectations for the four stocks by an average of 50% since the end of last year. In contrast, estimates have remained nearly flat for Google, Tesla, and Apple. This trend has resulted in substantial stock price increases for Nvidia, Meta, Microsoft, and Amazon.
"There's no way you can say this is a bubble from a valuation perspective, or from a time perspective, ...