SNOW - 2 Warren Buffett Artificial Intelligence (AI) Growth Stocks to Buy Now and Hold Forever (Hint: Not Apple)
2023-09-20 06:05:00 ET
Warren Buffett's Berkshire Hathaway has a significant stake in Apple . The Mac maker accounted for 50% of its $353 billion stock portfolio at the end of the second quarter. But many investors incorrectly assume Apple is on the cutting edge of artificial intelligence (AI) innovation given its status as the biggest of the big tech companies. Wall Street is more skeptical.
Apple didn't even mention AI at its developers conference in June, and Needham analyst Laura Martin says the iPhone giant is "pretty far behind" its big tech peers where generative AI is concerned. That may or may not be true -- Apple does have a penchant for secrecy -- but investors would still be hard pressed to consider Apple an AI stock given the available information.
However, Berkshire does own small positions in Amazon (NASDAQ: AMZN) and Snowflake (NYSE: SNOW) , and both have defined their AI strategies more clearly. Here's why these growth stocks are worth buying.
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2 Warren Buffett Artificial Intelligence (AI) Growth Stocks to Buy Now and Hold Forever (Hint: Not Apple)