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AI ‘Is Going To Be The Next Goldrush’: Analyst Breaks Down Huge Artificial Intelligence Opportunities In 2024 – Apple (NASDAQ:AAPL), Adobe (NASDAQ:ADBE)



Artificial intelligence (AI) is rapidly advancing, with each of the major tech companies participating in some capacity, and the opportunities are not monopolized by the Magnificent Seven.

“Every company is going to have to be an AI company,” said Ivan Feinseth, senior partner and CIO at Tigress Financial, while appearing on Benzinga PreMarket Prep on Friday.

He was quoting Tom Siebel, CEO of C3.ai AI, an enterprise AI application development platform, and a company that Feinseth likes and invests in.

“Every company is going to have to, in some way, deploy AI in tracking customer behavior, optimizing supply chains, and increase business efficiency and employee efficiency,” Feinseth added.

“This is going to be the next goldrush — like automation and electronics was in the 1970s, home computing in the 1980s and the internet in 1990s and early 2000s.”

Also Read: Forget The Magnificent 7: Did Anyone Back These 1,000% Gainers In 2023?

‘Hyperscalers’ And Smaller Companies

Among the stocks Feinseth holds are what he calls the “hyperscalers” — those companies capable of easily adapting to meeting vast rises in demand, such as the Mag7 names like Amazon.com Inc AMZN, Alphabet Inc GOOGL and Microsoft Corp MSFT.

At the lower-cap end of the market, he likes recently listed companies such as MongoDB MDB a database software developer that came to market in late 2017, Monday.Com MNDY, a project management software platform that debuted in June 2021, and C3.ai, whose IPO was in December 2021.

But what of the dangers of AI — the existential threat to job security? Feinseth holds Adobe Inc ADBE shares, but doesn’t believe a graphic designer is going to lose his or her job to AI.

“A graphic designer is going to lose his or her job to a graphic designer using AI to be more efficient and more creative,” he said.

Feinseth added: “AI is going to increase operating efficiency, increase creativity, productivity and job satisfaction. Yes, there is one caveat – that we’ve all seen Terminator – so we know what could happen. But overall, the trend of increased AI adoption is going to continue.”

Intel’s Growth Fueled By Foundry Investment

Feinseth also holds shares in Intel Corp INTC, where he identifies long-term growth potential, especially due to the company’s significant $20 billion investment in new foundries, despite its 2023 gains.

“This is important, especially as all the other companies in the world would like to move away from China and come back to the U.S.,” he said.

Feinseth added that “we’ve seen many chip manufacturers and users like Apple Inc AAPL and even Nvidia Corp NVDA who’ve said that they’re interested in Intel Foundry Services.”

Now Read: Short Sellers’ Nightmare: $195B Evaporates In 2023’s Market Surge

Photo IvanFeinseth/TigressFinancialPartners Geralt/Pixabay



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