Melius: Apple, AMD, Intel top AI “catch-up” deals in H2

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Melius Research names Advanced Micro Devices (AMD), Intel (INTC), and Apple (AAPL) as leading candidates for AI “catch-up” trades in the second half of 2024. Market Domination anchors Julie Hyman and Josh Lipton review a note on these AI-related tech stocks from Melius Research analyst Ben Reitzes.

For more expert insights and the latest market trends, click here to watch this entire episode of Market Domination.

This post Luke Carberry Morgan.

Video Transcript

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Melius research suggests that companies like Intel, AMD and Apple are set to see big gains in the second half of the year.

And analyst Ben calls this a catch-up trade for stocks that underperformed in the first half of the year.

And he's looking for models. He said he saw a similar phenomenon last year where stocks underperformed in the first half of the year and then rose in the second half, and these are just a few of the stocks he's talking about.

He says Apple's product cycles help.

He talks about semiconductors like MD and that Intel will also make a comeback.


And then going back to the video, on his note as a client, what he's saying with Blackwell at Nvidia is actually not the only product cycle to look at in the second half, can you believe it?


So, Julie, you're right, I love this memo, and the title of the memo is “It's time to kick AI back into the rearview mirror,” and he's talking about Apple and the iPhone 16.

Well, market expectations for the iPhone franchise are low.

And he talked about other interesting things around the big topic of AI Ready P CS.

Listen, we've talked to a lot of smart analysts about this and asked them some questions about how it might play out, and they've said it will benefit companies like Intel and AMD.

And then there's IBM, who, by the way, shot disappointingly in the first half.

He said he expects revenue from Red Hat to increase and also cited help from recent acquisitions.

Well, Taiwan's semi-final is also exciting today, so that's not a problem.

So overall we're going to see a big chip rally and I think TSM's market cap will exceed $1 trillion this year and its US valuation will exceed $1 trillion.

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