A rally driven by artificial intelligence (AI) is expected to continue in tech stocks, including Fortinet (FTNT), Taiwan Semiconductor Manufacturing Company (TSM), and Goldman Sachs (GS). Investors should keep an eye on these five stocks as they reassess their current holdings and work on their watchlist.
Fortinet’s stock has been trading above a 100.59 buy point in a short consolidation after a strong run-up on earnings, with the company targeting software-defined wide area networks. The stock has a near-perfect 98 Composite Rating and a 93 Relative Strength Rating.
Taiwan Semiconductor Manufacturing Company (TSM) is expected to benefit from AI demand, with some analysts predicting that the market will be helped by demand from generative AI, which requires companies to organize vast amounts of data to feed into AI models. TSM has rallied more than 15% since the US elections on November 5.
Goldman Sachs (GS), another stock expected to benefit from AI, is trading above a buy point in a short consolidation, with the company targeting software solutions for large corporations and institutions.
Meanwhile, stocks that are lagging behind in the AI-driven rally include Nvidia. Despite being a leader in AI technology, Nvidia’s stock has been struggling to keep up with the rest of the market.
TechnipFMC (FTI), Confluent (CFLT), and Fortinet (FTNT) have shown strong performances recently, but their stocks are testing key levels. Investors should monitor these stocks for potential breakouts or reversals.
As investors navigate the AI-driven rally in tech stocks, they should also keep an eye on the broader market and adjust their portfolios accordingly.
Source: https://www.investors.com/news/sp-500-goldman-sachs-fortinet-stocks-to-watch