Tech Stocks to Watch: Ken Griffin’s Top Picks for 2024 Include NVIDIA, Microsoft, and Apple
The technology sector has seen a slow start to the year as investors are waiting to see the Federal Reserve’s plan of action regarding possible rate cuts. While some are skeptical about the ability of the top tech stocks to maintain the gains of the previous year, long-term analysts remain bullish on the prospects of the technology sector in 2024. One of the reasons behind this optimism is the power of artificial intelligence (AI) and generative AI software in benefiting everyday people.
Josh Brown, CEO at Ritholtz Wealth Management, recently discussed the decline in tech stocks in the first week of 2024. According to Brown, investors are taking profits after witnessing remarkable returns from the technology sector in 2023, especially in the fourth quarter. Despite the decline, Brown emphasized that this shouldn’t be seen as a stumble for these companies.
Brown also highlighted that 2024 will be the year when AI goes from being a concept to a product. While he expressed some concerns about their valuations, Brown named Alphabet and Amazon as the top tech stocks to own due to their AI catalysts.
Experienced investors understand that short-term fluctuations in stock prices hold little significance in the long run. Tech companies with strong balance sheets and products/services that impact millions of people globally are expected to continue gaining momentum in the months and years ahead. As a result, many analysts and money managers are investing in these stocks.
In the midst of this positive outlook, we turn to billionaire Ken Griffin’s top technology stock picks.
Ken Griffin, the founder of Citadel Investment Group, has established himself as one of the leading hedge fund managers. To identify Griffin’s top tech stock picks, we analyzed his hedge fund Citadel LLC’s 13F portfolio for the third quarter of 2023. Among his notable picks are NVIDIA Corp, Microsoft Corp, and Apple Inc.
Here are the key details regarding Griffin’s top tech stock picks:
1. Uber Technologies Inc: Despite reducing its stake by 11% in the third quarter, Citadel still holds a $319 million stake in Uber Technologies. Analyst Ronald Josey included Uber in his top picks for 2024.
2. AT&T Inc: Griffin’s fund increased its stake in AT&T Inc by a significant 182% in the third quarter, bringing its total stake to $319 million. It is worth noting that 52 hedge funds out of the 910 funds tracked by Insider Monkey also have stakes in AT&T Inc.
3. Meta Platforms Inc: Despite a 53% reduction in stake, Citadel still retains a $324 million stake in Meta Platforms Inc. The company has experienced strong support from analysts and hedge funds due to successful cost-cutting measures and the integration of AI in its products.
4. Dell Technologies Inc: Citadel sold a significant number of shares in Dell Technologies Inc during the third quarter, but it still holds a $355 million stake in the company.
5. Booking Holdings Inc: Griffin’s hedge fund bought additional shares of Booking Holdings Inc during the third quarter, increasing its stake to a substantial $399 million. The company recently posted impressive Q3 results, beating estimates for both adjusted EPS and revenue.
6. Micron Technology Inc: Micron Technology Inc is one of Griffin’s top technology stock picks. UBS has also identified Micron Technology as one of its top semiconductor picks for 2024.
7. Palo Alto Networks Inc: Citadel owned a stake worth $563 million in Palo Alto Networks Inc as of the end of September. Raymond James recently downgraded Palo Alto Networks Inc due to valuation concerns.
Overall, Griffin’s top tech stock picks reflect his confidence in companies that have demonstrated strong potential and innovative approaches. As other hedge funds are also investing in NVIDIA Corp, Microsoft Corp, and Apple Inc, these stocks continue to be in the spotlight.
Please note that this article is generated by OpenAI’s language model.
