Apple Stock Sells as Google AI Gains While AMD Challenges Nvidia

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The artificial intelligence sector is currently a focal point for investors, marked by both significant optimism and underlying concerns about overspending. A recent Bank of America survey of 202 investors, managing $550 billion, revealed that 45% consider an "AI bubble" the biggest risk to the economy, with 20% believing companies are investing too aggressively. Despite these worries, 53% of investors remain optimistic about AI's long-term benefits, seeing it as a productivity booster. Fund managers at Fidelity International and Allianz Global Investors echo this sentiment, asserting that the AI stock rally will continue, citing strong spending and growing user bases. In a notable shift, Warren Buffett's Berkshire Hathaway is reportedly selling Apple stock to acquire shares in Alphabet, Google's parent company. Alphabet is solidifying its position as an AI leader, with its improved Google Search and the Gemini chatbot, which now boasts 650 million users. Google Search revenue alone grew nearly 15% last quarter, reaching $56 billion, showcasing the company's robust performance across its diverse portfolio including YouTube, Google Cloud, and Waymo. Berkshire Hathaway purchased Alphabet stock in the third quarter when shares were around $200. Competition in the AI chip market is heating up. While Nvidia, a major chipmaker, prepares to report earnings, its stock, up 39% this year, has been outpaced by rivals like Advanced Micro Devices (AMD), which doubled its stock, and Broadcom, up 48%. AMD's CEO Lisa Su views heavy AI investment as the "right gamble," with AMD's stock surging 99% in the past year compared to Nvidia's 35%. Su anticipates strong sales for AMD's MI300 accelerators and suggests investors consider both companies as AI demand appears boundless. Further illustrating the interconnectedness of the AI ecosystem, Nvidia and Microsoft recently invested in the private AI startup Anthropic. In exchange, Anthropic committed to purchasing chips from Nvidia and cloud services from Microsoft Azure, a deal that saw both Nvidia and Microsoft shares dip on Tuesday amid broader AI bubble concerns. Beyond the tech giants, new players are emerging to capitalize on evolving consumer behavior. Peec AI, founded in 2022, recently secured $21 million in funding, led by Accel, with Index Ventures and Lightspeed Venture Partners also participating. The company aims to help brands gain visibility in AI chatbot search results, as platforms like ChatGPT are increasingly used by consumers for product searches over traditional search engines like Google. The funding will support Peec AI's team expansion and growth in Europe and North America. Meanwhile, investment opportunities extend to other regions, with UBS strategist Jason Draho recommending Chinese AI stocks due to their lower valuations compared to US tech and their potential for portfolio diversification. The Invesco China Technology ETF, for instance, has gained 38% this year, outperforming the Nasdaq 100. Canadian AI companies like Kinaxis (supply chain management), Docebo (employee training), and Shopify (e-commerce features) also present diverse avenues for AI investment.

Key Takeaways

Warren Buffett's Berkshire Hathaway is selling Apple stock and buying Alphabet shares, signaling confidence in Google's AI leadership.
Alphabet's Google Search revenue grew almost 15% last quarter to $56 billion, with its Gemini chatbot now having 650 million users.
Peec AI secured $21 million in funding to help brands appear in AI chatbot search results, as consumers increasingly use platforms like ChatGPT over Google for product searches.
Nvidia, while up 39% this year, has seen Advanced Micro Devices (AMD) double its stock and Broadcom rise 48% in recent gains, intensifying competition in the AI chip market.
AMD's stock has surged 99% in the past year, with CEO Lisa Su calling heavy AI investment a "smart bet" and expecting strong sales for its MI300 accelerators.
Nvidia and Microsoft invested in the private AI startup Anthropic, with Anthropic agreeing to purchase Nvidia chips and Microsoft Azure cloud services in return.
A Bank of America survey revealed 45% of investors view an "AI bubble" as the biggest economic risk, though 53% believe AI boosts productivity.
Despite bubble concerns, fund managers at Fidelity International and Allianz Global Investors anticipate the AI stock rally will continue due to strong spending and user adoption.
UBS strategist Jason Draho suggests investing in Chinese AI stocks, noting their lower prices compared to US tech and the Invesco China Technology ETF's 38% gain this year.
Canadian companies like Kinaxis (supply chain AI), Docebo (AI learning systems), and Shopify (AI features for e-commerce) represent diverse AI investment opportunities.

Peec AI secures $21 million to help brands with AI search

Consumers now use ChatGPT for product searches more than Google. Peec AI, founded in 2022, helps brands show up and be seen in these AI chatbot results. The company just raised $21 million in funding, led by Accel, with Index Ventures and Lightspeed Venture Partners also joining. This money will help Peec AI grow its team, improve its products, and expand in Europe and North America.

Peec AI gets $21 million to aid brands in AI search

More consumers are using ChatGPT instead of Google for their searches. Peec AI raised $21 million to help brands adjust to this change. The company provides tools for brands to stay visible and relevant in AI chatbot results. This funding will support Peec AI's efforts to help businesses reach customers in the evolving digital landscape.

Three Canadian AI stocks to watch now

The AI revolution is growing, and Canadian companies are playing a big part. Investors should consider three top Canadian AI stocks: Kinaxis, Docebo, and Shopify. Kinaxis uses AI in its RapidResponse platform for supply chain management. Docebo offers AI-powered learning systems for employee training. Shopify adds AI features like product recommendations and fraud detection to its e-commerce platform. These companies show different ways AI is changing industries.

Warren Buffett invests in AI giant Alphabet

Warren Buffett's Berkshire Hathaway is selling Apple stock and buying Alphabet shares. Alphabet is becoming a leader in AI with its improved Google Search and the Gemini chatbot, which has 650 million users. Google Search revenue grew almost 15% last quarter, reaching $56 billion. Alphabet also owns YouTube, Google Cloud, and Waymo, showing its diverse growth. Berkshire Hathaway bought Alphabet stock in the third quarter when it was around $200 a share.

UBS strategist suggests investing in Chinese AI

Jason Draho, a top strategist at UBS Wealth Management, believes it is a good time to invest in Chinese AI stocks. He notes that Chinese tech stocks have lower prices compared to US tech companies. Investing in Chinese AI also provides a different kind of investment that does not always move with US tech stocks. For example, the Invesco China Technology ETF has gained 38% this year, beating the Nasdaq 100.

Nvidia faces competition in AI stock race

Nvidia, a major chipmaker, will report its earnings on Wednesday. The company is no longer the top AI stock, falling behind Advanced Micro Devices and Broadcom in recent gains. While Nvidia's stock is up 39% this year, AMD doubled and Broadcom rose 48%. Analysts like Ruben Roy from Stifel have raised their price targets for Nvidia, expecting a moderate earnings beat. CEO Jensen Huang mentioned a $500 billion order book for new infrastructure, which could help Nvidia regain its lead.

Fund managers fear AI spending is too high

Global fund managers are worried that companies are spending too much on artificial intelligence, a concern not seen since 2005. A Bank of America survey of 202 investors managing $550 billion shows that 20% believe companies are investing too aggressively in AI. Many investors, 45%, see an "AI bubble" as the biggest risk to the economy. Despite this, 53% of investors believe AI is boosting productivity, and they remain optimistic about its long-term benefits.

Nvidia and Microsoft invest in AI startup Anthropic

Nvidia and Microsoft recently invested in Anthropic, a private AI startup. In return, Anthropic agreed to buy chips from Nvidia and cloud services from Microsoft Azure. This deal, however, caused Nvidia and Microsoft shares to drop on Tuesday. Investors are concerned about an AI bubble, which is affecting tech stock sentiment. This agreement highlights the growing connections between AI software makers, chip companies, and cloud providers.

Funds say AI stock rally will continue

Fund managers at Fidelity International and Allianz Global Investors believe the AI stock rally will continue despite worries about a bubble. They point to strong spending by AI companies and many new users. Fidelity's Zhang and Allianz's Hartwig Kos say it is too early to call it a bubble, as AI earnings and chip prices are still rising. They also think recent stock selling is due to investors protecting themselves before Nvidia's earnings report. If Nvidia's results are good, the market will likely rebound.

AMD CEO Lisa Su calls AI spending a smart bet

AMD CEO Lisa Su believes that investing heavily in AI is the "right gamble," even with market doubts about high AI spending. AMD's stock has risen 99% in the past year, outperforming Nvidia's 35% gain. Su thinks AMD will be a major winner, especially if its MI300 accelerators sell well and more companies adopt AI. She suggests owning both Nvidia and Advanced Micro Devices, as AI demand is expected to be endless.