Benzinga - by Surbhi Jain, .
Dominari Financial CEO Kyle Wool recently shared his insights on Fox Business’ market-open coverage with Varney & Co. on Wednesday, highlighting two stocks that stand to benefit from NVIDIA Corp‘s (NASDAQ:NVDA) impressive stock surge: Advanced Micro Devices Inc (NASDAQ:AMD) and Palantir Technologies Inc (NASDAQ:PLTR).
AMD Stock: “Could Easily Hit $200“ Wool said AMD is positioned to benefit significantly from Nvidia’s sharp rise.
Despite its relatively modest movement — up about 10% year-to-date and 30% over the past 12 months — Wool sees substantial potential for AMD.
“I think AMD trading in the mid-$160s could easily hit $200, given the amount of money that’s gonna continue to pour into AI,” said Wool.
Wool’s optimism stems from the continuous influx of investment into the AI sector, which heavily relies on high-performance chips like those produced by AMD.
“Could Finally See Palantir Break Out“ Wool also highlighted Palantir, calling it “a darling among the pre-IPO unicorns”. Wool noted Palantir’s stock has remained somewhat flat since its IPO despite being highly regarded among pre-IPO unicorns.
Palantir's AI protocol business is now gaining momentum, boasting almost 40% growth over the last year. It is “really starting to take off,” Wool noted.
He believes this growth trajectory and says he “wouldn’t be surprised if we finally see Palantir break out.”
“Look At What Elon Musk Just Did“ When questioned on concerns around whether the AI boom has plateaued, Wool said he is confident in the continued flow of capital into the AI industry.
He pointed to recent moves by Elon Musk, who founded xAI about a year ago and has recently raised $6 billion from prominent investors like Sequoia Capital and Andreessen Horowitz.
Musk’s plans to purchase a substantial number of Nvidia’s chips — 100,000 initially, with an additional 300,000 later—could amount to approximately $9 billion in AI investment over the next year.
Also Read: ‘Tesla Had No Place To Send The Nvidia Chips,’ Says Elon Musk After Report Suggests He Diverted Thousands Of AI Chips Reserved For EV Giant To X And xAI: ‘They Would Have Just Sat In A Warehouse’
“I think that really could drive Nvidia even higher than where it is today, and companies like Super Micro Computer Inc (NASDAQ:SMCI),” said Wool.
As Nvidia’s stock continues to climb, Wool identifies AMD and Palantir as two companies poised to capitalize on this trend.
With the AI sector attracting substantial investment, both companies are well-positioned for significant growth in the coming months.
Read Next: Nvidia’s AI Muscle Propels Stock Past Apple To No. 2 Spot On SPY Holdings: What Investors Need To Know
Photo: Shutterstock
Latest Ratings for PLTR
| Mar 2022 | Piper Sandler | Initiates Coverage On | Overweight | |
| Mar 2022 | Morgan Stanley | Upgrades | Underweight | Equal-Weight |
| Feb 2022 | Citigroup | Maintains | Sell |
View the Latest Analyst Ratings
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