Two from Investor's Business Daily:
Stocks weakened in afternoon trading Friday as major indexes traded near session lows and investors licked their wounds from a hotter-than-expected February jobs report. One of the key stocks that slipped was artificial intelligence leader Nvidia (NVDA), which finally took a breath and retreated from an all-time high on the stock market today....
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No precipitating reason given although another of the hotshot stock Mongo DB dropped 6% right out of the gate:
....MongoDB (MDB) gapped down nearly 6% in heavy trading, after the database platform operator beat quarterly profit and revenue estimates for its January-ended quarter, but gave an outlook for earnings and sales that was below analyst forecasts. MongoDB stock sank further below its 50-day line and undercut its 200-day moving average.
Perhaps, as the man said, "Mongo only pawn in game of life."
Also at IBD:
AI Stocks: JP Morgan Names Alternatives To Nvidia, AMD
Chipmakers Nvidia (NVDA) and AMD (AMD) are well-known beneficiaries of the artificial intelligence infrastructure spending surge, as are server makers Dell (DELL) and Super Micro Computer (SMCI). But there are alternative AI stocks in the computer hardware and networking space, investment bank JPMorgan said Friday.
Topping its alternative list of AI beneficiaries are contract manufacturers Flex (FLEX) and Jabil (JBL) and optical networking gear maker Lumentum (LITE), analyst Samik Chatterjee said in a client note.
"The significant premiums we are seeing already in AI-levered companies are leading investors to look for alternative AI investments, even if they are not necessarily pure plays, but that can offer more attractive valuation entry points relative to AI pure plays," Chatterjee said.
Lumentum will benefit from sales of its Cloud Light high-speed optical transceiver products to cloud service providers, he said.
Flex and Jabil will get a boost from assembling data-center gear for cloud hyperscalers, Chatterjee said. AI infrastructure products make up about 10% of sales at Flex and Jabil, he said...
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