The 4th of July saw fireworks across the country as the US celebrated its 250th year of Independence. The stock market remained closed on Friday as Americans celebrated freedom through the weekend. Now that the markets will open on Monday, there are two leading AI hardware stocks to watch out for, as signs of a recovery emerge after a recent price pullback.
2 AI Stocks To Closely Monitor
Nvidia (NVDA)
Nvidia stock (NASDAQ: NVDA) is now trading below the $200 level and fell to the $190 range three times this year. The leading GPU manufacturer has rebounded all three times after the slump, reaching a high of $215. The slump could see traders taking an entry position at these levels, as NVDA is now available at a discounted price. Several Wall Street analysts have also forecasted that Nvidia could rise above the $300 zone next. Investment banking firm Bernstein reiterated its price prediction, estimating NVDA to reach a high of $315.
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Micron Technologies (MU)
Micron (NASDAQ: MU) fell back below the $1,000 level and is trading at $975. The slump could be another buying opportunity, as MU attracts high trading pressure. Both retail investors and institutional funds are heavily buying the stock, making prices surge. Wall Street analysts have been increasingly predicting that Micron stock will breach the $2,000 level. That is as good as doubling money, if the price estimate turns out to be accurate.
Both Nvidia and Micron stocks are the most sought-after equities in the broader US markets. Even foreign investors are laying their hands on these, as both provide promising returns. Their business revenue is robust, with a backlog of billions of dollars. The AI industry depends on their services, making them the top contenders in the next-gen tech. NVDA below $200 and MU below $1,000 are good deals for buyers.