Investing
Top performing stocks recommended by an AI model following a week of modest economic data
![](https://newyorkfolk.com/wp-content/uploads/2024/06/107374542-1708037596200-gettyimages-1247904399-cros-notitle230307_npZSI.jpeg)
AI investing models, such as the iFi AI model powered by IBM’s Watsonx, are proving to be patient in their projections. The model is still forecasting a significant upside for bitcoin miner Marathon Digital despite the stock being down 0.3% month to date. Using a combination of fundamental data, technical analysis, and company news, the AI model sees a potential return of over 54% in the next 30 days for Marathon, making it the top confidence category stock with at least $1 billion in market cap. This indicates that the model may be anticipating a positive catalyst for Marathon that has yet to materialize.
In addition to Marathon Digital, the iFi AI model has highlighted other stocks with significant upside potential. Lucid Group, an electric vehicle company, and Carvana, an online auto dealer, are two volatile car-related stocks that follow Marathon on the list. Despite Lucid Group’s stock price trending lower since last summer, it still has a market cap of over $5 billion and reported over $2 billion in cash and cash equivalents at the end of the first quarter. Similarly, Carvana has seen steady growth throughout the year, with a 3.1% increase for the month and a 95% increase for the year.
The top five stocks on the iFi AI model’s list also include homebuilder Meritage Homes and cybersecurity company Palo Alto Networks. Although Palo Alto Networks may have a lower upside potential compared to other names, it is actually the model’s top pick as of Friday morning, with shares up approximately 8% year to date. This indicates that the model’s projections are not solely based on short-term trends but also take into consideration long-term growth potential and stability.
Despite a week of downward-trending inflation data and sliding Treasury yields, the iFi AI model’s top picks have remained consistent. This suggests that last week’s economic data did not significantly impact the model’s projections. Ron Insana, the CEO of iFi AI and a CNBC senior analyst and commentator, launched the AI model in March. With a focus on utilizing various inputs and data sources, the iFi AI model is able to identify stocks with high growth potential and provide valuable insights for investors looking to capitalize on market opportunities. As the use of AI in investing continues to evolve, models like iFi AI are poised to play an increasingly important role in shaping investment strategies and decision-making processes.
![](https://newyorkfolk.com/wp-content/uploads/2024/05/nyf-new-logo.png)
-
Finance6 days ago
Zilch, a rival to Klarna, secures $125 million in funding with the goal of tripling sales and speeding up the path to IPO.
-
News7 days ago
At least 11 people killed in two Mediterranean Sea shipwrecks.
-
Finance6 days ago
Report: Ferrari’s First Electric Vehicle to Have Price Tag Exceeding $500,000
-
Sport6 days ago
Mavericks aim to prevent loss in NBA Finals: How would a sweep impact Luka’s reputation? | First Things First | Fox News Video
-
News6 days ago
New law in New York aims to improve child safety at summer camps and ballfields
-
News6 days ago
Majority continues to support Israelis over Palestinians in Fox News Poll
-
Sport7 days ago
Can Mahomes lead Kansas City Chiefs to a third consecutive Super Bowl victory? | First Things First | Fox News Video
-
News5 days ago
In a crucial Question Time debate, Keir Starmer reveals that Jeremy Corbyn would have been a better Prime Minister than Boris Johnson, as Rishi promises to defeat the Tories in the upcoming election.