Top performing stocks recommended by an AI model following a week of modest economic data

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.