We recently published a list of the Forget Magnificent 7: Analysts are Talking About ‘Big 10’ AI Stocks in 2024. Since Micron Technology Inc (NASDAQ:MU) ranks 8th in the list, it deserves a deeper look.
When the AI revolution started with the launch of ChatGPT, investors started pouring money into a handful of companies that are leading AI technology development, thanks to their industry position and unending free cash flows. Market analysts soon started pointing to the concentration of gains phenomena in the market, where just a few stocks accounted for most of the broader market gains. This tech concentration remains strong as of today, as all important AI and Cloud technologies that we see in the news are developed, acquired or marketed by mega-cap tech companies we’re all familiar with. Bank of America analyst Michael Hartnett recently said in a report that the S&P 500 has gained about 12% so far in the year, but if we…
