TLDR:
- Apple’s stock has surged due to new AI features
- Other overbought stocks include Nvidia, Broadcom, and more
Apple Inc. has become one of the most overbought stocks on Wall Street following its recent surge to record highs driven by its entry into consumer-centric artificial intelligence (AI). Apple’s stock has seen an almost 8% increase this week after the company announced new AI features at its annual Worldwide Developers Conference, pushing its stock price beyond the $200 mark. This makes it the second-most overbought stock on Wall Street this week based on its 14-day relative strength index (RSI).
Other overbought stocks this week include Nvidia Corp., Hewlett Packard Enterprise Co., and The TJX Companies Inc. Broadcom Inc. has also experienced a significant increase in its stock price making it considered overbought. The tech industry’s strength in AI has led to a surge in stock prices, reminiscent of the dot-com bubble. Despite concerns of a potential bubble, investor Steve Eisman expressed confidence in the U.S. economy’s resilience driven by AI and infrastructure investments.
In conclusion, the surge in Apple’s stock and other overbought stocks reflects the current trend in the tech industry towards AI and the potential for market pullback. Investors should keep an eye on these stocks and the market trends to make informed decisions about their investments.