Magnificent Seven stocks like Amazon.com (AMZN), Alphabet (GOOGL), Nvidia (NVDA) and even a rebounding Apple (AAPL) continue to make good on their nickname as they trade at or near all-time highs. With Nvidia gapping up on earnings, Microsoft stock is now testing a breakout and record high of its own.
X
Interestingly, none of the Magnificent Seven made this month’s list of new buys by the best mutual funds, including Microsoft (MSFT), Nvidia, Apple, Amazon and Google stock. But the artificial intelligence boom and demand for these titans of tech continues, as evidenced by their stock performance.
After Nvidia smashed targets after the close Wednesday, the AI powerhouse soared past the 1,000 mark with its relative strength line hitting a 52-week high. Microsoft stock continues to flirt with a new buy zone.
Microsoft And ServiceNow Double Up On AI Assistants
Earlier this month, Microsoft and leading enterprise software firm ServiceNow (NOW) expanded their strategic alliance. The goal is to leverage their combined generative-AI capabilities.
The Microsoft-ServiceNow collaboration aims to integrate both firms’ generative AI assistants into one seamless experience. The companies say that melding ServiceNow’s Now Assist platform with Microsoft Copilot will make it easier to create value for enterprise workers. The partnership also looks to help employees unlock new avenues to improve productivity.
The combined tools within Microsoft 365 aims to help quickly eliminate friction for employees. Specifically, Copilot will be able to hand off employee requests to Now Assist in Microsoft Teams. Now Assist will provide employees with responses to questions as well as recommend actions and next steps in a conversational manner.
Microsoft Stock Teases New Breakout
As Nvidia flies early Thursday, Microsoft trades right around a 430.82 buy point in a flat base.
While trending generally sideways this year, the relative strength line for Microsoft stock has perked up. A solid breakout would establish a new all-time high for Microsoft, which went public in 1986.
Meanwhile, Amazon holds support above its 50-day moving average as Apple stock continues to work on a base with a 196.38 buy point. Like Microsoft, Google stock ended Wednesday’s trading within striking distance of a record high.
Fellow AI bellwether Nvidia also closed the session near its all-time high. Nvidia is in buy range from a 922.20 buy point in a cup with handle. It has also closed in on an alternative entry at 974.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
YOU MAY ALSO LIKE:
Nvidia Does It Again, Smashes Quarterly Targets, Raises Outlook (Live Coverage)
Nvidia Dethroned: This AI Chip Stock Now Rules This Elite Screen
Stock Picks: Google, Nvidia Reveal 7 Telltale Traits To Monitor
Generate New Stock Ideas With IBD Stock Screener
Identify Bases And Buy Points With This Pattern Recognition Tool
Â
Â
