Palantir Technologies (PLTR) is gaining momentum as it addresses a negative report regarding its prototype battlefield communications network. This resurgence places the company at the forefront of several stocks approaching their buy zones. Alongside Palantir, DoorDash (DASH), Emcor (EME), GE Vernova (GEV), Vertiv (VRT), and Howmet Aerospace (HWM) are also prominent on investor watchlists.
Strength of AI Stocks in the Market
The strength of artificial intelligence stocks continues to be evident in market indexes. Nine components from the Investor’s Business Daily (IBD) Leaderboard have exited their buy ranges. Notable names among them include Alphabet (GOOGL), AppLovin (APP), Broadcom (AVGO), and Micron Technology (MU). However, AppLovin experienced a significant sell-off due to news of an investigation by the Securities and Exchange Commission (SEC) into its data collection practices.
Breakout Opportunities for Key Stocks
As the Nasdaq reaches record highs, tech stocks are thriving. Palantir shares have rebounded from a recent sell-off and are poised to re-enter a buy zone, forming a late-stage cup with handle pattern. Emcor recently entered a buy zone from a buy point of 667.64 in a flat base.
- DoorDash: Stock now sits at the top of a buy range between 269.06 and 282.51.
- Vertiv: This AI infrastructure stock has recently climbed out of its buy range, reaching new highs.
- GE Vernova: Continues its second-stage consolidation, positioning for future growth.
- Howmet Aerospace: Aiming to retake its 193.26 buy point after clearing it in late September.
Stocks to Watch in the Tech Sector
Currently, five stocks comprise the IBD Leaderboard watchlist. Tesla (TSLA) and Robinhood (HOOD) have surpassed their ideal buy ranges. Noteworthy mentions include:
- Snowflake (SNOW): Working towards a buy point of 249.99 in a flat base.
- Quanta Services (PWR): Floating near a 424.94 buy point after a recent breakout.
- Dave (DAVE): Striving to regain its position above the 50-day moving average.
Investors continue to keep a close watch on these emerging trends and breakouts, particularly in the AI infrastructure space, with Palantir leading the charge.
