Has Nvidia reached its peak? Wall Street's Focus on Emerging Markets: Searching for the Next NVIDIA
吖咩嘚咩s
发表于 2024-4-8 10:44:30
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Driven by the global frenzy for artificial intelligence, Nvidia's stock price has tripled in less than a year, leading the major semiconductor manufacturer index in the United States to rise by 50%.
Now, with some investors worried that Nvidia's stock price has reached a high level, Wall Street investors are turning their attention to emerging markets, seeking the "next Nvidia" with more investment value and growth potential.
Wall Street is searching for the "next Nvidia"
Jitania Kandhari, Deputy Chief Investment Officer of Morgan Stanley Investment Management, said that investors are increasingly looking for emerging market stocks to replace the excessively rising US technology stocks.
In Wall Street investment banks, Goldman Sachs Group's asset management department is specifically searching for stocks in artificial intelligence supply chain component manufacturers, such as cooling systems and power stocks; JPMorgan Asset Management prefers traditional electronics manufacturers that are transitioning into AI leaders; Morgan Stanley's investment managers, on the other hand, are betting that artificial intelligence is reshaping the business models of non tech industries.
Candhari stated that the focus of the future will be on "AI+":
"We view artificial intelligence as a driving force for growth in emerging markets... Although we have previously invested in direct beneficiaries of artificial intelligence such as semiconductors, in the future, finding companies from different industries that adopt artificial intelligence to increase profits will be crucial."
Despite significant gains and rebounds, the valuations of most emerging market AI stocks are still much lower than the expected P/E ratio of their US counterparts, Nvidia, which is 35 times, while the expected P/E ratio of Asian artificial intelligence giants is usually between 12 and 19 times.
In addition, emerging markets have also provided faster growth rates. Wall Street analysts predict that the overall earnings of emerging market technology companies will increase by 61% year-on-year, while their US counterparts expect a growth rate of 20%.
TSMC and other giants are currently the biggest winners
So far, the stars that Wall Street is most concerned about in emerging market AI stocks are those companies that were already technology leaders before the AI boom, such as TSMC and Hon Hai Precision.
JPMorgan Chase's fund portfolio for investing in Taiwan, China stocks includes TSMC, Hon Hai and MediaTek, which makes the fund's performance exceed 96% of its peers in more than 1400 funds of the same type.
These three stocks are also among the top ten holdings of iShare MSCI (excluding China) emerging market ETFs, whose market value has doubled in the past five months.
Anuj Arora, head of emerging markets and Asia Pacific stock markets at JPMorgan Asset Management, said:
"Technology companies that have been suppliers to large companies throughout history are likely to become big companies themselves... adopting this technology earlier means that these companies are far ahead of their competitors in utilizing new technologies."
Multiple Asian countries are cultivating local AI leaders
However, currently, the investment scope of this AI boom is gradually expanding, and more and more investors are investing in a wider range of targets.
For example, in South Korea, the stock price of Korean American semiconductor companies has risen by about 120% this year, making it the largest increase among MSCI emerging market index components. In recent weeks, the company's foreign shareholding ratio has also increased.
In Vietnam, the stock price of IT service provider FPT Corp. has risen nearly 20% this year, making Ashmore Emerging Market Frontier Equity Fund the best performing emerging market active fund in the United States.
In other places, some established companies have attracted the interest of new investors after sending signals to enter artificial intelligence.
For example, in Saudi Arabia, Saudi Telecom is collaborating with Alibaba on cloud computing, making Saudi Arabia a breeding ground for Chinese artificial intelligence companies.
In India, local business giant Reliance Industries Limited has developed a ChatGPT style model that can be used in 22 Indian languages.
"We point out that some markets are forming a potential 'national champion' mentality around artificial intelligence... countries are focusing on cultivating local companies that can become future leaders," said Luke Barrs, Global Head of Fundamentals Equity Client Portfolio Management at Goldman Sachs
Not without risk
Of course, Wall Street also realizes that seeking AI investments in emerging markets is not without risks.
Emerging markets are closely related to the United States, which means that if artificial intelligence concept stocks in the US stock market are sold off, it is likely to have a chain reaction on a global scale.
However, Morgan Stanley's Candhari still believes that AI stocks in emerging markets still have untapped investment value.
"In emerging markets, they see artificial intelligence as a driving factor that has not been fully valued... there are many readily available fruits to juice."
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声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
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