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Zacks Investment Ideas feature highlights: Nvidia, Arista, Applied Materials and Uber

For Immediate Release

Chicago, IL – April 18, 2024 – Today, Zacks Investment Ideas feature highlights Nvidia NVDA, Arista Networks ANET, Applied Materials AMAT and Uber Technologies UBER.

Time to Buy the Dip? Top-Ranked Stocks On Sale Now

Broad market indexes are down about -5% over the last couple of weeks, and some market participants are already anticipating the worst outcomes. But is there really something terrible on the horizon, or is this just a garden variety pullback?

Although we have seen a hot inflation print, rising geopolitical tensions and doubts about interest rate cuts, I lean towards the current scenario being a pause in the bull run and thus likely a buying opportunity.


The US economy is growing above trend, the AI revolution is improving worker productivity, stocks are fairly priced and though there might be a delay in interest rate cuts, they are very likely starting by the end of the year. All of this to me are signs of a continuing bull market, which will regularly have 5-10% corrections to shake the weak participants.

When looking for stocks to buy the dip on, I am seeking those that are showing relative strength against the market index and have top Zacks Ranks. Even better when I can identify stocks from a range of industries to increase diversification.

Technology Stocks

As I mentioned, the Artificial Intelligence boom is driving major changes in the markets and economy. AI-adjacent stocks have been strong outperformers since the start of the year, and many are pulling back to appealing levels.

The market’s leading AI stock, Nvidia continues to boast a Zacks Rank #1 (Strong Buy) rating reflecting its continuously rising earnings revisions trend. Additionally, the price action has been forming a compelling technical trading setup.

We can see that since early March, Nvidia stock has been trading sideways and building out a bull flag. This setup echoes the consolidation that launched NVDA stock higher at the start of the year.

If the stock can trade above the $900 level, it would signal a technical breakout and likely send the stock to further highs.

Two other stocks that are a little further out on the supply chain regarding AI are Arista Networks and Applied Materials. Both Arista Networks and Applied Materials are poised to play significant roles in the AI revolution by providing critical technology and infrastructure solutions.

Applied Materials, as a leading supplier of semiconductor manufacturing equipment, enables the production of advanced AI chips and processors. These chips are crucial for AI applications as they power machine learning algorithms and deep learning networks. Additionally, Arista Networks specializes in providing high-performance networking solutions, including switches and routers, which are essential for the efficient and reliable functioning of data centers, and which are critical for the technology.

Furthermore, they both enjoy top Zacks Ranks. Arista Networks has a Zacks Rank #1 (Strong Buy) rating and Applied Materials has a Zacks Rank #2 (Buy) rating.

An additional technology stock that isn’t really within the AI ecosystem but is still one of the top performing stocks over the last year is Uber Technologies.

With analysts unanimously upgrading earnings estimates across timeframes, Uber enjoys a Zacks Rank #1 (Strong Buy) rating, which it has held on and off during the last year.

Bottom Line

Don’t let the hysteria of a small market pullback shake you out of this market. Instead make a shortlist of your favorite stocks and focus on which ones are showing relative strength and are showing up on the Zacks Rank.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release.

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NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Applied Materials, Inc. (AMAT) : Free Stock Analysis Report

Arista Networks, Inc. (ANET) : Free Stock Analysis Report

Uber Technologies, Inc. (UBER) : Free Stock Analysis Report

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