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In this episode of ETF Spotlight, I speak with Gene Munster, Managing Partner at Deepwater Asset Management, about the outlook for the “Magnificent Seven” and emerging technology stocks.

The biggest market story of the year is the incredible rise of the world’s most valuable technology firms. Can these tech titans continue to shine in 2024?

Shares of Nvidia (NVDA - Free Report), which currently holds more than 85% of the market for generative AI chips, are up more than 240% this year. Despite the eye-popping surge, the valuation is actually more attractive now since estimates have gone up substantially.

Google parent Alphabet (GOOGL - Free Report) has been investing in AI for years and was seen as an AI leader earlier, but has taken a cautious approach to the technology. Microsoft (MSFT - Free Report) emerged as an early winner in the AI race thanks to its partnership with OpenAI.

But the AI trade is just beginning, and the race will heat up next year. Who will emerge as a winner in the generative AI arms race?

Apple (AAPL - Free Report) is reported to be investing billions to catch up with its Silicon Valley rivals in the AI frenzy. The world’s most valuable company plans to bring Generative AI to all its devices, according to Bloomberg.

Tesla (TSLA - Free Report) recently announced a 'recall' for more than 2 million vehicles over an autopilot issue. The EV giant will roll out a software remedy to fix the problems. What does it mean for the future of self-driving vehicles?

Among mega-cap stocks, Google, Apple, and Taiwan Semiconductor (TSM - Free Report) are Gene’s top picks for 2024.

Emerging tech stocks have outperformed the Nasdaq-100 ETF (QQQ - Free Report) over the past few weeks as investors hope that interest rates will continue to decline next year. These were beaten down earlier, along with other risk-sensitive areas.

The Innovator Deepwater Frontier Tech ETF (LOUP - Free Report) invests in technology companies that are leading the next wave of innovation. AMD (AMD - Free Report) and ASML (ASML - Free Report) are among its holdings.

Running Length: 00:27:59

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