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2 LARGE BLUE CHIP STOCKS THAT INVESTORS SHOULD BUY NOW

Chip Somodevilla / Getty Images
Joey Frenette
Published: August 30, 2024 9:39 am


Many of the market’s bluest blue chip stocks have been shining bright in recent
weeks, with some surging to new all-time highs while the rest of the market
falls short. Notably, the S&P 500 is off more than 1% from its high, while the
tech stock-heavy Nasdaq 100 is still down just shy of 7% from its peak.
Undoubtedly, the market has come roaring back in what feels like record time
since the market bottomed out earlier this month. Still, many notable tech and
AI names are taking a breather. And it’s unclear what their trajectories will be
as we approach the year’s final quarter.

With a much-anticipated Fed rate cut just weeks away, perhaps some of the more
debt-laden, less-than-profitable technological innovators (think the disruptive
innovators owned by a Cathie Wood Ark Invest fund) may regain traction again.
Either way, I’m sticking with the blue chips, as the market waters can certainly
get a whole lot rougher from here.




KEY POINTS ABOUT THIS ARTICLE

 * The large blue chip stocks can steadily ride higher, even as the tech trade
   falters.
 * Some of the larger “value” firms valued at north of $1 trillion seem worth
   consideration.
 * If you’re looking for some stocks with huge potential, make sure to grab a
   free copy of our brand-new “The Next NVIDIA” report. It features a software
   stock we’re confident has 10X potential.

MONSITJ / ISTOCK VIA GETTY IMAGES


BERKSHIRE HATHAWAY

Berkshire Hathaway (NYSE:BRK-B) earned its spot as the newest member of the $1
trillion market cap club this week as its stock blasted past $468 per share.
It’s been a long time coming. What’s most respectable about Berkshire’s $1
trillion market cap is that it achieved it using the same strategy it always
has. You see, Berkshire is all about investing for the long term and slowly but
steadily building value for its most dedicated shareholder base.

Some of the names with valuations north of $1 trillion are on the cutting edge
of technology, and many are considerably more exciting than Berkshire. However,
as the AI trade begins to show signs it’s running out of steam and the market
allows earnings a chance to catch up to recent appreciation, it could be the
boring blue chips’ time to shine.



With a record cash pile of $276.9 billion following recent share-selling in
Apple (NASDAQ:AAPL) and Bank of America (NYSE:BAC), Berkshire has more than
enough dry powder to seize an opportunity that could accompany the next
market-wide sell-off. Of course, Buffett is no market timer. Stocks could
continue gaining for months and quarters to come without so much as a
correction.

That said, whenever Berkshire adds to its cash stash, it may be a wise idea to
ensure enough liquidity should a sudden plunge be on the horizon. Despite the
high opportunity costs of holding cash, it can’t hurt to be prepared, especially
if you’re overinvested in stocks that could feel the full force of the next
market downswing, whenever that may be.

In any case, it’s hard to name any firm that’s better equipped to ride out a
tough patch of terrain than Berkshire. It has the cash; it has the talent. Now,
it just needs Mr. Market to serve up some better prices!


MICROSOFT

Microsoft (NASDAQ:MSFT) is another blue chip worthy of careful consideration
right here while it’s still in correction territory, down more than 11% from its
all-time high. Undoubtedly, if I were managing money for Berkshire, I’d give
Microsoft a close look right here. The company’s arguably one of the best AI
plays out there.

After all, it played a crucial role in backing OpenAI and Sam Altman as they
unleashed ChatGPT on the world almost two years ago. Not to mention, Microsoft
has a $13 billion stake in the company.

With Apple also reportedly looking to snag an investment in OpenAI as a part of
its latest funding round, Sam Altman’s AI firm could find itself in a tug-of-war
between two AI giants. Indeed, the two tech firms that battled throughout the
1980s and 90s are poised to keep throwing punches many decades later in this AI
age. Ultimately, an Apple bet on OpenAI stands to take a bit of anti-trust
scrutiny off Microsoft’s back. And that’s a good thing as the firm looks to
remain at the forefront of disruptive AI innovation.

With Azure moving full speed ahead and Copilot hitting the spot for customers
(Copilot users soared over 60% in the last quarter), Microsoft stock stands out
as an investment that shows you can still be one of the market’s largest blue
chips and still be one of the most disruptive innovators on Earth. At 31.1 times
forward price-to-earnings (P/E), MSFT stock looks like a relative bargain while
it’s still freshly corrected.



“THE NEXT NVIDIA” COULD CHANGE YOUR LIFE



NVIDIA has returned 250-fold in the past 10 years as artificial intelligence
took off.

But if you missed out on NVIDIA’s historic run, your chance to see life-changing
profits from AI isn’t over.

The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009
just published a brand-new research report named “The Next NVIDIA.”

The report outlines key breakthroughs in AI and the stocks ready to dominate the
next wave of growth. The report is absolutely free. Simply enter your email
below



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