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AI and Blockchain Stocks: Are They Cousins?

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  • (1:30) - Is AI The Next Blockchain Technology?
  • (5:30) - How Is Cryptocurrency Benefiting From AI?
  • (8:15) - Will AI Be used To Help Companies Gain Investor Attention?
  • (14:15) - Will The Large Cap Companies Continue To Dominate With The New Wave In Technology?
  • (18:30) - Is It Too Late To Invest Into Nvidia Right Now?
  • (21:25) - Episode Roundup: NVDA, AMD, HIVE, SCHW, MSFT, GOOGL


Welcome to Episode #367 of the Zacks Market Edge Podcast.

Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life.

This week, Tracey is joined by Dave Bartosiak, the editor of Zacks Blockchain Innovators portfolio, to discuss the relationship between blockchain stocks and AI stocks. Are they related? Or is it just a coincidence that some of the blockchain stocks rise when AI is in the news?

Should investors be looking to blockchain in order to find AI stocks?

Are Blockchain Stocks Also AI Stocks?

1.      NVIDIA (NVDA - Free Report)

NVIDIA is now the king of AI, but prior to that it was also known for its blockchain expertise. Dave has owned NVIDIA in the Blockchain Innovators portfolio since 2019.

Shares of NVIDIA are up 212% year-to-date and are trading at new all-time highs. Valuations have exploded higher, as NVIDIA now trades with a forward P/E of 58.7. But what about those earnings?

The Zacks consensus for Fiscal 2024 is calling for earnings growth of 133.2% and another 38% in Fiscal 2025. NVIDIA has a PEG ratio of 4.4.

If you’re not in NVIDIA, should you get in now?

2.      Advanced Micro Devices, Inc. (AMD - Free Report)

Advanced Micro Devices has been a blockchain stock for many years. Dave has owned it in the Blockchain Innovators portfolio since 2018. But could it be an AI stock as well?

Shares of Advanced Micro Devices are up 70% year-to-date. Like NVIDIA, it’s not cheap either. It has a forward P/E of 40. But what about earnings?

The Zacks Consensus is calling for a decline in earnings of 19.4% in 2023 but a rebound of 42.5% in 2024. Advanced Micro Devices has a PEG ratio of 6.6.

Should investors put Advanced Micro Devices on their shortlists?

3.      HIVE Digital Technologies Ltd. (HIVE - Free Report)

HIVE builds and operates data centers in North America and Europe. It’s first area of expertise was in cryptocurrency mining but its website now talks up the AI connection. It’s a recent addition to Dave’s Blockchain Innovators portfolio.

Shares of HIVE are up 268.8% year-to-date but it was a stock under five dollars until recently. It doesn’t have a P/E because HIVE is expected to lose $0.34 per share in fiscal 2024. However, that’s earnings growth of 78% compared to last year.

Should HIVE be on your AI watchlist?

What Else do you Need to Know about Blockchain and AI Stocks?

Listen, or watch, this week’s podcast to find out. This is our first true video podcast.


See More Zacks Research for These Tickers

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Advanced Micro Devices, Inc. (AMD) - free report >>

NVIDIA Corporation (NVDA) - free report >>

HIVE Digital Technologies Ltd. (HIVE) - free report >>

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