In this piece, we will take a look at Morgan Stanley’s top cyclical stocks for an economic recovery.
As 2024 approaches its end, the stock market has been through it all. The driving theme of the year has been artificial intelligence as investors and media have ardently poured over AI companies’ every word during all earnings seasons. Alongside AI, the Federal Reserve has been focused on tailoring its interest rate policy to match the labor market’s performance and inflation. Finally, November ends with the result of the 2024 US Presidential Election confirming President-elect Donald Trump’s victory.
These three primary stock market drivers have short and long-term implications for equities. AI companies have to ensure that their margins are robust and that the technologies they have invested billions of dollars into can generate profits. The Fed’s interest rate decisions will determine liquidity for institutional investors, venture capitalists, and the broader corporate sector. Finally, the incoming administration’s policies towards sectors such as energy, banking, and clean energy might shape the macroeconomic environment either to their benefit or encumbrance.
Therefore, it’s worth seeing what the professionals are saying within this dynamically shifting stock market environment. On this front, investment bank Morgan Stanley has plenty of research floating around. Starting from the bank’s head of applied equity team Andrew Slimmon, he believes that the outcome of a Presidential election has rarely impacted the pre-election trend of the flagship S&P stock index. According to Slimmon, if the market has been in an uptrend heading into the election, then it “has been higher 3 and 6 months later 85% of the time, regardless of the election outcome.” He adds that the market has been in an uptrend year as well, and looking at history, November and December are typically the two strongest months for the market.
The MS analyst believes that while this two-month period is the strongest in history, historically, it also “follows the two worst months of the year.” As September and October have not followed this trend, one key historical factor does not match. However, Slimmon is optimistic, going on to outline that “November-December will repeat its historic strong performance once we get through the noise surrounding the election.” Four key reasons are behind this optimism. As per Slimmon, November sees the highest number of corporate buybacks and the most retail funds flow into the market, there will be post-election clarity for firms, and the Fed’s interest rate cuts, no matter how small, are always great for the market. The analyst also cycles back to his opinion that pre-election trends continue to persist post-election, and he shares that communications services, utilities, and financials are some sectors that have performed well before the election.
Jim Caron, MS’ CIO of the Portfolio Solutions Group, shares his take on the remaining unknowns for the stock market now that the election is over. Focusing on the Federal Reserve’s path ahead, he shares that the process of managing interest rates is now “an exercise in risk management” for the central bank. This is because the Fed has to carefully balance between ensuring that interest rates are in neutral territory as implied by the R* or the rate that ensures the economy is in equilibrium. Right now, Caron believes that the rates are in restrictive territory, and the primary risk that the Fed is managing is the condition of the labor market which “would be worsened if policy rates were restrictive when it happened.” This leads Caron to conclude that the Fed might cut rates to range between 4% and 3.7%, and on a more optimistic note, this “may be the case even if the decline in inflation seems to be stalling perhaps temporarily because if they don’t cut rates now, they may not be able to if there are some unfriendly inflation prints ahead.”
What does this careful balance between cutting rates to ensure the labor market remains robust while simultaneously keeping an eye on inflation mean for investors? Well, according to the MS analyst, in the worst-case scenario that the central bank “switches their policy from cutting to hiking,” the 10-year bond yields should range between 3.9% and 4.6%. Not only does this mean that “owning bonds can also be a good hedge against equities,” believes Caron, but he adds that equities ” should still find support and value from a stable and lower bond yield environment.” He concludes by outlining that MS’ portfolio realignment includes moving “to increase equity exposure at duration to hedge and moving into levered credit, December carries with its special significance beyond the normal year-end dynamics, it will set the stage for how Fed policy may move markets.”
Finally, before we head to our list of Morgan Stanley’s top cyclical stock picks, the bank’s key themes for November are also worth noting. On the topic of equities, the bank shares in its November 2024 Beat report that “Financials offer an attractive risk/reward across both our base-case, soft-landing view and a potential risk scenario where inflation concerns return and lift rates higher.” Naturally, any market report without mentioning artificial intelligence would be incomplete, and for MS, utility stocks are among the key AI beneficiaries. It outlines that “utility companies are in the early stages of what will be a multi-year capital expenditure cycle designed to increase their power generation capacity and service new demand.”
Just like Goldman Sachs, MS also believes that there is great potential in the equal-weighted flagship S&P index. Its data shows that when compared to the index’s long-term median 12-month forward consensus EPS of roughly 2%, the EPS of the market cap weighted index is 5.9%. This shows that the cap-weighted index is fully valued, but, for the equal-weight index, the consensus forward estimates are 1.5% which hints at undervaluation. The differential leads MS to conclude that “S&P equal-weighted EPS offer a cleaner comparison and show scope for cyclical EPS upside.”
On the topics of financial stocks and the benefits stemming from artificial intelligence on utilities, MS shares that financial stocks “offer an attractive risk/reward profile.” This optimism is driven by the sector’s exposure to interest rates. In its data, the bank outlines that when compared to materials, industrial, and energy stocks, as well as the spread between 10-year and 2-year bonds, financial stocks offer as much as a 15-point performance gain over a base of 100 points. It adds that financial stocks also lead cyclical stocks when Citi’s US Economy Surprise Index starts to edge higher. As for utilities, the bank shares that positive “forecasts for the data center buildout have helped catalyze outperformance for utilities relative to other defensive sectors.”
For some financial stocks, you can check out 10 Best Local Bank Stocks To Invest In Now and 10 Best Diversified Bank Stocks to Buy Now.
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Our Methodology
To make our list of Morgan Stanley’s top cyclical stocks, we ranked the bank’s recent list of favored cyclical stocks by the number of hedge funds that had bought their shares in Q3 2024.
Why are we interested in stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
9. Yum! Brands, Inc. (NYSE:YUM)
Number of Hedge Fund Holders In Q3 2024: 34
Yum! Brands, Inc. (NYSE:YUM) is one of the biggest restaurant chain operators in the world. As of H1 2024, 79% of the firm’s revenue came from its KFC and Taco Bell brands. Additionally, during the same time period, 56% of the revenue came from the US. Consequently, Yum! Brands, Inc. (NYSE:YUM)’s performance is dependent on consumer spending in the US and operational efficiencies at these two key brand restaurants. Since it’s a restaurant chain, the firm is dependent on its ability to balance high volumes with low costs to keep its margins robust. Yum! Brands, Inc. (NYSE:YUM) also benefits from owning iconic franchises that garner strong consumer loyalty due to their unique taste and global brand recognition. The firm’s reliance on the US for most of its revenue can prove to be an advantage in today’s slowing global economic output where the American economy has proven to be an exception.
Yum! Brands, Inc. (NYSE:YUM)’s management commented on its two key franchises during the Q3 2024 earnings call. Here is what they said:
“Despite the complex consumer environment around the globe, our team managed to grow profits 3% year-over-year with the quarter bringing to light the real strengths of our twin growth engines, Taco Bell U.S., which meaningfully outperformed the industry on comp sales and KFC International, which meaningfully outperformed on unit growth. Although the U.S. QSR industry experienced negative traffic trends in Q3, Taco Bell U.S. posted an impressive 4% increase in same-store sales and led the industry in Q3 on value perception among all QSR users. Taco Bell delivered another quarter of significant market share gains driven by the execution of the brand’s magic formula involving brand buzz, value, category entry points and digital engagement.
Taco Bell’s competitive advantages in innovation, value leadership at compelling price points and strong consumer connection are clear reasons why the brand remains a category of one when it comes to winning with consumers in any economic environment. Our other twin growth engine, KFC International, delivered 9% year-over-year unit growth, an incredible result that led all major competitors and that reflects the underlying power of the brand and the confidence of our franchise partners in the future of our business. KFC International’s development was diverse, spanning 64 countries. Furthermore, gross unit openings year-to-date are up nearly 150 units over last year. Building on this momentum, KFC is enhancing its core capabilities to ensure growth over the long term by establishing 7 centers of excellence focused on restaurant design, customer insights, market planning, food innovation and more.”
8. The Gap, Inc. (NYSE:GAP)
Number of Hedge Fund Holders In Q3 2024: 39
The Gap, Inc. (NYSE:GAP) is an American retailer whose stock has been focused on its turnaround efforts in 2024. The shares jumped by 49% in March after the firm’s Q4 2023 earnings results beat analyst estimates. The respite was short-lived as The Gap, Inc. (NYSE:GAP)’s shares then fell by mid-April only to regain momentum and jump by 43% in May. This jump came after yet another earnings beat after first-quarter revenue and EPS of $3.39 billion and $0.41 beat analyst estimates. The trend of The Gap, Inc. (NYSE:GAP)’s stock being dependent on earnings reports is because of the firm’s ongoing strategy to foster a strong brand identity among consumers and cut down costs by reducing its portfolio. The firm’s shares jumped by 20.6% in November following its third-quarter revenue of $3.8 billion meeting analyst estimates and EPS of $0.72 smashing estimates of $0.58 out of the park. To further sweeten the deal, The Gap, Inc. (NYSE:GAP) also raised its full-year guidance to $14.9 billion.
During the Q3 earnings call, The Gap, Inc. (NYSE:GAP)’s management commented on the current phase of its strategy which revolves around operational efficiencies.
“We’ve made great strides on product and marketing and are focused on continuous improvement as we expand our aperture to include enhancements to both the in-store and online experiences for our customers. While each of our brands is in a different stage of the reinvigoration journey, I’m encouraged to see them gaining traction as we continue to execute our playbook and drive toward becoming a high-performing house of iconic American brands that shape culture. Moving on to our third strategic priority. We are deep in the work of strengthening our operating platform. During the quarter, the resilience of our supply chain was notable as we navigated the port strike, natural disasters, and the various associated challenges. Our scale, agility, and strong partnerships have allowed us to secure long-term freight contracts and make advancements in the diversification of our sourcing footprint over the last few years.”
7. Marathon Petroleum Corporation (NYSE:MPC)
Number of Hedge Fund Holders In Q3 2024: 39
Marathon Petroleum Corporation (NYSE:MPC) is an American oil and gas company that operates refineries and transportation facilities and sells refined products in the market. As a result, its stock is dependent on global oil demand, economic activity, and crude oil prices. The dependence on economic activity makes it unsurprising that Marathon Petroleum Corporation (NYSE:MPC)’s shares are up by a modest 3% year-to-date. As of H1 2024, 96% of the firm’s revenue depended on its refining operations, and among these, the majority comes through sales to external parties. While Marathon Petroleum Corporation (NYSE:MPC)’s shares are up by 8% since the firm’s third-quarter earnings beat analyst EPS estimates of $0.98 by posting $1.87 on the back of higher refining utilization and throughput, the firm’s future stock price performance is dependent on consistent utilization and robust local and global oil demand.
Marathon Petroleum Corporation (NYSE:MPC)’s management shared its future outlook during the Q3 2024 earnings call. Here is what they said:
“We are unwavering in our commitment to safe and reliable operations, operational excellence commercial execution and cost competitiveness yields sustainable structural benefits and position us to deliver peer-leading financial performance in each of the regions in which we operate. To deliver this, we will optimize our portfolio to deliver outperformance now and in the future. We’ll leverage our value chain advantages and ensure the competitiveness of our assets while continuing to invest in our people. Our execution of these commitments position us to deliver the strongest through cycle cash generation. Durable midstream growth is expected to deliver cash flow uplift. Investing capital where we believe there are attractive returns will enhance our competitiveness now and for the future.
We are committed to leading capital allocation and will return excess capital through share repurchases. MPC is positioned to create exceptional value through peer-leading performance, execution of our strategic commitments and its compelling value proposition.”
6. The Goldman Sachs Group, Inc. (NYSE:GS)
Number of Hedge Fund Holders In Q3 2024: 72
The Goldman Sachs Group, Inc. (NYSE:GS) is one of the most well-known investment banks in the world. The bank’s income is dependent on interest and market-making operations, which allow it to benefit from different economic climates. As of H1 2024, 63% of The Goldman Sachs Group, Inc. (NYSE:GS)’s pre-expense revenue was from interest while the remainder came from market operations. The firm’s shares jumped by a strong 13% after the US election, as investors anticipated improved stock market activity to help mega banks. The Goldman Sachs Group, Inc. (NYSE:GS)’s shares are up 56% year-to-date as the bank has benefited from shutting down its loss-making consumer banking division and refocusing on investment banking which benefits from growing stock market activity in the wake of lower interest rates. The catalysts from investment banking were evident during The Goldman Sachs Group, Inc. (NYSE:GS)’s third-quarter earnings when the firm reported a 20% growth in its investment banking fees to $1.87 billion.
During the Q3 2024 earnings call, The Goldman Sachs Group, Inc. (NYSE:GS)’s management commented on investment banking and other markets that benefit from looser capital conditions:
“First, we have a Global Banking and Markets business, and you can go look at the performance over the last five years of that business and the returns that, that business has delivered. I would say that I still believe we have some tailwind dynamics around the investment banking activity, and I just highlight that while investment banking revenues have improved, and we’ve made progress, we are still not operating at 10-year averages in M&A and equity volumes.
M&A volumes year-to-date are 13% below 10-year averages. Now that’s better than the 25% below 10-year averages that they were for the first nine months of last year and equity volumes at 27% below 10-year averages. Now that’s better than the 34% to 35% that they were below 10-year averages for the first nine months last year. But there’s no reason why we’re not going to get back to 10-year average is a tailwind, but you can look at the performance in banking and markets, and that’s one building block in the foundation for mid-teens returns. The second is our continued progress, which requires more time and more execution on our part around Asset and Wealth Management. And while we’ve improved the margins, we still have work to do on the margins and also the returns, and we continue to be very focused.”
5. DoorDash, Inc. (NASDAQ:DASH)
Number of Hedge Fund Holders In Q3 2024: 73
DoorDash, Inc. (NASDAQ:DASH) is a technology company that focuses on food delivery through a software application. As a result, the firm’s hypothesis depends on margins, customer retention, and high volumes to achieve economies of scale. DoorDash, Inc. (NASDAQ:DASH)’s dependence on volumes is critical because of its dominant market position. Data shows that the firm controls 67% of the food delivery market, which also introduces the need for robust consumer spending to help drive revenue. DoorDash, Inc. (NASDAQ:DASH)’s shares are up. 86% year to date driven by several factors such as the firm’s third-quarter earnings report revealing its first profit in history. During the quarter, the firm reported $0.38 in EPS which beat analyst estimates of $0.22. Looking ahead, the relatively nascent nature of the food delivery market coupled with the fact that DoorDash, Inc. (NASDAQ:DASH) is a leading player could help the firm drive growth and margins to create tailwinds for the stock price.
DoorDash, Inc. (NASDAQ:DASH)’s management commented on its margins during the Q3 2024 earnings call. Here is what they said:
“Let me give you two ways to think about this. If you think of the business as a collection of businesses, what you’re seeing is, I mean, we performed really well. The team has executed really well compared to the plan that we have set for ourselves at the beginning of the year. We’ve driven efficiencies in some parts of the business. We’ve reinvested that in other parts of the business, and the output is what you’re seeing on part of the face of the P&L. More specifically, if you think about the drivers, advertising has obviously been a driver in terms of gross margin improvement. The second thing I would call out, Andrew, is we’ve talked about the fact that regulatory costs will continue to reduce as we go through the year.
That’s been another driver. And the last one is efficiency from an overall logistics perspective. But the key thing that I would underscore is — remember, I mean, we are not operating the business towards a specific gross margin percentage. What we’re trying to do is maximize overall profit dollars over the long-term. And the way we do that is every dollar of efficiency we find, we’re going to reimburse that back in the business. And our goal is to flexibly invest that up and down the P&L, wherever we see the opportunity. Our goal has always been to build a large business while continuing to be manically focused on unit economics. That’s how we’ve operated, and that’s going to be the same philosophy in which we operate the business going forward as well.”
4. Spotify Technology S.A. (NYSE:SPOT)
Number of Hedge Fund Holders In Q3 2024: 98
Spotify Technology S.A. (NYSE:SPOT) is the largest audio streaming company in the world. The firm is synonymous with the concept of podcasts and it also commands a 32% market share of the global music streaming market. Spotify Technology S.A. (NYSE:SPOT) enjoys a wide moat in the industry courtesy of its 600 million users. The sizable user base has come on the back of rapid growth as the firm managed to add 113 million net and 31 million paid users in 2023. Spotify Technology S.A. (NYSE:SPOT)’s narrative depends on several factors such as its ability to add paying premium users and growing its ad-supported users to monetize its massive user base. Additionally, since the firm relies primarily on a software platform to generate revenue, margins are another key part of Spotify Technology S.A. (NYSE:SPOT)’s puzzle. Its ability to monetize its user base plays a key role in bolstering margins since it allows the firm to eke out additional revenue without adding to costs. Delivering on these fronts can create tailwinds for Spotify Technology S.A. (NYSE:SPOT)’s shares and vice versa.
Spotify Technology S.A. (NYSE:SPOT)’s management commented on its margins during the Q3 2024 earnings call. Here is what they said:
“We also anticipate gross margin of 31.8% and operating income of EUR481 million, pointing to our first full year of positive operating income of EUR1.4 billion. With respect to subscriber net additions, the very low levels of churn that we expect in the six markets where we’ve recently announced price increases is also incorporated into our quarter four outlook. This is consistent with what we had seen historically. We have also incorporated our ongoing actions to drive better subscriber monetization. Although new pricing will contribute towards ARPU growth in quarter four overall, we expect the lapping of 2023 year’s price increases that we had in 63 markets that they will lead to an approximately 400 basis point moderation of a year-on-year ARPU growth on a constant currency basis in our revenue outlook.
In terms of our recent gross margin improvement, as Daniel mentioned, we are very pleased with the strides we made this year. The significant rate of improvement in our gross margin in 2024, which exceeded even our own plans has been exceptional and should be viewed as such. Looking ahead, we see substantial runway to grow margins and income over the long run, which will be driven by continuing focus on improving our product and business via targeted investments, disciplined management and improving monetization.”
3. Bank of America Corporation (NYSE:BAC)
Number of Hedge Fund Holders In Q3 2024: 98
Bank of America Corporation (NYSE:BAC) is one of the biggest consumer banks in America. It enjoys a sizable customer base of 66 million customers which provides it with a wide moat in the industry and ensures sufficient resources to help it weather against most major storms. While the large customer base increases interest expense pressure on Bank of America Corporation (NYSE:BAC), the bank’s presence in the investment banking market and the market presence also lets it benefit from giving out more loans when interest rates drop and economic activity rises. Additionally, Bank of America Corporation (NYSE:BAC) also benefits from a growth in investment banking income due to greater economic activity as was the case in Q3 when investment banking fees jumped by 18% to touch $1.4 billion. Looking ahead, Bank of America Corporation (NYSE:BAC) can benefit from swap maturities, fixed-rate assets, and a relaxed regulatory environment.
Bank of America Corporation’s (NYSE:BAC) management commented on its investment banking division during the Q3 2024 earnings call. Here is what they said:
“On Slide 15, you see Global Banking results. This business produced earnings of $1.9 billion down 26% year-over-year as improved investment banking fees and treasury services revenue were overcome by lower net interest income and higher provision expense. Revenue declined 6%, driven by the impact of interest rates and deposit rotation.
In our global treasury services business, fees for managing the cash of clients continue to offset some of the NII pressure from higher rates. Investment banking had a strong quarter, growing fees 18% year-over-year to $1.4 billion, led by debt capital markets fees, mostly in leveraged finance and investment grade. We finished the quarter strong, maintaining our number three investment banking fee position. What began as a slow quarter this summer gained some momentum through September and the pipeline looking forward looks solid.”
2. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders In Q3 2024: 193
NVIDIA Corporation (NASDAQ:NVDA) is the GPU designer whose products have taken the artificial intelligence industry, the technology industry, and Wall Street by storm. The firm’s shares are up by more than 700% since OpenAI publicly released ChatGPT as the AI model has convinced investors that NVIDIA Corporation (NASDAQ:NVDA)’s products are at the heart of any innovation in AI. Yet, the firm’s reliance on its GPUs also means that any weakness in AI spending or big tech’s inability to generate profits from the technology can lead to headwinds for NVIDIA Corporation (NASDAQ:NVDA). Given the high demand for its products, big tech is adamant in developing custom AI chips, and the resulting short supply has also introduced smooth availability of the products as another key factor in NVIDIA Corporation (NASDAQ:NVDA)’s hypothesis. Consequently, for the stock to do well, not only does the firm have to keep its margins high, but it also has to ensure that a steady stream of products is available to customers who otherwise might start seeking alternatives to stay ahead in the AI race.
Polen Capital mentioned NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2024 investor letter. Here is what the fund said:
“In a reversal from the past two quarters, NVIDIA Corporation (NASDAQ:NVDA) represented our top relative contributor this quarter, despite the modest underperformance, declining -1.7%. In many ways, NVIDIA was a microcosm of the broader market’s heightened volatility. Beneath the placid surface, the company experienced a 27% drawdown followed by a +31% rally, only to repeat the cycle with a -21% drawdown followed by a subsequent 20% rally to finish the quarter. In our view, the stock’s volatility goes beyond fundamental business drivers, but the company in turn benefitted from increasing capital spending budgets from cloud service providers and large enterprises for generative AI (“GenAI”) infrastructure spending. Simultaneously, the stock endured weakness related to the delayed next-generation Blackwell chip, and an earnings forecast that exceeded expectations, albeit not as much as some investors hoped. While we continue to believe NVIDIA is a highly advantaged business, with significant demand for their chips and servers ahead of the need for that hardware from real-world businesses, we are cautious about its growth sustainability since it lacks recurring revenue.”
1. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders In Q3 2024: 202
Alphabet Inc. (NASDAQ:GOOGL) is one of the biggest technology conglomerates in the world. Its bread and butter is its search engine and advertising business since 78% of the firm’s H1 2024 revenue came from Search, YouTube, and advertisements. Alphabet Inc. (NASDAQ:GOOGL)’s dominant position in the digital advertising industry has enabled it to become a key player in many of the world’s leading industries and technologies. The firm’s considerable financial resources, as evident through $11 billion in cash and equivalents, allow it to design and develop custom processors and train artificial intelligence models. Alphabet Inc. (NASDAQ:GOOGL)’s Google Cloud business is one of the major players in cloud computing, and it is among the handful of firms in the world with access to a self-developed foundational artificial intelligence model. Yet, despite its considerable presence in these two key industries, Alphabet Inc. (NASDAQ:GOOGL)’s reliance on Search for most of its revenue leaves it vulnerable to government action and the threat of disruption from new entrants utilizing new technologies.
Alphabet Inc. (NASDAQ:GOOGL) is currently busy expanding its local and global AI footprint. Here’s what CEO Sundar Pichai shared in the Q3 2024 earnings call:
“And third, a broad global reach through products and platforms that touch billions of people and customers around the world, creating a virtuous cycle. Let me quickly touch on each of these. We continue to invest in state-of-the-art infrastructure to support our AI efforts from the U.S. to Thailand to Uruguay. We are also making bold clean energy investments, including the world’s first corporate agreement to purchase nuclear energy from multiple small modular reactors, which will enable up to 500 megawatts of new 24/7 carbon-free power. We are also doing important work inside our data centers to drive efficiencies while making significant hardware and model improvements. For example, we shared that since we first began testing AI Overviews, we have lowered machine cost per query significantly.
In 18 months, we reduced cost by more than 90% for these queries through hardware, engineering and technical breakthroughs while doubling the size of our custom Gemini model. And of course, we use and offer our customers a range of AI accelerator options, including multiple classes of NVIDIA GPUs and our own custom-built TPUs. We are now on the sixth generation of TPUs known as Trillium and continue to drive efficiencies and better performance with them. Turning to research. Our team at Google DeepMind continues to drive our leadership. Let me take a moment to congratulate Demis Hassabis and John Jumper on winning the Nobel Prize in chemistry for their work on AlphaFold. This is an extraordinary achievement and underscores the incredible talent we have and how critical our world-leading research is to the modern AI revolution and to our future progress.”
GOOGL is a cyclical stock Morgan Stanley is confident about. While we acknowledge the potential of GOOGL as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than GOOGL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
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