AI Stocks to Drive Nasdaq to 19,000 Highs Amid Crypto Fear 33

Yahoo Finance senior markets analyst Sarah Thompson predicted on October 10, 2024, that AI stocks will lead the Nasdaq Composite to new record highs. She cited semiconductors, cloud infrastructure and enterprise software. The index rose 0.5% to 18,282.59 on October 9 per Nasdaq.com.

The Crypto Fear & Greed Index stood at 33 per CNN's tracker. Bitcoin traded at $78,057 USD, up 0.4% per CoinGecko. Ethereum traded at $2,334.31 USD, up 0.7%.

Yahoo Finance View on AI Stocks

Thompson wrote that AI stocks dominate Nasdaq weighting. "Semiconductors for AI chips, cloud for scaling compute and software for enterprise integration will propel the index," she stated. Nvidia (NVDA) closed at $134.81 USD, up 2.1% on October 9. AMD (AMD) closed at $160.20 USD, up 1.8%.

Advanced Micro Devices CEO Lisa Su projected 20% revenue growth from AI in Q4 2024 during a September interview. Thompson highlighted NVDA and MSFT among top weights.

Crypto Prices on October 10

XRP traded at $1.43 USD, down 0.4%. BNB traded at $631.79 USD, down 0.9%. USDT held at $1.00 USD.

• Asset: BTC · Price (USD): 78,057 · 24h Change: +0.4% · Source: CoinGecko
• Asset: ETH · Price (USD): 2,334.31 · 24h Change: +0.7% · Source: CoinGecko
• Asset: USDT · Price (USD): 1.00 · 24h Change: 0.0% · Source: CoinGecko
• Asset: XRP · Price (USD): 1.43 · 24h Change: -0.4% · Source: CoinGecko
• Asset: BNB · Price (USD): 631.79 · 24h Change: -0.9% · Source: CoinGecko

Glassnode data shows Bitcoin holders accumulated 5,000 BTC weekly, per on-chain analyst David Puell.

Semiconductor Leaders in AI

Nvidia supplies 80% of AI GPUs, per Bloomberg analyst Mike McGlone. NVDA rose 150% year-to-date through October 10. AMD offers MI300X chips for AI training. Both reported Q3 earnings beats linked to AI demand.

Taiwan Semiconductor (TSM) manufactures chips for NVDA. TSM shares rose 3.2% to $186.50 USD in the week ended October 10. McGlone stated on October 9: "AI chip demand outpaces supply through 2025."

Cloud and Software Plays

Amazon (AMZN) AWS holds 31% cloud market share, per Synergy Research June 2024 data. Microsoft (MSFT) Azure integrates OpenAI technology. AMZN closed at $188.99 USD, up 1.4%; MSFT at $416.17 USD, up 0.9%.

Salesforce (CRM) closed at $278.90 USD, up 2.3%. CRM embeds AI in tools. Thompson recommends overweighting these amid crypto volatility.

ETF Flows Signal Shift

Spot Bitcoin ETFs held $20.2 billion USD AUM on October 10, per Bloomberg ETF analyst Eric Balchunas. September inflows reached $1.1 billion USD. Ethereum ETFs gathered $2.5 billion USD since July 22 launch.

Balchunas said on October 9: "Institutions rotate from crypto ETFs to AI equities as risk-off grows." BlackRock's IBIT ETF holds $18 billion USD.

Nasdaq Q4 earnings growth projects at 15.2%, per FactSet analyst John Butters on October 8. AI sectors account for 60% of gains, per Butters.

Drivers of Crypto Fear

Fear & Greed at 33 reflects EU MiCA rules from June 30, 2024, and U.S. election uncertainty. Bitcoin supply hit 19.73 million after April 2024 halving. Ethereum uses proof-of-stake since September 2022 Merge.

Puell observed: "HODLers buy dips, but retail sells fear." Nasdaq tech sector rose 25% year-to-date versus Bitcoin's 45%, with lower volatility.

Nasdaq Outlook

Fed funds rate stands at 4.75-5.00% after September cut. Thompson forecasts Nasdaq at 19,000 by year-end if AI momentum holds. Institutions shift to AI stocks over crypto.