OpenAI o1 picks 2 stocks to buy after Q3 2024 earning season

Core Insights - Companies are preparing to announce Q3 2024 earnings reports, with a focus on AI-driven stocks that have shown strong market performance [1] - Palantir and Advanced Micro Devices (AMD) are highlighted as two AI stocks to consider for investment amid the earnings reports [1] Palantir (NYSE: PLTR) - Palantir has had a strong year, with its stock trading at a high of $40 [2] - The company is recognized for its leadership in AI-driven analytics and has secured a $99.2 million deal with the U.S. Army for machine learning support in Q3 [3] - Palantir expects Q3 revenue between $697 million and $701 million, surpassing analysts' estimate of $679.1 million, while aiming to reduce reliance on government contracts, which constituted 54% of Q2 sales [3] - Concerns exist regarding the stock's valuation, with analysts warning that it may be overpriced at $40 per share [4] - Bank of America analysts maintain a bullish outlook with a price target of $50, supported by Palantir's recent addition to the S&P 500 index [5] Advanced Micro Devices (NASDAQ: AMD) - AMD is noted for its expansion in AI chip production, particularly with the MI300 series accelerators designed for AI workloads, competing with Nvidia [6] - The company estimates Q3 revenue at $6.7 billion, plus or minus $300 million, exceeding analysts' average estimate of $6.61 billion [7] - An upcoming AMD AI event on October 10 is anticipated to showcase next-generation products, potentially boosting stock momentum [7] - Analysts from Bank of America maintain a 'buy' rating with a price target of $180, citing the AI event as a catalyst for stock performance [7] - Technical analysis indicates strong bullish signals for AMD, with the stock recently breaking out of a downward channel [8]