While artificial intelligence giant Nvidia fails once again to make this monthly list of new buys by the best mutual funds, top AI stock Palantir makes yet another appearance.
As Palantir stock keeps flying, it is joined by Meta Platforms, Netflix, AppLovin, Cintas, Salesforce and three other companies that each pulled in at least $2 billion from these savvy investors.
And that gives just a hint of where top money managers placed their biggest bets. Scroll down for a link to the entire list.
Palantir Stock Among Top Buys By Best Mutual Funds
Once again Palantir stock makes the latest list of new buys by the best mutual funds. In fact, the AI-fueled intelligence and defense leader has made this screen every month this year except October and June. Nvidia, on the other hand, has been AWOL since June.
The best mutual funds plowed nearly $16 billion into Palantir. That comes after top funds scooped up $7.7 billion worth of shares in November. Boosted by such strong demand, Palantir stock has rocketed to an all-time high with its relative strength line soaring. This week, the AI-fueled company spiked again as the federal government gave it a higher rating for secure cloud computing services.
Already earning an A+ Accumulation/Distribution Rating and a strong 1.8 up/down volume ratio, the stock rose nearly 14% for the week.
The links below highlight just a portion of this month's new buys and sells by top funds.
Click here to see all the stocks on the list.
AI Still Driving Demand — Along With Uniforms
| Company | Symbol | $ Amt Invested (mil) | Comp Rating | |
|---|---|---|---|---|
| Cintas | $24,432 | 89 | ||
| Palantir Technologies | 15,912 | 99 | ||
| Deckers Brands | 14,876 | 92 | ||
| AppLovin | 7,057 | 99 | ||
| ServiceNow | 6,100 | 99 | ||
| PayPal | 3,213 | 92 | ||
| Netflix | 2,500 | 99 | ||
| Meta Platforms | 2,435 | 98 | ||
| Salesforce | 2,002 | 97 |
While Palantir garnered stellar demand, corporate uniform giant Cintas topped the list, raking in over $24 billion.
Others on the screen with an AI theme include AppLovin, ServiceNow, Meta Platforms and Netflix, which has long used AI for viewing recommendations and more.
Salesforce notched an all-time high after reporting earnings and giving a strong outlook on its AI plans.
Hoka brand shoes maker Deckers boldly strode onto the list, taking in just under $15 billion.
Peer-to-peer payments pioneer PayPal also made its mark. PayPal stock continues to rebound from a long slump as Wall Street embraces the strategy of new CEO Alex Chriss.
Palantir Just One Stock Notching All-Time High
In this very bullish market with the recommended market exposure level at the highest-possible 80%-100% range, several names on this screen have joined Palantir stock in hitting record highs.
Meta, Netflix, AppLovin, Deckers, ServiceNow and Salesforce all fit that bill. Cintas also trades right around its all-time high. Meta stock is in buy range after breaking out from a third-stage flat base.
Barrage Of Enterprise Software Stocks
Including Palantir, ServiceNow and Salesforce, nine stocks from the enterprise software group earn a spot on the list of new buys by the best mutual funds. The group ranks a strong No. 18 out of the 197 industries IBD tracks.
GoDaddy, which topped this list in August, once again registered its name on this screen. Shopify, Datadog, Docusign, Paylocity and Dayforce also joined the party.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
