Driven by the development and prospects of AI, the tech bull market in the USA is about to enter its third year.

With the rise of Broadcom, a new stock combination "BATMMAAN" (Batman) has emerged in the US stock market.

In short, "BATMMAAN" is based on the original seven giants plus Broadcom. $Broadcom (AVGO.US)$ 、 $Apple (AAPL.US)$ 、 $Tesla (TSLA.US)$ 、 $Microsoft (MSFT.US)$ 、 $Meta Platforms (META.US)$ 、 $Amazon (AMZN.US)$ 、 $Alphabet-A (GOOGL.US)$ 、 $NVIDIA (NVDA.US)$ 。

In the US stock market, as the BATMMAAN concept emerges, Large Cap technology stocks still seem to play the role of a "stronghold".

According to Wall Street's current highest target price, these eight stocks have a potential increase ranging from 14% to 64%, with NVIDIA projected to rise by 239% and 171% in 2023 and 2024 respectively, and Wall Street expects it to increase by another 64% in 2025.

Looking ahead to 2025, Wedbush stated that Wall Street has further digested the regulatory leniency during Trump's administration, and stronger AI programs are in progress. Looking ahead to 2025 and beyond, large technology companies are built on a Gold foundation.

From the eight tech giants of "BATMMAAN", Wall Street is also full of expectations. Specifically:

• Broadcom

Hock Tan, president and CEO of semiconductor giant Broadcom, recently stated that the spending frenzy on AI by large tech companies will continue until the end of this decade, specifically until the end of 2030. He revealed that by 2027, Broadcom's customers will deploy up to 1 million chips within AI Chip clusters, and Broadcom's AI Chips could generate hundreds of billions of dollars in annual revenue growth for the company.

Institutions believe that if Broadcom's CEO's prediction for the ASIC market is accurate, the AI-related business for Broadcom's ASICs is expected to double annually over the next three years, and the ASIC market is poised for explosive growth.

The portfolio manager of the Blue Whale Growth Fund stated that while Broadcom is not NVIDIA, they expect Broadcom to become the next NVIDIA in terms of surpassing potential due to its close collaborations with large tech companies.

Coincidentally, analysts at Morgan Stanley believe that Broadcom is 'one of the most attractive ways to invest in AI Semiconductors over the next two to three years.'

• Apple

With a new wave of increases expected by the end of 2024, Apple is projected to become the first company to surpass a Market Cap of 4 trillion dollars by 2025.

Wedbush Securities analyst Dan Ives raised Apple's Target Price to 325 dollars, corresponding to a Market Cap of 4.5 trillion dollars. In his report, he wrote,

Apple is entering a multi-year AI-driven iPhone upgrade cycle, which Wall Street is still underestimating. Rome wasn't built in a day, and neither will Apple's AI strategy, but the seeds of Apple’s AI strategy are forming and will change the growth narrative for Apple consumers in the coming years.

Eves believes that with the development of hundreds of applications around Apple Intelligence, essentially creating a new multi-billion dollar annual service revenue stream, this will act as another growth catalyst and catalyze a comprehensive upgrade of the iPhone within the next 12 to 18 months.

Morgan Stanley analysts stated that despite recent iPhone demand being constrained by limited Apple Smart features and geographic availability, the expansion of both will help drive an improvement in iPhone demand. He reiterated that Apple is Morgan Stanley's 'preferred' choice going into 2025.

• Tesla

Since Trump won the presidential election, Tesla stocks have entered 'supercharging mode', with investors overly optimistic.

The market generally believes that Tesla's recent stock market success is largely driven by 'narrative momentum'. The market remains Bullish about Tesla's long-term plans, including its production of autonomous vehicles, plans to launch robot taxis, Trump's re-election, and the appointment of Musk as the co-leader of the new government's efficiency department (DOGE).

The US investment bank Wedbush analysts maintain a 'outperform' rating on Tesla stocks and raised the Target Price from $400 to $515. This long-term 'bull' on Tesla also told clients that under the most optimistic expectations, Tesla's stock price could reach $650 by the end of 2025, with the company's total Market Cap surpassing $2 trillion.

The bank explained that the policy shifts brought about by Trump's second term as president will change the game for Tesla, as the company’s autonomous driving and AI businesses will be able to achieve a better Operation environment.

• Microsoft

Loop Capital Analyst Yun Kim raised Microsoft's Target Price from $500 to $550, confirming a Buy rating for the stock. Kim pointed out that the widespread expectations for the company's performance in the coming years have been artificially lowered due to the substantial capital expenditures required to support generative AI initiatives. The analyst stated that Microsoft's stock should trade at a much higher premium than that of other large Software companies.

• Meta

In 2024, Meta saw a cumulative increase of 66%, second only to NVIDIA and Broadcom in the "BATMMAAN".

Analysts at JMP Securities emphasized several growth catalysts for Meta, including recent advancements in AI, the development of its messaging Business, and the long-term potential of extended reality (XR). They expressed optimism regarding Meta's integration of AI into its advertising tools, expecting it to significantly enhance advertising effectiveness. According to their analysis, creative content accounts for about half of advertising effectiveness, while improvements in AI models are seen as potential near-term bullish factors for performance.

The firm believes that Meta has multiple avenues to sustain growth beyond 2025. This includes the integration of chatbots into its messaging advertising products, Meta AI capturing search intent, and the potential for XR in the coming years. The analyst pointed out that while Meta's current investments in XR are viewed as a negative factor, they expect there will be a positive re-evaluation as the company's XR vision becomes clearer.

• Amazon

As the largest Cloud Computing Service provider globally, Amazon has been at a disadvantage in recent competition against Microsoft and Google. To regain its momentum, Amazon is accelerating efforts to establish an advantage in AI computing.

Reports indicate that Amazon has launched the next-generation foundational model Amazon NOVA and announced a partnership with Anthropic to develop the world's largest AI supercomputer, with the next-generation advanced 3-nanometer training chip Trainium 3 set to launch by the end of next year, boasting performance four times that of existing chips. Additionally, Apple is conducting preliminary tests on the Trainium 2 chip to assist in training Apple Intelligence.

Jefferies Financial Analyst stated that Amazon's market share in the Cloud Computing Service provider market exceeds 50%, which should bring "strong AI revenue potential" over time.

• Google.

At the end of 2024, the most significant news in the technology circle was that Google launched the quantum computing chip WILLOW.

According to official information from Google, Willow achieved astonishing results in benchmark tests: it completed a standard computation in less than 5 minutes, which would take top supercomputers over 10^25 years—longer than the age of the universe! This progress directly prompted a surge in the stock prices of quantum computing companies.

Looking ahead to 2025, Google's CEO Sundar Pichai made it clear to employees at a recent company strategy meeting that the "stakes are high" for 2025, as the company faces increasingly intense AI competition and regulatory hurdles.

Sundar Pichai stated that building a "large new Business" is the top priority, among which the Gemini application is expected to be the next application to reach 0.5 billion users. The team will "accelerate" the development of the Gemini application, and the product will undergo significant upgrades in the next year or two.

Jefferies Financial analysts stated that the outstanding performance of Google's model enables it to make significant progress in the Cloud Computing sector.

• Nvidia

In 2024, NVIDIA's cumulative increase exceeded 170%, and its market cap once reached the top globally.

According to the Financial Times, NVIDIA will further increase investment in robotics technology in 2025, launching a new generation of compact computers for humanoid robots, Jetson Thor, in the first half of next year.

Looking ahead to 2025, Morgan Stanley stated that the "AI darling" NVIDIA remains the firm's "preferred stock" for next year, and its latest Blackwell chip series will become the company's strongest "tailwind" in 2025, overshadowing any lingering concerns for investors.

Ahead of CES 2025, Bank of America continues to list NVIDIA as its "preferred". Bank of America Analyst Vivek Arya stated that

NVIDIA may discuss a variety of topics at CES 2025, including the latest developments of its Blackwell series GPUs and possibly the company's robotic strategy. Other potentially interesting topics include NVIDIA's gaming graphics cards and further news on the next-generation Rubin platform.

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Editor/Somer