Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Thursday, August 29th I'm our host Kim Kahn. Our top story so far,

City named Apple its top artificial intelligence related stock pick going into 2025

ahead of NVIDIA and Arista Networks.

Analysts at the firm said early developer feedback on iOS 18 beta AI features have been positive,

including the recently launched feature to remove unwanted objects with AI,

which should provide consumers with a compelling reason to upgrade their iPhones.

Additionally, the recent transition to Kevin Parak is the company's new CFO and the Department of Justice case against

Google should not be of too much concern to investors, analysts added.

Meanwhile, NVIDIA moved down but was off its overnight lows.

The selloff came despite the semiconductor giant reporting second quarter results and

guidance the top estimates, leading to much praise from Wall Street firms that seem to be running

out of ways to praise the company.

Wedbush security analyst Dan Ives said the results and guidance were a drop the mic moment

yet again.

James Demert, Chief Investment Officer at Main Street Research, said

NVIDIA's post-ear Earnings Pullback was largely

driven by investor confusion and a fear that NVIDIA's stock has run too fast since the

early August low but the strength in NVIDIA's quarter showed that its valuation is justified and that the stock has more room to run.

The pullback in NVIDIA stock is an invitation for investors to buy the stock.

Looking to the economy, the pre-market indicators provided more evidence that recent concerns about growth and labor market strength were overblown.

Second quarter GDP was revised to up 3% from the advanced estimate of 2.8% and the consensus of 2.8%.

...