Artificial intelligence has been the updraft that lifts all boats in pushing markets to record highs. “We strongly believe that this tech bull market has the growth trends and valuations to support a rally in the tech sector,” Wedbush Securities analyst Dan Ives wrote in a March 11 note. .
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So which AI and tech stocks will perform well in 2024?
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Nvidia
Nvidia, considered the “most important stock on the planet,” posted record earnings on February 21st, with revenue reporting an astonishing 22.1 billion yen, up 265% from a year ago, according to its earnings report. reached the dollar. As GOBankingRates previously reported, the company's artificial intelligence (AI) business.
In response, Ives said this was “the biggest moment for the market and the tech sector in years” and “a game-changing moment for tech bulls.”
palo alto networks
According to Insider Monkey, California-based Palo Alto Networks' value has more than doubled in the past year, making it one of the top players in AI due to its wide range of cybersecurity products. It is considered as one.
“Our long-term bullish theory on PANW remains intact, and while we maintain our Outperform rating, we have lowered our estimates and lowered our price target from $425,” Ives said in a February note. We will reduce the price to $375.”
snowflake
According to Forbes, Snowflake is a “pioneering cloud-based data warehousing company ushering in a new era of data management and analytics.”
The company is one of Forbes' Top Technology Picks for 2024, thanks to its “disruptive technology, rapid revenue growth, and strategic partnerships that expand market reach.”
However, Forbes also noted that there may be some concerns, including the company's dependence on continued technological innovation and intense competition in the cloud computing space.
oracle
Oracle, which provides IT products and services around the world, rose 30% last year to become the top AI stock, according to Insider Monkey.
Ives calls Oracle “a cloud trophy track record as AI drives the future.”
microsoft
The Motley Fool reported that Microsoft is working hard to deliver the AI improvements that customers are demanding. At the same time, the company is also focused on achieving profitable growth for the benefit of its shareholders.
“This is why Wall Street is so bullish on Microsoft. Of the 55 analysts covering the stock, 52 rate it a buy, while the remaining three rate it a hold.” The Motley Fool reports.
Palantir
According to Seeking Alpha, the AI industry is expected to grow to $225 billion in 2027, and Palantir hopes to increase the We will realize significant increases in net profit and revenue through our platform' product line targeted at the commercial market. ”
Wedbush Securities rates Palantir with an outperform rating and raised the price to $35 from $26.
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This article originally appeared on GOBankingRates.com: 6 AI and Technology Stocks for 2024
