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At the Ignite conference, Microsoft Corporation (NASDAQ: MSFT) introduced a range of innovative AI products, including Artificial Copilots for Azure and Service. Additionally, the tech giant based in Redmond is developing customized semiconductors tailored for AI and general-purpose workloads.
Barclays analysts expressed confidence in Microsoft’s pioneering role in making advanced AI accessible to consumers. They emphasized the company’s strategic positioning to capitalize on emerging opportunities.
NVIDIA Corporation (NASDAQ: NVDA) unveiled the new HGX H200 AI accelerator as an enhancement to the existing H100 model. Following this announcement, Bank of America researchers reaffirmed their bullish stance on Nvidia, highlighting the seamless compatibility of the H200 with existing H100 setups, which facilitates quicker market deployment.
Analysts at Morgan Stanley identified Meta Platforms Inc (NASDAQ: META) as a strong contender for significant AI advancements in 2024, particularly in the mega-cap category. They anticipate increased investor focus on the return on invested capital (ROIC) from AI investments in the coming years, with Meta Platforms emerging as a top candidate.
In addition to major players like Meta Platforms and Nvidia, smaller stocks such as Snap (NYSE: SNAP), Pinterest (NYSE: PINS), eBay (NASDAQ: EBAY), Etsy (NASDAQ: ETSY), Trade Desk (NASDAQ: TTD), Take Two (NASDAQ: TTWO), Uber (NYSE: UBER), DoorDash (NASDAQ: DASH), Lyft (NASDAQ: LYFT), and MongoDB (NASDAQ: MDB) are gaining attention from analysts for their AI-related growth potential.
Wells Fargo analysts recommend MongoDB as a prime investment opportunity in the AI sector, citing its expanding portfolio of new workloads and strong margin growth prospects.
Wedbush technical analysts foresee a bullish trend in the technology sector, driven by increased spending on cloud and AI technologies. Despite concerns about valuation levels, analysts believe that the industry is poised for substantial growth fueled by AI investments.
As AI applications proliferate across various sectors, cloud and AI-related expenditures are projected to rise by 20% to 25% in the coming year, underscoring the industry’s resilience and growth potential.
