The stock market has been in turnaround mode in 2023 after the severe beating it took last year, on account of rising inflation and the Federal Reserve's interest rate hikes to control it, and this is evident from the 18% jump in the S 500 index.

Some market watchers believe that the S 500 is in a bull market phase now (others contend a bull market doesn't start until the S 500 also hits a new all-time high). The index has jumped 27% since hitting a low on Oct. 12, 2022, and the run-up is expected to continue in 2024 as well. The S 500 is expected to test new highs (it's just 5.4% below the previous high) on the back of growing corporate profits that could give stocks a boost.

Artificial intelligence (AI) will play a central role in boosting the profits of companies next year. We have already seen that the likes of Nvidia, , and Oracle are getting a shot in the arm because of AI. With AI impacting multiple industries and opening new growth opportunities for companies, now would be a good time to take a look at one name that's likely to benefit big time from the adoption of this technology in 2024.

Continue reading

Source Fool.com