Artificial intelligence (AI) and cloud computing go hand-in-hand. The cloud is where companies store all of their data, and it's also where developers go to build new software products. As a result, businesses have been rushing to cloud providers like Amazon Web Services and Azure to develop AI applications. 

DigitalOcean (NYSE: DOCN) is a much smaller, stand-alone player in the cloud industry targeting small to mid-sized enterprises. It has never offered cloud products or services in the accelerated computing or AI space, but it just acquired a small company called Paperspace for $111 million, which might change all of that.

DigitalOcean stock has soared 84% in 2023, but it's still down 63% from its all-time high following the tech sell-off last year. But the move into AI could pave the way to a full recovery (and beyond), so here's why that's a dip worth buying right now.

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Source Fool.com