3 Reasons to Buy This "Magnificent Seven" Stock Before It Rises 40%
Wall Street slightly soured on tech stocks in 2022 as an economic downturn saw the Nasdaq-100 Technology Sector index plunge 40% during the year. However, investors have grown bullish about the industry again, thanks to exciting prospects in sectors like artificial intelligence (AI) and cloud computing.
As a result, the same index is up 51% year over year. Investors have rallied over the "Magnificent Seven," a phrase used to describe the seven most influential companies in tech. The seven include , Amazon, Apple, Meta Platforms, Microsoft, Nvidia (NASDAQ: NVDA), and Tesla.
These companies are investing heavily in AI, an industry projected to expand at a compound annual growth rate of 37% through 2030. Meanwhile, chipmaker Nvidia has seen exponential growth over the last year as its graphics processing units (GPUs) have become the gold standard for AI developers worldwide.
Source Fool.com
Alphabet Inc. A Stock
The stock is an absolute favorite of our community with 93 Buy predictions and no Sell predictions.
As a result the target price of 178 € shows a slightly positive potential of 13.1% compared to the current price of 157.38 € for Alphabet Inc. A.
