A Bull Market Is Coming: 1 Magnificently Cheap AI Stock -- Not Named Nvidia -- That Could Triple in 2 Years
The S&P 500 index has jumped close to 22% since Oct. 13, 2022, which tells us why there is chatter on Wall Street that we are already in the middle of a bull market.
The S&P 500 was down 25% from the beginning of 2022 before hitting its most recent low on Oct. 12 last year. As a 20% jump in stock prices following an identical decline marks the arrival of a bull market, it is easy to see why investors believe that stocks are now firmly in bull territory. DataTrek Research estimates that the bull market, which began in June this year, is here to stay. Another analyst predicts that the S&P 500 could hit the 5,000 mark by the end of 2023, which would be an 11% jump from the current levels.
That's why now would be a good time for investors to load up on growth stocks such as Super Micro Computer (NASDAQ: SMCI), a company that stands to gain big time from the proliferation of artificial intelligence (AI). This magnificent AI stock has set the market on fire this year with eye-popping gains. However, it has pulled back significantly of late and is trading at a really attractive valuation. Let's look at the reasons why buying Super Micro Computer on the dip could turn out to be a smart move.
Source Fool.com
