History Says the Nasdaq Could Soar in 2024: 1 Artificial Intelligence (AI) Stock to Buy Hand Over Fist Before It Does
Artificial intelligence (AI) might just be the hottest-ticket item in the stock market right now. Euphoria surrounding the technology sent the Nasdaq Composite soaring over 40% last year. Moreover, megacap tech enterprises such as the "Magnificent Seven" have contributed greatly to the S 500's new record highs.
Among the Magnificent Seven stocks, and Nvidia often find themselves at the center of media coverage -- and for good reason. Microsoft is a major investor in ChatGPT developer OpenAI. Meanwhile, demand for Nvidia's graphics processing units (GPUs) is unprecedented as applications in quantum computing and machine learning skyrocket.
One company that I see as overlooked is e-commerce and cloud computing specialist Amazon (NASDAQ: AMZN). The company has made some interesting investments in AI. But slowing growth in its cloud segment coupled with a strained macroeconomy have some investors wary of the company's prospects.
Source Fool.com
Microsoft Corp. Stock
The stock is one of the favorites of our community with 106 Buy predictions and 1 Sell predictions.
With a target price of 420 € there is a slightly positive potential of 7.2% for Microsoft Corp. compared to the current price of 391.8 €.
