My Top Artificial Intelligence (AI) Stock to Buy Now (and It's Not Nvidia)
Artificial intelligence (AI) demands increased computing power, which has been a boon for technology infrastructure and semiconductor companies like Nvidia. These companies benefit from the need to run complex AI models no matter where they come from.
Enterprise-software companies like Adobe (NASDAQ: ADBE) are challenged because they have to prove AI is worth investing in. In other words, users need to like and pay for what Adobe is building. The company's recent results indicate its strategy is working.
Investors cheered Adobe's second-quarter fiscal 2024 financial results and updated full-year guidance -- sending the stock soaring on Friday. The earnings call was, in many ways, similar to the Q1 call. Only this time, Adobe's AI investments translated to impeccable results and high margins.
Source Fool.com
Adobe Inc. Stock
The stock is one of the favorites of our community with 62 Buy predictions and 2 Sell predictions.
With a target price of 582 € there is a positive potential of 24.43% for Adobe Inc. compared to the current price of 467.75 €.
