MDB - 1 Top Growth Stock Transforming Into an AI Software Platform

2023-09-10 07:09:00 ET

In a new era of generative AI, businesses are looking to unleash the power of their proprietary data to create new apps to supercharge productivity. These new AI-powered apps require a flexible approach to managing data, though, one that can use new information to quickly adapt their development.

Enter MongoDB (NASDAQ: MDB) , which offers popular database management software tools that could become even more important in the generative AI epoch that's emerging. MongoDB has reported lots of new customers choosing to build atop its software platform, and it reported stellar growth last quarter. Does that make the stock a buy?

MongoDB's database tools store records in a type of document versus as traditional rows and columns. Its scalability and flexibility have won over lots of developers. As a result, the company reported having over 45,000 business customers at the end of July 2023, landing 1,900 new ones in the last quarter alone.

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