SNOW - 2 AI Stocks to Buy in 2024 and Hold for 20 Years
2024-01-22 03:15:00 ET
The artificial intelligence (AI) market is booming, but not all AI stocks are worth buying. Like every technological shift, there will be winners and losers. Investors can't go wrong with companies that are profitable and growing revenue, like Snowflake (NYSE: SNOW) and Microsoft (NASDAQ: MSFT) .
The IDC forecasts spending on generative AI software will grow 73% annually through 2027. Here's why these two companies would make great buy-and-hold investments over the next 20 years.
Snowflake has been a rising star in the cloud computing market. Revenue increased from just $592 million to $2 billion over the last three years. Snowflake's data cloud platform allows companies to work with their data more cost-efficiently, and it's starting to see growing interest from customers who want to tap the opportunities AI technology brings to the enterprise.
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2 AI Stocks to Buy in 2024 and Hold for 20 Years