ORCL - 2 Artificial Intelligence (AI) Stocks That Could Go Parabolic

2024-06-20 07:45:00 ET

Artificial intelligence (AI) has turned out to be a massive catalyst for technology stocks in the past year or more, and that's not surprising as companies and governments around the globe are opening their wallets to speed up the adoption of this technology that's expected to contribute big time to the global economy.

PwC expects AI to contribute a whopping $15.7 trillion to the global economy by 2030. As a result, global spending on AI-related hardware, software, and services is expected to hit a whopping $900 billion in 2026. The good news for investors is that there are many ways in which they can capitalize on the booming demand for AI.

Broadcom (NASDAQ: AVGO) and Oracle (NYSE: ORCL) are two such companies that are already benefiting from the proliferation of AI. Shares of both companies have shot up impressively of late following their latest quarterly reports, and they seem all set to go parabolic. A parabolic move refers to a steep spike in a company's stock price in a short time, similar to the right side of a parabolic curve.

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