CGNX - A Bull Market Is Coming: 2 Artificial Intelligence (AI) Growth Stocks Down 41% and 51% to Buy Now
2023-06-21 05:11:00 ET
Recession fears sent the S&P 500 (SNPINDEX: ^GSPC) tumbling into a bear market last year, and the benchmark index is still down 8%. But patient investors have nothing to fear from a recession. History says the economy will regain its momentum in time, and the S&P 500 will find its way back to bull market territory, buoyed by secular trends like artificial intelligence (AI).
Indeed, consultancy McKinsey estimates that AI could boost global economic output by $13 trillion by 2030, and Ark Invest estimates that AI software sales will increase at 42% annually during that time period. Many companies will benefit as AI becomes more prevalent, but investors should take a close look at Datadog (NASDAQ: DDOG) and Cognex (NASDAQ: CGNX) right now.
Shares of Datadog and Cognex are currently down 51% and 41% since 2020, respectively, but both businesses are bursting with potential. Here's why these growth stocks are worth buying today.
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A Bull Market Is Coming: 2 Artificial Intelligence (AI) Growth Stocks Down 41% and 51% to Buy Now