SNOW - Is Snowflake Stock a Top Buy for AI in 2024?
2024-01-14 10:47:00 ET
The cloud computing industry could be about to have an epic 2024, after a "bad" run in 2022 and 2023 . Tech researcher Gartner recently predicted that global spending on public cloud services is expected to increase by roughly 20% in 2024 and reach about $680 billion . Cloud infrastructure and platform services are expected to lead the charge in spending growth, driven by generative AI, as organizations around the world have yet another reason to gradually migrate away from legacy IT solutions.
Data -- paired with the proper hardware and related services -- is of course the basic input for any company looking to put its own version of artificial intelligence (AI) to work. This is what has continued to underpin the optimism surrounding Snowflake (NYSE: SNOW) . The data cloud platform stock got hot at the end of the year, and finished out 2023 with a nearly 39% rebound, although that did trail the 43% rally for the Nasdaq Composite Index .
Nevertheless, Snowflake is still sitting on a mountain of opportunity as AI fuels stellar cloud industry expansion. Snowflake stock does trade for a hefty premium, though. Is it a top AI stock buy for 2024 and beyond?
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Is Snowflake Stock a Top Buy for AI in 2024?