2023-05-25 08:56:19 ET
Technology stocks are in terrific form so far this year, which is evident from the 26% gains clocked by the Nasdaq-100 Technology Sector index in 2023. Cloud communications specialist Twilio (NYSE: TWLO) is one of the beneficiaries of this rally. Share prices of Twilio are up 20% in 2023.
But the stock has lost some momentum recently, falling 9% in the past three months. One reason is likely concerns from investors that its growth is slowing. First-quarter results, released on May 9, reaffirmed those fears and the stock plunged substantially.
But a closer look at Twilio's business suggests that now could be a good time to buy this cloud stock, especially considering that it could win big from artificial intelligence (AI) . Let's look at why it could regain its mojo.
For further details see:
1 AI Stock to Buy Hand Over Fist Before It Soars 86%, According to Wall Street