Posted 1/4/2024, 1:01:00 PM
AI Boom Could Lift Nvidia, Snowflake Stocks for Years
- AI adoption expected to provide big economic boost, contributing $15.7 trillion to global GDP by 2030 according to PwC
- Nvidia and Snowflake well-positioned to capitalize on rapid growth of AI market over next decade
- Nvidia dominates AI chip market with over 80% market share and revenue that tripled last year to $18.1B
- Snowflake provides cloud data platform that can help companies build custom AI models using their own data
- Analysts forecast strong growth for both companies, with potential for stocks to deliver outstanding returns over long term