JPMorgan: AI and Economic Growth to Fuel Amazon, Alphabet Stock Gains Through 2024
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JPMorgan Chase analyst believes AI and economic growth will drive Amazon and Alphabet stocks higher in 2024.
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Amazon expected to see growth in retail and cloud AI services, optimizing costs.
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Alphabet dominates digital ads, uses AI to improve user experience and help advertisers.
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Alphabet operating margins rose despite investing in cloud, gaining market share.
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Both companies forecast to grow sales 10-11% annually over next 5 years, appear reasonably valued.