S&P 500 Nears New Bull Market as AMD and Google Set to Capitalize on AI Growth in 2024
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The S&P 500 is close to entering a new bull market, suggesting 2024 will likely be another positive year for stocks.
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Alphabet (Google) stock looks attractive heading into 2024 given its strong AI developments, discounted valuation compared to competitors, and rebounding ad business.
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Advanced Micro Devices is launching a new lineup of AI-focused data center chips to compete with Nvidia in a potential $1 trillion market opportunity.
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AMD expects its data center GPU sales alone to exceed $2 billion in 2024 as it starts shipping new chips to supercomputers.
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AMD stock trades at a forward P/E ratio of 37 based on estimated 40% earnings growth next year, representing a premium but still early innings of its long-term AI opportunity.