Posted 3/24/2024, 2:43:00 PM
AI Boom Fuels Growth for Chip and Software Giants Like Nvidia, Microsoft and Snowflake
- The AI market is expanding rapidly, with generative AI having huge growth potential according to forecasts
- AI companies tend to be chipmakers that produce hardware or software makers that develop applications
- Nvidia and Micron are top AI chipmakers, with Nvidia being the leader for data center GPUs for AI processing
- Microsoft and Snowflake are key software players, with Microsoft integrating OpenAI tools across products and Snowflake organizing data for AI
- These stocks have strong growth prospects but some like Snowflake have high valuations, while others like Micron seem undervalued during a cyclical downturn