Posted 4/11/2024, 4:03:00 PM
Software stocks poised to ride generative AI wave, says BofA
- Large cap software stocks like Microsoft and Salesforce are seen benefiting from generative AI upside
- Software sector sold off recently but multiples remain attractive relative to history
- Generative AI could drive next leg of growth and margin expansion starting 2024-2025
- Microsoft already seeing AI boost; BofA also positive on Salesforce, MongoDB, ServiceNow, GitLab, HubSpot
- Buzz around AI surged since OpenAI launched ChatGPT in November 2022