Alphabet Poised for Comeback in 2024 After AI Advancements
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The Nasdaq has historically bounced back after down years, suggesting 2024 could be a strong year for tech stocks following the 2022 decline.
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Alphabet is making major AI gains with products like Google Cloud, Search, YouTube, Workspace, and its ChatGPT competitor Gemini.
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Despite these AI advancements, Alphabet stock trades at a forward P/E of just 20.3, in line with the S&P 500, signaling it's undervalued.
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Alphabet faces growing competition in digital ads and cloud computing, but is diversifying and poised for long-term growth.
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Given the stock's bargain valuation and growth drivers like AI, now looks like a great time to buy Alphabet shares at under $100.