Nasdaq Poised for Another Rally in 2024; Amazon and Alphabet Well-Positioned to Capitalize on AI Growth
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The Nasdaq rebounded 43% in 2023 after a 35% decline in 2022. History suggests it could rally 19% in 2024.
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Advances in AI likely sparked last year's rally. Companies are determining how to best use generative AI algorithms.
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Amazon and Alphabet are well-positioned to profit from AI due to long histories of AI integration.
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Both companies have multiple growth drivers, like e-commerce, cloud, and advertising, which AI can improve.
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Despite growth potential, both stocks trade at historical discounts, presenting buying opportunities before the next Nasdaq rally.