Alphabet Poised for More Gains in 2024 as AI Drives Growth
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The "Magnificent Seven" megacap tech companies, including Alphabet, delivered strong stock price gains in 2023.
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Alphabet's growth is expected to accelerate in 2024 and beyond, driven by artificial intelligence (AI) adoption in digital ads and cloud computing.
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Alphabet's earnings are forecasted to grow over 25% in 2023 and continue rising in 2024. The stock trades at a lower P/E than its peers.
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Alphabet offers AI-powered advertising and cloud platforms to capitalize on massive growth opportunities. The cloud AI market alone could reach $887 billion by 2032.
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With multiple growth drivers from AI adoption, analysts see further upside for Alphabet stock in 2024 and the long run.