Bank of America reviewed 30 stocks to determine which ones will benefit from AI software demand. Twenty stocks were listed among the top names that are best-positioned for the AI opportunity.
Last Thursday, Nvidia's stock jumped by over 24%. The rally continued into this week and earned the chipmaker a $1 trillion market cap after reaching a 52-week high. Investors may feel like they missed the big rally. But Bank of America expects the global AI market to reach $900 billion by 2026, up from just under $600 billion this year. A large chunk of that growth will come from the AI software sector at $787 billion.
While no one has a crystal ball, a few notable components can contribute to a company's ability to succeed in AI and even become a leader. A May 30 note from Bank of America listed the top-three factors that lend themselves to success within the sector. They include having access to high volumes of quality data, being uniquely positioned to keep collecting data, especially within certain categories, and providing specialized solutions and functions.
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