AI could be biggest growth opportunity for data center stocks since the cloud, says Bank of America. Two picks to play it

  • 📰 CNBC
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Buy these two data center stocks to play the influence of artificial intelligence in the sector, according to Bank of America.

The rise of artificial intelligence could revolutionize data center stocks, according to Bank of America. Analyst David Barden wrote in a Thursday note that "AI could evolve to be the largest data center growth opportunity since the cloud," and added that growing demand for computing will underpin the expansion. The analyst highlighted Nvidia's exceptional first-quarter earnings beat in May as a key turning point for investor excitement over AI.

Digital Realty is organized as an umbrella partnership real estate investment trust , while Equinix focuses on network communications throughout data centers. Barden maintains a $132 price target for Digital Realty, or roughly 2% upside from Wednesday's $129.98 close. The analysts holds an $850 per share price target on Equinix, or about 11% upside from Wednesday's $767.91 close.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of America Corp. stock falls Wednesday, underperforms marketShares of Bank of America Corp. slipped 0.91% to $28.39 Wednesday, on what proved to be an all-around poor trading session for the stock market, with the S&P...
Source: MarketWatch - 🏆 3. / 97 Read more »