tl;dr
Artificial intelligence-related spending is set to make up 8% to 10% of businesses' IT budgets by 2024, a substantial increase from its under-1% share in 2023, as per a review of first quarter financial results by Wedbush. According to Wedbush analyst Daniel Ives and others, the first wave of the AI...
Artificial intelligence-related spending is set to make up 8% to 10% of businesses' IT budgets by 2024, a substantial increase from its under-1% share in 2023, as per a review of first quarter financial results by Wedbush. According to Wedbush analyst Daniel Ives and others, the first wave of the AI Revolution, led by Jensen and Nvidia, is paving the way for substantial spending in the tech sector, with companies like Arm Holdings, Palantir, and Oracle reinforcing the enterprise AI spending cycle. Meta and Apple are channeling resources into consumer AI products, while Gartner predicts global AI software spending to surge to $297B by 2027 with more than 70% of independent software vendors integrating GenAI into their enterprise applications by 2026, compared to less than 1% in 2023. AI spending is expanding across the enterprise world with companies like Salesforce, MongoDB, and Snowflake, and is already deeply rooted at Microsoft, where it is expected to significantly influence the cloud growth trajectory in the coming years. Wedbush also anticipates that for every $100 of cloud Azure spend with Microsoft, there will be an incremental $35-$40 of AI spend in the future. Apple is expected to unveil its AI strategy during the upcoming WWDC, starting an AI-driven super cycle with new iPad and iPhone releases this fall.
More about NVIDIA Corporation
NVIDIA Corporation Summary
NVIDIA Corporation is an American multinational technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 224.69B
Current Price: $75.21
Price Change: $0.16
Dividend Yield: 11.95
P/E Ratio: 24.68
EPS: $0.488
Revenue: $60.92B
Net Income: $101.1B
Operating Margin: 7.61
Return on Equity: 2.653
More about Arm Holdings plc
Arm Holdings plc Summary
Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products.
Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES
Market Cap: 128.50 billion
Stock Price: 1388.78
Dividend Yield: None
P/E Ratio: 0.09
EPS: 2.864
Beta: 0.0289
Volume: 2,938,000,000
50-Day Moving Average: 106.74
200-Day Moving Average: -0.549
RSI (14): 0.138
More about Palantir Technologies Inc
Palantir Technologies Inc Summary
Palantir Technologies Inc. creates and implements software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. The company is headquartered in Denver, Colorado.
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 45.87 billion
Current Price: $171.67
Dividend Yield: None
P/E Ratio: 0.12
EPS: 1.074
ROE: 0.128
Volume: 2,334,164,000
52-Week High: $21.76
52-Week Low: $4.018
Price Change: 0.208
More about Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that sells database software and technology, cloud engineered systems, and enterprise software products, particularly its own brands of database management systems.
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 320.67 billion
Current Price: $30.78
Change: 1.6
% Change: 3.79%
52-Week Range: $19.21 - $140.07
EPS: $0.203
Revenue: 52.51 billion
PE Ratio: 140.07
Dividend Yield: 0.25%
Beta: 0.071
More about Meta Platforms Inc.
Meta Platforms Inc.,Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, PCs, virtual reality headsets, wearables and home devices around the world. The company is headquartered in Menlo Park, California.
Industry: TECHNOLOGY
Sector: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.
Market Cap: $1.21T
Current Price: $27.4
Price Change: $0.5
52-Week Range: $17.38 - $55.67
Price-Earnings Ratio: 0.321
Volume: 142.71M
Average Volume: 516.13M
Dividend Yield: 1.141
Beta: 0.273
More about Apple Inc
Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software, and online services. Apple is the world's largest technology company by revenue (totalling $274.5 billion in 2020) and, since January 2021, the world's most valuable company. As of 2021, Apple is the world's fourth-largest PC vendor by unit sales, and fourth-largest smartphone manufacturer. It is one of the Big Five American information technology companies, along with Amazon, Google, Microsoft, and Facebook.
Sector: Technology
Industry: Electronic Computers
Market Cap: $2.8069 trillion
Price: $28.47
Change: $0.96
Change %: 6.43%
Volume: 24.54
PE Ratio: 0.263
Market Cap (intraday): $381.623 billion
EPS: $202.36
Dividend Yield: 0.007
Beta (5Y Monthly): -0.043
More about Salesforce.com Inc
Salesforce.com Inc
Salesforce.com, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides customer relationship management (CRM) service and also provides a complementary suite of enterprise applications focused on customer service, marketing automation, analytics, and application development.
Industry: TECHNOLOGY
Sector: SERVICES-PREPACKAGED SOFTWARE
Market Cap: 268.37B
Current Price: $65.72
Dividend Yield: 0
P/E Ratio: 4.21
52-Week High: $35.79
52-Week Low: $0.119
Revenue: 34.86B
Net Income: 337.31
Earnings Per Share (EPS): 4.952
Price to Earnings Growth (PEG) Ratio: 0.108
More about MongoDB
Technical Analysis Summary: MongoDB, Inc. (Ticker: MDB)
Company: MongoDB, Inc.
Sector: Technology
Industry: Services - Prepackaged Software
Market Cap: $25.74 billion
Current Price: $448.06
Percentage Change: -2.47%
Price Change: -$23.62
RSI: 23.62 (Bearish)
Volume: 1,683,011,000
Support Level: $448.06
Resistance Level: $448.33
More about Snowflake Inc.
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Snowflake Inc. (TECHNOLOGY) provides a cloud-based data platform in the United States and internationally. The company is headquartered in San Mateo, California.
Industry: SERVICES-PREPACKAGED SOFTWARE
Market Cap: $52.52B
Revenue (ttm): $2.8B
Net Income (ttm): $-2.55B
EPS (ttm): $8.56
P/E Ratio: -0.298
Shares Outstanding: 280.64M
Price: $218.36
52-Week High/Low: $0/$0
RSI: 0.315
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