In this piece, we will take a look at the 10 best big data stocks to buy now.
The global big data market is on a rapid growth trajectory, projected to reach $103 billion by 2027, more than doubling its size from 2018. This explosive growth is driven by the increasing reliance on data to inform business decisions, optimize operations, and unlock new revenue streams. According to Statista, the software segment, in particular, is poised to dominate, accounting for 45% of the market by 2027. Big data, characterized by its massive volume, high velocity, and wide variety, presents both opportunities and challenges. Traditional data processing tools struggle to handle the scale and complexity of modern data sets, which have been expanding rapidly due to the surge in mobile data traffic, cloud computing, and the integration of technologies like artificial intelligence (AI) and the Internet of Things (IoT). These factors have contributed to the rise of big data as a critical asset for businesses across industries. As the data landscape evolves, advanced analytics tools such as predictive analytics and data mining have become essential for extracting valuable insights from vast datasets.
The rise of the Internet of Things (IoT) has led to a surge in connected devices, generating enormous amounts of data that necessitate advanced big data solutions for effective processing and analysis. Cloud computing enhances the big data market by offering scalable and cost-efficient storage and processing capabilities, enabling businesses to handle large data volumes with ease. Technological advancements in big data are continually enhancing the management and analysis of vast datasets, making these processes more accessible and practical. This progress supports the growing trend of data-driven decision-making, where companies increasingly rely on data insights to make informed choices, optimize operations, and secure a competitive edge. Additionally, big data analytics helps organizations uncover hidden patterns and customer trends, fostering innovation and allowing for the development of products and services that adapt to evolving market demands, underscoring the vital role of big data in today’s competitive landscape.
Investment in big data technologies is also driven by stringent data privacy and security regulations. Compliance with laws like the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. is becoming mandatory for businesses. These regulations require robust data handling practices, pushing companies to implement advanced big data solutions that ensure data privacy and security. Enhanced measures such as secure storage and data privacy protocols build trust with consumers and stakeholders. Moreover, the need for effective data governance frameworks is accelerating the adoption of sophisticated big data technologies. These solutions facilitate comprehensive data management, including tracking data lineage, maintaining data integrity, and conducting regular audits. Emphasis is placed on integrating encryption, anonymization, and real-time monitoring tools to prevent data breaches and unauthorized access. Continuous investment in big data technologies is crucial for businesses to meet evolving compliance requirements, thereby driving the market’s growth.
According to a report by Verified Market Reserach, North America is projected to remain a leader in the big data market, driven by key industries such as finance, healthcare, and e-commerce. In the financial sector, Big Data analytics plays a crucial role for banks, investment firms, and insurance companies by providing deeper insights into customer behavior, detecting fraudulent activities, and evaluating risk. By analyzing extensive data sets, including transaction histories, market trends, and customer demographics, financial institutions can uncover patterns and anomalies that aid in making informed decisions and managing risks. Predictive analytics models further enhance market trend forecasts, optimize investment strategies, and improve portfolio management, contributing to greater profitability and competitive edge in the financial sector.
In healthcare, Big Data analytics significantly improves patient care, reduces costs, and advances medical research. Healthcare providers use Big Data to analyze electronic health records (EHRs), medical imaging, and genomic data to tailor treatment plans, diagnose diseases with greater precision, and predict patient outcomes. Population health analytics also helps healthcare organizations identify high-risk groups, allocate resources more effectively, and implement preventive measures. Additionally, the integration of big data into healthcare systems supports real-time monitoring of patient health metrics, allowing for timely interventions and better overall outcomes. Pharmaceutical companies benefit from big data by accelerating drug discovery, refining clinical trials, and creating personalized medicines, driving innovation and progress in medical science.
With such a robust outlook for the big data market, investors are keenly eyeing companies that are well-positioned to capitalize on this trend. In this article, we will explore the best big data stocks to buy now, focusing on companies that are well-positioned to capitalize on the immense growth opportunities within this dynamic sector.
![](https://imonkey-blog.imgix.net/blog/wp-content/uploads/2023/11/04224439/ATER-insidermonkey-1699152277155.jpg?auto=fortmat&fit=clip&expires=1755820800&width=480&height=269)
An executive presenting a business proposal in a modern open office space, surrounded by data analytics displays.
Our Methodology
We used big data ETFs plus online rankings to compile an initial list of the best big data stocks to buy now. We narrowed our list to the 10 stocks that analysts see the most upside to. The list is sorted in ascending order of analysts’ average upside potential, as of August 17. Note: We only included companies whose primary business is in the big data industry.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. NVIDIA Corporation (NASDAQ:NVDA)
Average Analyst Share Price Target Upside: 5.40%
Average Analyst Share Price Target: $131.31
Number ten on our list of ten best big data stocks to buy now is NVIDIA Corporation (NASDAQ:NVDA). The company makes chips that are used to facilitate big data use cases. The average analyst price target for NVIDIA Corporation (NASDAQ:NVDA) is $131.31, indicating a potential upside of 5.40% as of August 16. Analysts consider NVIDIA Corporation (NASDAQ:NVDA) a strong buy ahead of its August 28 earnings report. Despite a 35% drop, the stock rebounded and may surge again. NVIDIA Corporation (NASDAQ:NVDA), a leader in the AI market, stands to benefit from the sector’s rapid growth, projected to expand from $184 billion in 2024 to $826 billion by 2030. Analysts believe the company’s current 78% gross margin may decline due to competition, but this isn’t an immediate concern. With a forward P/E ratio of around 40 for fiscal 2025, NVIDIA Corporation (NASDAQ:NVDA) continued earnings growth could drive its stock higher, making it a solid long-term buy despite potential risks.
Patient Capital Opportunity Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2024 investor letter:
“NVIDIA Corporation (NASDAQ:NVDA) continued to lead both the market and the portfolio, remaining a top performer in the period gaining 36.7%. Nvidia is the market leader in designing and selling Graphics Processing Units (GPU), which has recently benefited from the insatiable demand of artificial intelligence (AI) models. The company currently captures 92% market share of data center GPUs and grew revenue, earnings and free cash flow (“FCF”) an astounding 126%, 392%, and 610%, respectively, over the last year. While we expect competition to increase, we think NVDA can continue to maintain top market share. While many are concerned with backlog times shortening, we think the rollout of the B100, which promises 2.5x better performance for only 25% more cost, later this year will create more shortages. With leading edge technology, an increasing innovation cycle and strong cash generation, the company is well positioned for the increased adoption of artificial intelligence (AI).”
09. Oracle Corporation (NYSE:ORCL)
Average Analyst Share Price Target Upside: 6.11%
Average Analyst Share Price Target: $145.83
The average analyst price target for Oracle Corporation (NYSE:ORCL) is $145.83, representing a potential upside of 6.11%. Oracle Corporation (NYSE:ORCL) is well-positioned in the AI revolution, providing cloud, database, and enterprise software solutions to 98% of Fortune 500 companies. This strong IT foundation has driven growth, with Q4 fiscal 2024 revenue rising 3% year over year to $14.3 billion, and operating income up 15%. Oracle Corporation (NYSE:ORCL) secured over 30 AI-related contracts worth $12 billion, boosting its remaining performance obligation (RPO) to $98 billion, a 44% increase, signaling accelerating sales growth. Oracle’s extensive experience in cloud and AI is attracting new and existing clients eager to leverage AI for productivity gains. Analysts expect Oracle Corporation (NYSE:ORCL) to generate $57.9 billion in revenue in fiscal 2025, with the potential to reach a $1 trillion market cap by 2034 if it maintains 11% sales growth, or by 2032 if growth accelerates to 15%. With AI adoption estimates rising, Oracle Corporation (NYSE:ORCL) could achieve this milestone sooner than expected.
ClearBridge Value Equity Strategy stated the following regarding Oracle Corporation (NYSE:ORCL) in its Q2 2024 investor letter:
“Likewise, cloud computing software company Oracle Corporation (NYSE:ORCL) reported strong backlog growth and signed a new client in OpenAI, which intends to use Oracle’s cloud infrastructure to train its AI models. The company also received tailwinds from its announced partnership with Google’s Cloud Platform (GCP) to build Oracle’s cloud infrastructure directly into GCP, which we believe will help accelerate the growth of Oracle’s cloud database services.”
08. Accenture plc (NYSE:ACN)
Average Analyst Share Price Target Upside: 7.62%
Average Analyst Share Price Target: $351.82
The average analyst price target for Accenture plc (NYSE: ACN) is $351.82, reflecting a potential upside of 7.62%. On August 2, Accenture plc (NYSE:ACN) enhanced its infrastructure and net-zero project management capabilities by acquiring BOSLAN, a Spanish engineering firm specializing in renewable energy projects. This acquisition adds over a thousand professionals, mainly from Spain and Brazil, to Accenture plc (NYSE:ACN) Industry X division, strengthening its ability to deliver AI-driven net-zero infrastructure solutions. The move aligns with the rising clean-energy transition spending in Europe, which reached $341 billion in 2023. BOSLAN’s expertise is expected to bolster Accenture plc (NYSE:ACN) global infrastructure services and support clients’ net-zero goals. This acquisition is part of Accenture’s broader strategy to expand its offerings in AI and large-scale capital projects. Accenture plc (NYSE:ACN) also reported strong Q3 fiscal 2024 results, with $16.5 billion in revenue and an improved operating margin of 16.4%. The company projects Q4 revenue growth of 2% to 6% in local currency.
Polen Focus Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2024 investor letter:
“Autodesk and Accenture plc (NYSE:ACN) were also notable absolute detractors in the quarter. For Accenture, the past year has proven to be a weak backdrop for the IT services industry as enterprises rationalize their IT budgets and defer spending on discretionary, shorter-cycle deals. Accenture has not been immune to this broader weakness, as evidenced by slowing growth in recent quarters. However, we would note that later in the quarter, the stock responded very positively to results that showcased AI bookings growing rapidly, though still a small portion of overall bookings. Additionally, as we head into 2025, growth comparisons should ease considerably.”
07. Microsoft Corporation (NASDAQ:MSFT)
Average Analyst Share Price Target Upside: 18.22%
Average Analyst Share Price Target: $494.72
At number seven on our list of ten best big data stocks to buy now stands Microsoft Corporation (NASDAQ:MSFT). Analysts have set an average share price target of $494.72 for Microsoft Corporation (NASDAQ: MSFT), reflecting an anticipated upside of 18.22%. On August 16, BMO Capital Markets has upheld its Outperform rating for Microsoft Corporation (NASDAQ:MSFT) with an unchanged price target of $500. The firm attributes its positive stance to Microsoft Corporation (NASDAQ:MSFT) strong position in artificial intelligence and its extensive range of products. Although the June quarter showed mixed results and the guidance for Azure is conservative, BMO is optimistic that Azure’s growth will accelerate by late FY25 as the company overcomes current capacity challenges. The firm also emphasized Microsoft Corporation (NASDAQ:MSFT) careful capital expenditure management, anticipating that this prudent strategy will be maintained in FY25.
Microsoft Corporation (NASDAQ:MSFT) currently offers a forward dividend yield of 0.72%, with an annual payout of $3.00 per share. The company’s payout ratio stands at 25.40%, indicating a healthy balance between dividend payments and earnings. Over the past five years, Microsoft Corporation (NASDAQ:MSFT) dividend has grown at an average rate of 10.27% annually, and it has consistently increased its dividend for 19 consecutive years. The most recent dividend, announced at $0.75 per share, has an ex-dividend date of August 15, with a payout date set for September 12.
Polen Focus Growth Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2024 investor letter:
“The top absolute contributors were Alphabet, Microsoft Corporation (NASDAQ:MSFT), and Amazon. Microsoft was another top absolute contributor in the quarter, speaking to a growing appreciation for all the ways the company has an opportunity to monetize GenAI, be it in its Office suite or Azure cloud business. In the latter case, it contributed 7% to Azure’s revenue growth in the most recent quarter. We believe Microsoft remains a highly advantaged business with many secular tailwinds driving durable growth for the foreseeable future, even at its immense scale.”
06. Datadog, Inc. (NASDAQ:DDOG)
Average Analyst Share Price Target Upside: 21.02%
Average Analyst Share Price Target: $139.15
Datadog, Inc. (NASDAQ:DDOG) is a leading cloud monitoring platform with significant growth potential. The company’s integrated tools are essential for managing and optimizing cloud-based IT systems, and it continues to expand its offerings to meet evolving market needs. Datadog, Inc. (NASDAQ:DDOG) strategic focus on digital transformation, DevOps, and product innovation positions it well for continued growth. Analysts project a 21.02% upside in the stock, with a target price of $139.15, reflecting confidence in its ability to capitalize on market trends and enhance shareholder value. Despite the competitive landscape, Datadog, Inc. (NASDAQ:DDOG) strong customer retention and product development keep it poised for future success. On August 13, William Blair has kept its Outperform rating for Datadog, Inc. (NASDAQ:DDOG), citing strong growth driven by AI advancements. The company is seeing rising demand from both enterprise and SMB segments, with AI customers contributing over 4% of annual recurring revenue. New products like Flex Logs and On Call are generating significant interest. Despite market consolidation, Datadog, Inc. (NASDAQ:DDOG) continues to secure large deals and focuses on organic growth rather than acquisitions. The company reported $645 million in Q2 revenue, added 2,600 new customers, and projects Q3 revenue between $660 million and $664 million.
The Brown Capital Management Small Company Fund stated the following regarding Datadog, Inc. (NASDAQ:DDOG) in its fourth quarter 2023 investor letter:
“We recognize that EGCs do not grow in straight lines. They stumble and sometimes fall. But they also have inflection points that lead to step functions of growth and profitability. We have been well-served by staying invested during tough periods. In fact, our patience and tolerance often allow us to participate in significant upside when our long-term thesis materializes.
For example, Datadog, Inc. (NASDAQ:DDOG) is an EGC that has experienced stock price declines driven by near-term challenges. Datadog is a leading SaaS-based IT-monitoring and analytics platform that automates the real-time monitoring of infrastructure, application performance and networks. This enables Datadog’s customers to quickly identify and address performance issues in their networks. While competitors only provide a siloed view of cloud infrastructure, applications, logs or networks, Datadog is differentiated by providing a unified view across all these areas via a visual interface configured to the needs of individual users. The technology saves time, money and headaches by driving collaboration among development, operations and business teams; accelerating time-to-market of new software; reducing the time needed to resolve problems; improving infrastructure efficiency; and enabling a better understanding of customer behavior…” (Click here to read the full text)
05. Alphabet Inc. (NASDAQ:GOOGL)
Average Analyst Share Price Target Upside: 25.03%
Average Analyst Share Price Target: $203.74
Alphabet Inc. (NASDAQ:GOOGL) saw strong growth in Q2 2024, with a 15% YoY revenue increase and a 31% rise in diluted EPS. Google Cloud Platform (GCP) grew nearly 29% YoY, enhancing its competitive edge in the cloud market. Alphabet Inc. (NASDAQ:GOOGL) first dividend and share buyback program also boost its appeal. Despite a recent 14% stock drop, it’s valued at 20-25x FY2024 earnings, suggesting a buying opportunity. Analysts have set a price target of $203.74, reflecting an anticipated upside of 25.03% as of August 16. While risks include regulatory challenges and AI competition, Alphabet Inc. (NASDAQ:GOOGL) strong data capabilities and innovation offer resilience.
Alphabet Inc. (NASDAQ:GOOGL) forward dividend yield is 0.49%, with an annual payout of $0.80 and a payout ratio of 2.87%. The company has announced a dividend of $0.20, with the ex-dividend date set for September 9, and the payout date scheduled for September 16. Shareholders must be on record by September 9, to receive the dividend.
Patient Capital Opportunity Equity Strategy stated the following regarding Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2024 investor letter:
“Alphabet Inc. (NASDAQ:GOOGL) was a top contributor in the second quarter, finally catching up to its peers in the Magnificent 7. The company gained 20.8% in the period following strong first quarter earnings, a new $70B repurchase program (3% of shares outstanding) and the initiation of a cash dividend ($0.20 per share; 0.42% yield). We continue to believe the market underappreciates Google’s exposure to AI with its Gemini model being integrated into search results, YouTube advertising and its cloud offering. We continue to think that the cloud players will be the AI winners in the long-term, with Google being well positioned to take advantage. While the company trades at 24x 2024 earnings, if you remove the money-losing and under-earning businesses, you realize that you are paying below a market multiple for the core Google business. We do not believe there are many other AI winners trading at such an attractive multiple.”
04. Amazon.com, Inc. (NASDAQ:AMZN)
Average Analyst Share Price Target Upside: 25.21%
Average Analyst Share Price Target: $221.69
Amazon.com, Inc. (NASDAQ:AMZN) uses big data via Amazon Web Services (AWS) to manage and analyze large datasets, supporting efficient data storage, processing, and insights. It also leverages this data to optimize e-commerce operations, including inventory management, personalized recommendations, and logistics, reinforcing its leadership in cloud services and market competitiveness. Amazon.com, Inc. (NASDAQ:AMZN) has an average analyst share price target of $221.69, indicating a potential upside of 25.21%. Amazon.com, Inc. (NASDAQ:AMZN) leads in cloud computing with AWS growing 19% recently, despite competition from Microsoft Corporation (NASDAQ:MSFT). It dominates e-commerce through Prime, driving increased sales and faster shipping. Amazon.com, Inc. (NASDAQ:AMZN) is also a major player in digital advertising, exceeding a $50 billion annual run rate with a 20% growth. The company has generated $53 billion in free cash flow over the past year and remains attractive at its current share price due to strong cash flow yields.
Diamond Hill Select Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2024 investor letter:
“Among our top individual contributors in Q2 were Amazon.com, Inc. (NASDAQ:AMZN), Texas Instruments and Mr. Cooper Group. Internet retail and cloud infrastructure company Amazon is benefiting from strong profitability, particularly in its Amazon Web Services (AWS) business. Shares also received a boost amid growing optimism around the demand for AWS as Amazon customers’ investments in generative AI projects continue growing.”
03. Workiva Inc. (NYSE:WK)
Average Analyst Share Price Target Upside: 26.81%
Average Analyst Share Price Target: $99.17
Workiva Inc. (NYSE: WK) has an average analyst share price target of $99.17, reflecting an upside potential of 26.81% as of August 16. Workiva Inc. (NYSE:WK) reported robust Q2 results on August 1, with an 18% increase in subscription revenue and a 15% rise in total revenue, driven by strong demand for ESG reporting solutions. The company introduced Workiva Carbon for carbon accounting and acquired Sustain.Life. Workiva Inc. (NYSE:WK) also authorized a $100 million share repurchase program and raised its revenue forecast, aiming for over $1 billion by 2027. Despite a $97 million drop in cash due to acquisitions and cautious macroeconomic outlook, Workiva Inc. (NYSE:WK) improved operating profit and strategic investments position it well for continued growth in the ESG sector.
Despite its stock trading 54% below its 2021 peak, it appears undervalued given its strong growth and profitability. Workiva Inc. (NYSE:WK) software integrates with major applications to streamline data aggregation and reporting, with notable demand for its ESG solutions as global regulations tighten. The company has seen substantial growth in high-spending customers and improved profitability, making its current stock price an attractive opportunity for investors.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding Workiva Inc. (NYSE:WK) in its fourth quarter 2023 investor letter:
“Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, and systems that improve productivity or efficiency for their clients. Posting a 0% return—lagging the benchmark sector average of 14%—was Workiva Inc. (NYSE:WK), a leading cloud-based compliance and regulatory reporting platform. Workiva’s revenues exceeded expectations, though its earnings were lower because of a one-time interest expense. The relative share price weakness stemmed from management’s conservative guidance for its final fiscal quarter that incorporated the uncertain macroeconomic environment and Workiva shedding some low-margin businesses. Meanwhile, the company signed new customers and released updates to current financial reporting systems that should lead to better margins and further improve Workiva’s profitability.”
02. MongoDB, Inc. (NASDAQ:MDB)
Average Analyst Share Price Target Upside: 41.70%
Average Analyst Share Price Target: $355.74
MongoDB, known for its flexible NoSQL database management system, allows developers to store data in a non-relational format, offering benefits like flexible schemas and horizontal scaling. Its popularity grew with the rise of cloud computing, making NoSQL more affordable. In the latest quarter reported on May 30, MongoDB, Inc. (NASDAQ:MDB) announced earnings per share (EPS) of $0.51 on a normalized basis, beating estimates by $0.14. MongoDB, Inc. (NASDAQ:MDB) revenue for the quarter came in at $450.56 million, exceeding forecasts by $10.65 million. MongoDB, Inc. (NASDAQ:MDB) has faced challenges with slowed growth and stretched valuation, but there are potential catalysts for a turnaround. If growth re-accelerates, particularly through increased adoption of MongoDB, Inc. (NASDAQ:MDB) AI-enhanced database technology, the company’s position could improve. MongoDB, Inc. (NASDAQ:MDB) ongoing innovation, aimed at making its platform integral to AI applications by enhancing data handling and analysis, could drive greater adoption. While current growth may not justify the valuation, a significant uptick in usage of these new features could change that outlook.
ClearBridge All Cap Growth Strategy stated the following regarding MongoDB, Inc. (NASDAQ:MDB) in its first quarter 2024 investor letter:
“During the first quarter, we initiated a new position in MongoDB, Inc. (NASDAQ:MDB), in the IT sector. The company offers a leading modern database platform that handles all data types and is geared toward modern Internet applications, which constitute the bulk of new workloads. Database is one of the largest and fastest-growing software segments, and we believe it is early innings in the company’s ability to penetrate this market. MongoDB is actively expanding its potential market by adding ancillary capabilities like vector search for AI applications, streaming and real-time data analytics. The company reached non-GAAP profitability in 2022, and we see significant room for improved margins as revenue scales.”
01. Snowflake Inc. (NYSE:SNOW)
Average Analyst Share Price Target Upside: 53.70%
Average Analyst Share Price Target: $196.79
Topping our list of ten best big data stocks to buy now is Snowflake Inc. (NYSE:SNOW). Snowflake Inc. (NYSE:SNOW) is attracting significant attention from analysts, who foresee a strong growth trajectory for the company. With an average share price target of $196.79, analysts predict a potential upside of 53.70%. This optimism is fueled by Snowflake Inc. (NYSE:SNOW) innovative product offerings and robust demand in the data management sector, positioning it well for future gains. The company’s cloud-based data warehousing solutions offer a unique advantage by being compatible across multiple cloud platforms, making it an ideal choice for organizations with complex data needs.
KeyBanc Capital Markets remains optimistic about Snowflake Inc. (NYSE:SNOW), maintaining an Overweight rating and a $168.00 price target on August 16. The firm expects Snowflake Inc. (NYSE:SNOW) to surpass market expectations in its upcoming earnings report, driven by strong bookings and conservative growth estimates. New products like Cortex, Dynamic Tables, and Container Services are anticipated to boost growth. Additionally, Snowflake Inc. (NYSE:SNOW) user-friendly platform, diverse product offerings, and independence from major cloud services are seen as significant advantages. High demand for its new services, particularly in AI and data management, further supports a positive outlook for the company’s growth.
Snowflake Inc. (NYSE:SNOW) margins are stable, and its focus on the expanding AI market positions it for future gains. With its current valuation much lower than its peak, Snowflake Inc. (NYSE:SNOW) presents a compelling opportunity, especially as interest rates decline and investors look for high-growth tech stocks.
ClearBridge Multi Cap Growth Strategy made the following comment about Snowflake Inc. (NYSE:SNOW) in its Q2 2023 investor letter:
“While the ClearBridge Multi Cap Growth Strategy has limited mega cap exposure, which has been a recent headwind to relative performance, we own several companies that stand to benefit from the explosive growth in generative AI. These holdings play key roles in building out the necessary infrastructure and helping customers leverage capabilities enabled by this emerging technology.
Snowflake Inc. (NYSE:SNOW), a cloud-based data platform company, is positioned well to help enterprises better leverage their own data to get the most out of AI models. Though it is still early days in terms of adoption, Snowflake saw workloads for data science, machine learning, and AI use cases grow more than 90% year-over-year in its most recent quarter.”
While we acknowledge the potential for SNOW to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ACN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.