5 Stocks ChatGPT Says Will Make Me Rich in 10 Years

1. Microsoft Corp (NASDAQ:MSFT)

Number of Hedge Funds: 306

Wedbush’s analyst Dan Ives recently said he believes the tech rally that started in 2023 on the back of AI would continue in 2024.

“We view AI as the most transformative technology trend since the start of the Internet in 1995 and believe many on the Street are still underestimating the $1 trillion of AI spend set to happen over the next decade in a bonanza for the chip and software sectors looking forward with Nvidia and Redmond leading the way,” Ives wrote in a note.

Ives named some of his favorite tech stocks for 2024 and Microsoft Corporation (NASDAQ:MSFT) was one of them.

Microsoft Corp (NASDAQ:MSFT) is the most popular stock among the 910 elite hedge funds tracked by Insider Monkey.

Here is what Baron Technology Fund has to say about Microsoft Corporation (NASDAQ:MSFT) in its Q3 2023 investor letter:

“Microsoft Corporation is the world’s largest software company. Microsoft was traditionally known for its Windows and Office products, but over the last five years, it has built an over $60 billion cloud business, including its Azure cloud infrastructure service and its Office 365 and Dynamics 365 cloud-delivered applications. The stock detracted from performance because Microsoft is the Fund’s largest holding and shares retreated 7.0% after strong first half performance. For the June quarter, Microsoft reported better-than-expected Azure results for the third straight period, highlighted by Azure revenue growing 27% in constant currency. Its computing division also beat expectations, with Windows revenue benefiting from an early back-to-school inventory build. Microsoft’s September quarter revenue guidance came in below Street expectations; however, with Azure effectively in line and demonstrating stabilization, but computing seeing the negative sequential impact of the pull-forward in back-to-school purchases. Looking at the big picture, Microsoft continues to execute at a high level, navigating a challenging macro backdrop while aggressively investing in long-term growth, and we remain confident that Microsoft is well positioned to leverage AI over the medium to long term as it infuses Open AI and other generative AI technologies across its entire product portfolio.”

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