Analysts Say These 5 AI Stocks Will Skyrocket in 2024

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1. Microsoft Corp (NASDAQ:MSFT)

Number of Hedge Fund Investors: 306

Microsoft Corp (NASDAQ:MSFT) remains one of the best AI stocks to buy for 2024 according to Wall Street analysts. Brent Thill of Jefferies, who upped his price target for Microsoft Corp (NASDAQ:MSFT) to $450 from $400, recently said in a program on CNBC that Microsoft Corp (NASDAQ:MSFT) has the “best” AI lineup in software. Thill said while there was some “hype” around AI business of Microsoft Corp (NASDAQ:MSFT) initially, from a “fundamental” point of view the Microsoft Corp’s (NASDAQ:MSFT) AI lineup remains strong and ready to be monetized in the back half of 2024.

Microsoft Corp (NASDAQ:MSFT) is also one of the top favorite stock picks of Wedbush’s Dan Ives along with several other notable Wall Street analysts.

In its fourth quarter 2023 investor letter, ClearBridge Dividend Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT):

“Microsoft Corporation (NASDAQ:MSFT) is the largest holding in our portfolio. Given its partnership with OpenAI and leading position in the cloud, Microsoft is well-positioned to profit from the boom in AI. However, due to Microsoft’s tremendous scale and diversification, the company is not dependent upon AI for its success. Microsoft’s diverse portfolio of software and cloud offerings ensures the company will thrive even if the next hot thing, like AI, fizzles out. In this way, Microsoft is emblematic of our broader investing approach. We seek to benefit from powerful trends, but we do so with an eye toward managing risk and limiting downside in case the future turns out to be less rosy than hoped for.”

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