From Nasdaq:

The NASDAQ Composite has seen an average surge of 19% in the year following a bear market rebound like that experienced in 2023, suggesting a potential bull run. Alphabet’s economic moat in internet search remains impressive, and the company is pursuing new growth opportunities like generative AI, positioning itself for future success.

Alphabet quickly released its own AI capabilities after being threatened by the rise of generative AI. The company’s enterprise-focused efforts, such as Gemini, a powerful AI model, could have use cases ranging from customer service bots to product recommendations and text summaries. All in all, Alphabet’s AI efforts could generate growth and help the company diversify its business model away from just digital advertising.

With a forward P/E multiple of 21, Alphabet shares trade at a sharp discount to the NASDAQ average of 29, making them a great way for value-oriented investors to bet on a bull market in 2024. However, the 10 best stocks to buy now, as identified by The Motley Fool Stock Advisor analyst team, did not include Alphabet.



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