Investors are recommended to buy shares of Palo Alto Networks and Alphabet for potential growth

From Nasdaq: 2024-10-16 05:41:00

Seventy-two percent of organizations worldwide have adopted artificial intelligence (AI), up from 50% two years ago. Key service providers like Palo Alto Networks and Alphabet use AI to reduce costs, deliver better products, and create revenue opportunities. Investors with $600 might consider buying a share in each company.

Palo Alto Networks is the largest cybersecurity company globally, integrating AI into its products to provide fast and accurate protection. Its AI-powered security operations solution, Cortex XSIAM, has seen rapid customer growth and doubled bookings to $500 million in fiscal 2024. The company aims to be a one-stop cybersecurity shop, anticipating significant growth in platformization customers by 2030.

Alphabet, once seen as lagging in the AI race, now leads with unique solutions across Google Search, Google Cloud, and Waymo. Google Cloud’s June 2024 revenue soared to a record $10.3 billion, up 29% from the previous year. Google Search receives AI overhaul with AI Overviews, expected to drive higher advertising revenue.

Alphabet stock trades at a P/E ratio of 23.4, cheaper than other $1 trillion+ big-tech giants. Regulatory issues might lead to a break up, but analysts see this as unlikely and a long, drawn-out process. Alphabet’s AI projects remain promising, making its stock attractive at current prices.

Investors can seize a potentially lucrative opportunity with “Double Down” stock recommendations from expert analysts. Companies like Amazon, Apple, and Netflix have shown impressive returns when following such recommendations. Now might be the best time to buy before it’s too late. Visit The Motley Fool for more information on current “Double Down” alerts.



Read more at Nasdaq: 2 No-Brainer Artificial Intelligence (AI) Stocks to Buy With $600 Right Now