From Nasdaq:

Summary:
2023 saw some AI companies soar, and 2024 is predicted to see further stock growth. Cloud computing servers provide the needed computing power to create AI models and store large amounts of data. Both Amazon and Alphabet are expected to experience significant tailwinds from their cloud computing exposure.

Amazon:
Amazon last split its stock in June 2022, making it unlikely for a stock split in the near future. Amazon Web Services (AWS) currently holds the largest market share in cloud computing. Although AWS has lost some market share in 2023, management remains optimistic about substantial growth in 2024, which will impact Amazon’s profits.
Alphabet:
Alphabet also split its stock in 2022. Google Cloud, although showing some slowdowns in 2023, is growing at a 22% pace currently. Operating margin of Google Cloud isn’t as high as AWS but is expected to increase. With other AI investments, Alphabet is forecast to have strong performance in 2024.



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