Although there's no specific catalyst, cloud-based software providers making outsized moves today.
In the ongoing landscape of surging stock prices and dizzying market highs, it's easy to feel like you've missed the boat on growth stocks. The result of a broad market rally in recent months has catapulted most quality growth stocks to hefty valuations.
Machine learning stocks are doing well in 2024, led by the astronomical 145% growth of Nvidia (NASDAQ: NVDA ), but there are other opportunities to explore apart from Nvidia in the machine-learning market, with a potential size of $79.3 billion in 2024 and 36% growth between 2024 and 2030, reaching $503.4 billion by 2030. North America is the biggest market for machine learning, thanks in part to the country's favorable policy trends.
Stock market performance in H1 was strong, driven by steady earnings growth and a resilient US economy. The S&P 500 is near all-time high with tech-heavy companies leading returns, while Dow Jones lags behind. Q2 earnings will determine H2 investor appetite, with sky-high expectations, it's time for caution.
The trade in technology stocks is growing volatile. The shares of microchip and semiconductor companies, which had led the market higher in this year's first half, are selling off as we near the end of June.
OpenAI has already changed the tech industry in big ways. Indeed, this technology has even started to impact blue-collar sectors after ChatGPT came out.
The creator economy is an ecosystem surrounding content creators on platforms like YouTube and TikTok, who monetize their content through sponsorships, affiliate marketing, subscription models, merchandise sales and more. It's a burgeoning new industry caused by the rapid rise in digital media consumption and the various monetization methods made possible in recent years.
Adobe reported solid quarterly results, helped by early AI monetization efforts. The Document Cloud business was a standout performer in the quarter.
Spending on AI hardware, software, and development will grow almost 20x over the next decade. Early winners already have that growth baked in, but these companies can keep growing.
Palantir uses artificial intelligence in its software to assist organizations in integrating their data and operations. Meta Platforms is a social media giant that is utilizing artificial intelligence in its WhatsApp, Instagram, and Facebook products.
Certain stocks have seen big moves higher this year. Some of those stocks have risen based on better-than-expected financial results.
Adobe's AI products saw massive demand last quarter. Alphabet has been preparing for this AI wave for a while.