Artificial Intelligence (AI) Is Set to Drive Solid Growth in This Market: 1 No-Brainer Stock to Buy Hand Over Fist Before That Happens

Goldman Sachs recently released a report estimating that the global cloud computing market could generate a whopping $2 trillion in revenue in 2030. The report projects this market will see a compound annual growth rate of 22% through the end of the decade, with new catalysts such as artificial intelligence (AI) set to play a central role in its growth.Plenty of companies are already making the most of the surge in spending by cloud service providers. Chipmakers like Nvidia, Broadcom, and Marvell Technology reported impressive growth in their data center revenue, thanks to the robust demand for their AI accelerators. Memory specialist Micron Technology (NASDAQ: MU) also joined the party as AI servers require faster memory chips and more storage capacity, and a similar trend is unfolding in AI-enabled edge devices such as smartphones and personal computers (PCs).Another company that seems set to jump on the AI bandwagon thanks to the potentially lucrative growth in the global storage market is Seagate Technology (NASDAQ: STX).Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool