As investors look for winners in the artificial intelligence boom, several software stocks stand out, including Microsoft and Oracle, according to Bank of America. The burgeoning interest in AI was further fueled by Nvidia 's recent blowout earnings, which briefly propelled the chip stock to a $1 trillion valuation Tuesday. The AI darling has gained a whopping 174% year to date.
"Microsoft has confirmed a multiyear, multibillion dollar investment in OpenAI and partners with OpenAI to 1) power its own AI offerings and 2) offer OpenAI development services via Azure OpenAI. Microsoft expects AI services to contribute 1% growth to Azure in FQ4," Sills wrote. Shares of Microsoft are up nearly 37% year to date. Oracle is another potential winner, according to Sills, who raised his price target to $112 per share from $95 Tuesday. The new target implies 6.
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