| Stock | Price | 52 Week Range | Marketcap | EPS | Dividend Yield | Chart (24H) | Sector | Employees | Last Updated |
|---|---|---|---|---|---|---|---|---|---|
| $116.18 | 129.84B | 4.18 | 0.40% | Technology | 48,000 | 41 minutes ago | |||
| $1,007.37 | 208.68B | 7.33 | 0.00% | Technology | 22,668 | 41 minutes ago | |||
 GitLab Inc. GTLB | $43.71 | 7.22B | 0.09 | 0.00% | Technology | 2,130 | 41 minutes ago |
Artificial Intelligence (AI) isn’t just a buzzword—it’s an unstoppable force that’s reshaping industries and economies worldwide. As we head into 2024, investors are keen to tap into this wave of innovation for potentially explosive growth. Boasting a market size expected to catapult from $621.19 billion in 2024 to a whopping $2.74 trillion by 2032, AI is a juggernaut that presents irresistible opportunities. With this skyrocketing trajectory, here are three standout AI-centric companies that you should keep on your radar: Micron Technology (MU), ServiceNow (NOW), and GitLab (GTLB).
Editor's Note: Analysis and insight for this article were originally sourced sourced from our friends at InvestorPlace
Micron Technology (MU): Future-Proof Technology to Lead in AI
Here is why Micron Technology is a Must-Buy:
Leading Role in Semiconductors: Micron Technology has cemented its position as a significant force in the semiconductor market—a backbone for AI applications. High Bandwidth Memory (HBM) is vital for the demanding data throughput AI systems require, and Micron’s advancements in this field position it at the forefront.
Financial Powerhouse: Despite facing a 15% drop in stock prices over the last month, Micron turned heads with impressive third-quarter results. Posting a non-GAAP EPS of 62 cents and $6.81 billion in revenue—an astounding 81.6% YOY growth—Micron demonstrates a robust financial backbone. Strong demand for HBM chips, sold out for both 2024 and 2025, indicates robust forward growth.
Future-Proof Technology: Micron isn’t resting on its laurels. The upcoming HBM4 and HBM4E chips signal a promising future, further catalyzing revenue growth and strengthening its market stronghold. CEO Sanjay Mehrotra’s optimism ties these advancements directly to significant future revenue streams, reinforcing Micron’s market dominance.
Micron is primed to dominate the market, making it a stock worth considering now.
Analyst Ratings and Forecasts for Micron Technology (MU):
| Category | Rating/Value |
|---|---|
| Consensus Rating | Overweight (Buy) |
| Average Price Target | $83.44 |
| Potential Gain | 24.1% |
| Number of Ratings | 26 |
Summary of Analysts’ Outlook:
Analysts have a positive outlook on Micron Technology, with a consensus “Overweight” rating, indicating a “Buy” recommendation. The average price target of $83.44 suggests a potential gain of 24.1% from the current price. This optimism is likely driven by Micron’s strong quarterly earnings, improving demand for memory chips, and the company’s efforts to diversify its product portfolio.
Sources:
- Yahoo Finance: Micron Technology, Inc. (MU) Analyst Estimates
- TipRanks: Micron Technology, Inc. (MU) Analyst Ratings
- Bloomberg: Micron Technology, Inc. (MU) Analyst Estimates
- Refinitiv: Micron Technology, Inc. (MU) Analyst Estimates
ServiceNow (NOW): The Secret to AI-Powered Cloud Growth
Why ServiceNow Makes the List:
AI-Powered Cloud Computing: ServiceNow isn’t just riding the AI wave; it’s redefining it. Leveraging AI to enhance cloud computing workflows, features like Now Assist have made profound improvements to workflow efficiency. By seamlessly integrating AI, ServiceNow positions itself as a game-changer in the cloud computing space.
Impressive Financials: When it comes to numbers, ServiceNow never disappoints. Exceeding expectations in Q2 with a non-GAAP EPS of $3.13 and $2.63 billion in revenue, driven by high-value contracts including 14 worth more than $5 million annually, its financials are rock solid.
Strategic Alliances: ServiceNow’s collaborations with industry heavyweights like Nvidia boost growth opportunities through accelerated productivity tools, thereby positioning the company for exponential growth. These partnerships unlock untapped potentials and drive significant market advancements.
CEO Insights and Market Resonance: A recent survey highlighted that CEOs are increasingly relying on AI for growth, cementing ServiceNow’s position to benefit as AI integrations proliferate. Trading near its 52-week high reflects investor confidence in its continued upward trajectory.
These factors combined make ServiceNow a compelling investable entity in 2024.
Analyst Ratings and Forecasts for ServiceNow (NOW):
| Category | Rating/Value |
|---|---|
| Consensus Rating | Overweight |
| Average Price Target | $544.41 |
| Potential Gain | 14.1% |
| Number of Ratings | 24 |
Summary of Analysts’ Outlook:
Analysts have a positive outlook on ServiceNow, with a consensus rating of Overweight. The average price target of $544.41 suggests a potential gain of 14.1% from the current price. Most analysts believe that ServiceNow’s strong cloud-based IT service management platform, growing customer base, and expanding product portfolio will drive revenue growth and profitability.
Sources:
- Bloomberg: ServiceNow Inc. (NOW) Analyst Ratings
- Yahoo Finance: ServiceNow Inc. (NOW) Analyst Estimates
- TipRanks: ServiceNow Inc. (NOW) Analyst Ratings and Price Targets
- Refinitiv: ServiceNow Inc. (NOW) Analyst Estimates
GitLab (GTLB): Leading the AI-Driven DevSecOps Revolution
Why GitLab is a Strong Contender:
Comprehensive DevSecOps Platform: GitLab offers a complete DevSecOps platform, which enhances enterprise software development—a critical capability for an AI-driven future. This integrated approach is especially critical as software complexity and security concerns grow due to advancements in AI.
Outstanding Financial Performance: The numbers speak volumes. For Q1 2025, GitLab showcased a 33% YOY increase in revenue, clocking in at $169.2 million. Moreover, hitting a record $37 million in free cash flow underlines its financial vitality. Despite these strong results, the stock has yet to see a significant boost, indicating an investment opportunity.
Seamless AI Integration: AI integration into its platform has allowed GitLab to streamline the entire development lifecycle, reduce security risks, and boost productivity—positioning it as a vital player in an evolving market. TipRanks analysts recognize this potential, assigning it a “strong buy” rating with a projected upside of 28.83%.
Market Position: Standing poised to reap substantial returns as the market fully appreciates its financials and innovative edge, GitLab is perfectly positioned to benefit from the AI revolution.
Investors would be wise to hop in now, as substantial returns await once the market starts to fully appreciate GitLab’s strengths.
Analyst Ratings and Forecasts for GitLab (GTLB):
| Metric | Value |
|---|---|
| Consensus Rating | Buy |
| Average Price Target | CAD 1.83 |
| Potential Gain | 54.1% |
| Number of Ratings | 5 |
Summary of Analysts’ Outlook:
Analysts have a positive outlook on GitLab, with a consensus “Buy” rating and an average price target that suggests a significant potential gain. The company’s exploration activities and recent discoveries are likely driving the optimism among analysts.
Sources:
- TipRanks: Gatling Exploration Inc. (GTLB.TO) Analyst Ratings
- Yahoo Finance: Gatling Exploration Inc. (GTLB.TO) Analyst Estimates
- Bloomberg: Gatling Exploration Inc. (GTLB:CN) Analyst Coverage
These three companies—Micron Technology, ServiceNow, and GitLab—are not just riding the AI wave. They’re driving it. As AI continues to transform industries, these stocks offer compelling growth opportunities for forward-thinking investors. Keep your eyes on these players; they could be the linchpins of your investment strategy in 2024.
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Disclosures: The writer and editors may hold positions in the stocks mentioned in this article.
