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As the artificial intelligence (AI) market is projected to grow to $826 billion by 2030, investors are focusing on tech stocks like Nvidia and ServiceNow. Nvidia, a leading AI chip supplier (NASDAQ: NVDA), reported a 154% year-over-year increase in data center revenue last quarter, driven by strong demand for its GPUs and networking products.
Simultaneously, ServiceNow (NYSE: NOW) has experienced a 23% year-over-year increase in subscription revenue, leveraging its AI-powered Now Assist software to secure large contracts with companies like Merck, Adobe, and Dell Technologies. The net new annual contract value for Now Assist has doubled compared to the prior quarter, indicating strong future demand.
Nvidia is expected to see earnings growth of 41% next year, while Wall Street anticipates ServiceNow will achieve 32% annualized earnings growth over the next several years.
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