Key Technology Stocks Benefiting from AI Boom:
Nvidia (NASDAQ: NVDA) reported a 69% year-over-year revenue growth to $44.1 billion, with data center sales jumping 73% to $39.1 billion. The company secured a 92% share of the GPU market in Q1 2023.
Advanced Micro Devices (NASDAQ: AMD) experienced a 36% revenue increase, with its data center business growing by 57%. It is focusing on AI inference, a market expected to expand significantly.
Meta Platforms (NASDAQ: META) saw a 5% rise in ad impressions and a 10% increase in ad prices last quarter, fueled by AI-driven advertising. New ad services on platforms like WhatsApp are anticipated to enhance growth.
Alphabet (NASDAQ: GOOGL) reported a 28% revenue increase in Google Cloud, driven by AI developments and has established strong distribution through its services.
Pinterest (NYSE: PINS) is leveraging AI to boost user engagement, with plans for new advertising tools aimed at improving revenue growth.
