Palantir, Snowflake, Salesforce Set to Soar in AI Revolution, Says Wedbush

"Wedbush: Palantir, Snowflake, Salesforce Poised for AI Growth"

Wedbush analysts predict the AI era's second stage will benefit software and cloud providers, highlighting key companies poised for growth.

Rachel Patel25 November 2024Last Update : 2 weeks ago

Palantir, Snowflake, Salesforce to gain in next era of AI: Wedbush

finance.yahoo.com

On November 25, 2024, Wedbush analysts announced that the artificial intelligence (AI) era is entering its second stage, which will favor software and cloud providers. Managing director Scott Devitt shared insights on the evolving AI landscape during an appearance on Yahoo Finance’s Morning Brief.

6 Key Takeaways

AI era entering second stage, analysts say.
Software and cloud providers to benefit.
Three stages of AI identified by Wedbush.
Phase two expected to start in 2025.
Key companies include Salesforce and Amazon.
Cybersecurity firms may also gain advantages.

Fast Answer: Wedbush analysts predict that the AI era’s second stage will benefit software and cloud companies, with significant gains expected for firms like Salesforce, Snowflake, and Amazon. This phase is anticipated to commence in 2025, enhancing opportunities for cybersecurity firms as well.

Wedbush outlines three stages of the AI era. The first stage focused on semiconductors, which profited as cloud companies adapted their architectures for AI capabilities. The second stage, set to begin in 2025, will see software companies and cloud providers reaping the benefits of AI applications. The final phase will involve consumer-facing companies leveraging AI to enhance interactions with customers.

Key companies identified by Wedbush that are well-positioned for growth include:

Salesforce (CRM)
Elastic (ESTC)
Snowflake (SNOW)
Palantir (PLTR)
Amazon (AMZN)
Alphabet (GOOG, GOOGL)

Devitt also noted that as AI technology advances, cybersecurity companies could see increased demand for their services. The transition into this application phase is expected to drive stock performance for the highlighted firms, reflecting the growing importance of AI in various sectors.

Notice: Canadian readers should note that the AI advancements discussed may impact local technology markets and investment opportunities, particularly in software and cybersecurity sectors.

In summary, the AI era is progressing into a phase that promises substantial benefits for software and cloud providers. Companies like Salesforce and Amazon are anticipated to gain significantly as they adapt to the evolving landscape of artificial intelligence.