Over the last two years, the US stock market has seen artificial intelligence dominate demand. That has seen a host of companies embrace competition as they seek to get ahead of the rapidly growing field. That could play a part in Alphabet (GOOGL) emerging as a top list of ‘millionaire maker’ stocks.
The company has emerged as a big spender over the last year, but that could also pay off in a big way. Moreover, the Google parent company may be set to use its diversification prowess to its advantage within the growing technology. Indeed, it may well use AI to lead another key sector that is growing seemingly by the day.
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For what seems like ages, artificial intelligence has been a hyper-focus for the investment world. That has led to a number of companies getting in on the arms race, which makes a point of entry rather difficult for traders. With heavy hitters like Nvidia (NVDA) and Amazon (AMZN) taking up the space, one has emerged as a major player for investors.
Over the last year, Alphabet (GOOGL) may be emerging as a top millionaire maker stock. Moreover, that could be in large part because of its advancements in AI and what that means for its other businesses. With relatively low hype, it could be positioned to surge in the coming months.
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The growing AI demand has been massive for Google Cloud, the company’s cloud computing arm. Specifically, clients are running to use AI models, and training them requires computing power that cloud-based services help with. Although further investment is needed, Alphabet’s Google business is still dominating.
Indeed, it has continued to provide market-beating returns. In Q4, revenue jumped 12% year over year. Moreover, earnings per share increased 31%. Additionally, investors are expecting revenue to rise another 11% in 2025 and 2026, with the market keeping a 10% average growth pace. That could put Alphabet in a good position to thrive off of the continued shift in market demand and dynamics.