Cloud computing and artificial intelligence (AI) sector is brimming with business, as multinational corporations, small and medium businesses (SMB) are heavily relying on the new technology. Businesses that don’t run on these are considered outdated and out of touch with the changing consumer needs and the overall market. While SMB’s cannot rely on tech giants like Nvidia, Amazon, and Microsoft due to cost issues, one AI-based US stock stands apart, offering affordable services to the majority of small and medium businesses.
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DigitalOcean: AI-based US Stock to Watch Out For
DigitalOcean Holdings Inc. (NYSE: DOCN) entered the US stock market in 2021 and provides cloud computing and AI-based services. The company’s main target clients are small and medium businesses and provides services at affordable prices. They fill in the void of the tech giants who bill clients for bigger sums while SMB’s are unable to afford.
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The company primarily focuses on providing cloud computing services to SMB while its AI services are also growing. It is setting up services for several small and medium businesses, making them leverage the new technology at affordable fees. If DigitalOcean manages to capture the majority of the market, it could dominate the SMB scene across the US. The AI-based US stock DigitalOCean is currently trading at the $31 mark in the NYSE Composite index.
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DOCN debuted at $41 in March 2021 an all-time high of $128 in November of the same year. However, it declined by nearly 76% since then and is now at the $31 price level. There is no arguing that the AI-based US stock was overvalued then, but its prospects seem promising now. As its market share is expanding, taking an entry position at its lowest point allows room for major growth. Investing in DigitalOcean stock now could generate profits as the asset seems to have bottomed out in price.