By Senad Karaahmetovic
Piper Sandler analysts believe generative AI is the next technology revolution that could have “far-reaching implications across both consumer and enterprise sectors.”
Analysts estimate the market opportunity at more than $100 billion split between AI-enabled search advertising and AI-enabled enterprise application revenue.
The analysts highlight the success of ChatGPT, which had over 300 million unique visitors in March. The success took “search wars” between Alphabet's (NASDAQ:GOOGL) Google and Microsoft's (NASDAQ:MSFT) Bing to another level with a combined 13% higher search traffic volumes on a combined basis during Q1.
“Bing share of the combined traffic has increased q/q but only slightly to 1.8% from 1.5%. Bing daily mobile downloads conversely have risen 9x to 100K+ vs. 13K+ one year ago, but still below Google Search mobile downloads at 300K+ day,” the analysts wrote in a note.
Piper Sandler’s tech analysts highlighted 14 stocks that are likely to benefit from the generative AI technology, namely: Microsoft, Nvidia (NASDAQ:NVDA), Google, Meta Platforms (NASDAQ:META), Snowflake (NYSE:SNOW), Oracle (NYSE:ORCL), Intuit (NASDAQ:INTU), Arista Networks (NYSE:ANET), DuoLingo (NASDAQ:DUOL), Five9 (NASDAQ:FIVN), Nice (NASDAQ:NICE), Autodesk (NASDAQ:ADSK), GitLab (NASDAQ:GTLB), and Doximity (NYSE:DOCS).