Which tech stocks are Wall Street analysts favoring due to AI spending?

Wall Street analysts are favoring Apple (AAPL), MongoDB (MDB), and Western Digital (WDC) due to their strong growth prospects amidst the AI boom.

What growth did Apple report in its Services revenue?

Apple reported a 14% growth in Services revenue for the December quarter.

What growth is Western Digital projecting for the AI storage market?

Western Digital projects over 25% compound annual growth rate in the AI and cloud storage market through 2030.

Home / Business and Economy / AI Spending Surge: Top Stocks to Watch

AI Spending Surge: Top Stocks to Watch

8 Feb

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Summary

Apple's Services revenue grew 14% in December quarter.
MongoDB's Atlas revenue growth shows potential strength.
Western Digital sees over 25% CAGR growth in AI storage.

Major tech earnings reports have reignited investor concerns regarding the returns on substantial artificial intelligence (AI) spending. While some companies missed expectations, others are demonstrating their capacity to leverage the ongoing AI expansion.

Wall Street analysts are identifying key stocks poised for growth. Apple (AAPL) is favored, with analysts noting robust Services revenue growth of 14% in the December quarter, driven by areas beyond the App Store.

Database software provider MongoDB (MDB) is also a top pick, with analysts optimistic about its Atlas revenue growth. The company's expanding AI and modernization product lineup is expected to drive continued strength.