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Barchart
Barchart
Sristi Suman Jayaswal

1 Growth Stock to Scoop Up for Untapped AI Potential

Elastic UBS

In the booming artificial intelligence (AI) era, data is king. AI and data are revolutionizing analytics and transforming industries together. In today's digital world, data is the lifeblood of businesses, and its creation is skyrocketing. By 2025, a staggering 181 zettabytes of data are projected to be generated.

Elastic N.V. (ESTC) is at the forefront of this revolution, leveraging AI to convert vast data volumes into actionable insights. Empowering thousands of businesses with advanced search, observability, and robust security solutions, Elastic stands to benefit considerably, as Wedbush analyst Daniel Ives estimates that AI and related spending could comprise 8% to 10% of IT budgets in 2024 - up sharply from 1% in 2023, and a potential game-changer for companies like Elastic.

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