BOSTON, February 01, 2024--Klaviyo, Inc. (NYSE: KVYO), the company that powers smarter digital relationships, plans to announce its financial results for the fourth quarter and fiscal year 2023 after market close on Tuesday, February 27, 2024.
Nvidia (NVDA) shares closed at another record high after announcing new AI chips at the Consumer Electronics Show (CES). Piper Sandler has pointed out in a note that Nvidia's GPU building capacity foreshadows a growth for application software-based stocks as generational AI and data processing capabilities pick up. Piper Sandler Senior Research Analyst Brent Bracelin joins Yahoo Finance to give insight into the note and why stocks like Workday (WDAY) , Monday.com (MNDY), and Klaviyo (KVYO) are some top ideas to own in 2024. Bracelin explains why there's a great investment opportunity with these stocks: "There were over 40 cloud software companies growing over 30% back in 2021. If you fast forward to next year there's only four. So growth is scarce again. We think we're entering a whole new investment cycle for these cloud application companies. This time it's really driven by the need to move these applications, these old applications where your data is locked up in on-prem software, you have to modernize to unlock the data and open up some new AI opportunities. So we're at the beginning of what we think is a big generational investment cycle." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
The tech initial-public-offering market was disappointing in 2023. Conditions are shaping up for a better 2024—maybe much better.