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๐ Inside Time: Three Stocks to Buy in September 2023
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In 2023, the volume of the cloud market will reach $634 billion, and every reasonable investor simply must add cloud stocks to his portfolio to profit from the current dynamics. So let's keep the trend going!
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We suggest paying attention to the market leaders, whose shares are worth buying right now.
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โข Amazon (NASDAQ: AMZN)
The largest cloud platform Amazon Web Services has a leading market share of 32%, actively expanding the scope of ChatGPT and diversifying its business. Amazon's dominance in the industry makes it an attractive stock to buy, at least over a 6-12 month period.
The first target is $175-177.50, then levels above $210-220 will be available if the fundamental background is positive.
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โข Nvidia (NASDAQ: NVDA)
A leading computer chip manufacturer has spent years securing data centres but has benefited enormously from the AI boom. The company has been partnering with AWS for over a decade.
Nvidia shares are up 237% since January 1st. While the current rally has made buying quite expensive, its 0.09 forward price-earnings-to-growth (PEG) indicates huge upside potential.
The first target is $580-620, then if the market is optimistic, the $700-720 zone can be considered.
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โข Advanced Micro Devices (NASDAQ: AMD)
The company has made significant profits from partnerships with Microsoft and Alphabet, providing their cloud services with their equipment. In H1 2023, AMD's trading revenue grew 64% year-over-year. AMD has an attractive forward PEG of 0.2, meaning the stock is undervalued.
First target: $138, 50-140, then we consider levels above $190-200.
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So we do not miss effective entry points but do not forget about the risks.
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Profits to yโall!