1 Unstoppable Artificial Intelligence (AI) Stock to Buy Hand Over Fist in 2024

Artificial intelligence (AI) is captivating the investment community right now. Aside from the “Magnificent Seven” stocks, investors are seeking other opportunities that may provide similarly lucrative returns. However, with so many tech sector executives touting the term “AI” on their earnings calls or during media interviews, it can be challenging to discern which companies may actually be emerging as leaders in the space.

ServiceNow (NYSE: NOW) is a lesser-known name among AI businesses. The company specializes in automation solutions for information technology (IT) services and is quietly building a leading AI infrastructure. An analysis of the stock relative to its peers suggests that now would be a terrific time to scoop up shares.

Leading the digital transformation revolution

ServiceNow is led by Bill McDermott, who was formerly the CEO of enterprise software provider SAP. Since taking the reins at ServiceNow in 2019, McDermott has consistently used a specific phrase to describe the company’s disruptive agenda: digital transformation. But what exactly does that mean?

Businesses are relying more than ever on data — lots and lots of data — to make informed, efficient decisions. Furthermore, larger enterprises tend to use combinations of different software tools and platforms to house their data. Often, these systems do not easily communicate with one another — leaving decision-makers in a tough spot.

ServiceNow helps businesses digitize operations and connect their data.

ServiceNow is putting on a master class in sales

The chart below illustrates how ServiceNow has consistently grown the number of customers paying at least $1 million in annual contract value. These same customers are also spending more with ServiceNow each year, indicating customers like its suite of products.

One of the ways that ServiceNow has been able to generate this growth is through newly developed AI-powered solutions. For example,…