AI adoption is increasing, with 9.2% of U.S. companies now using AI, double from the previous year. Goldman Sachs and Morgan Stanley project significant growth in AI software sales, estimating a surge of 580% to over $400 billion by 2028. AppLovin and HubSpot are well-positioned, with AppLovin aiming at e-commerce with its AI-powered adtech, Axon. Analysts expect substantial price increases for both stocks, with 29% upside for AppLovin and 38% for HubSpot. AppLovin reported a 40% revenue increase and a 149% rise in earnings per diluted share.
AppLovin reported excellent first-quarter financial results. Total revenue increased 40% to $1.4 billion, as strong sales growth in the advertising segment offset a decline in the mobile games segment.
Morgan Stanley recently selected AppLovin as one of the companies best positioned to benefit from growing AI software spending. The analysts called Axon a 'best in class machine learning ad engine,' saying it has delivered superior return on ad spend for brands on the platform.
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