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## Technology Sector Expected to Outperform Again in 2024

The technology sector is anticipated to continue its outperformance in 2024, with cybersecurity and cloud networking stocks positioned to lead the pack, as per Barclays’ projections. The growth catalyst at the forefront of this trend is artificial intelligence (AI).

Investors are urged to look beyond the well-known chipmakers like Nvidia (NVDA) and consider other opportunities within the tech industry. This is due to the expected emergence of new use cases and strategies to mitigate risk in the second year of the generative AI boom.

Barclays senior technology hardware and networking analyst, Tim Long, highlighted the potential for AI to be utilized in different ways. With companies focusing on expanding use cases, the rest of the AI build-out is yet to be fully realized.

The technology sector faced headwinds this year, attributed to higher interest rates and concerns about a potential spending pullback. Consequently, the industry lagged behind the broader tech rally, but this trend is expected to reverse in the near future. Companies are anticipated to increase spending on cybersecurity, driven by the threats posed by AI. Research firm Gartner forecasts a 14% increase in corporate cybersecurity spending to $215 billion next year.

Barclays’ senior software analyst, Saket Kalia, emphasized cloud security and secure access service edge (SASE) as top investment themes for 2024. His picks include CrowdStrike (CRWD) and Gen Digital (GEN). CrowdStrike has showcased significant growth and diversification within the security space, while Gen Digital has reported strong financials with a high operating margin.

The AI boom has also created opportunities beyond pure cybersecurity plays, with Arista Networks (ANET) identified as a top pick. The company’s focus on networking infrastructure for AI data centers positions it as a leader in the AI space.

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AI legalese decoder can assist in navigating the legal complexities of investments in the technology sector, particularly in the areas of cybersecurity, cloud networking, and AI. By utilizing AI, the platform can analyze and decipher legal documents and regulations related to these investments, providing valuable insights and risk-mitigation strategies for investors and companies operating in this space. Furthermore, AI legalese decoder can help in identifying legal implications and requirements associated with the expansion of AI use cases and the build-out of AI technologies, ensuring compliance and mitigating legal risks in this rapidly evolving industry.

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