Oppenheimer views Cloudflare as the first unique, serverless, global edge compute and AI inferencing platform and thinks the company is positioned to capitalize on this migration to the edge. Cloudflare is deploying AI infrastructure on Workers AI and is already partnering with large technology companies. Workers AI is only three months old, but it is already seeing strong demand and interesting new user cases, both with small startups/developers and large enterprises, Oppenheimer adds. While Cloudflare is smaller than potential competitors, the firm thinks it has room in the overall cloud ecosystem because it caters to AI applications with lower compute/higher networking power requirements. Oppenheimer, which has an Outperform rating and a price target of $85 on the shares, says Cloudflare is a Top Midcap Pick for 2024.
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