The year 2024 promises to be a pivotal one for AI stocks, as the technology continues to evolve and integrate into various industries. Investors seeking opportunities in this space should keep a keen eye on the top AI stocks for 2024.
Let’s delve into the top AI stocks that stand out and are poised for significant growth.
Best AI Stocks To Watch in 2024
Some experts say it might not be the best time to get too excited about investing in AI stocks: the competition is still figuring things out, and it’s unclear which companies will do the best. However, some companies instill more confidence than others. Below are some notable examples of such companies — all available for trading via CFD on the IQ Option platform.
Microsoft Corp (MSFT)
What happens when the biggest IT giant joins forces with the top AI giant? Anything is possible, life is unpredictable, but… let’s be realistic — few can truly compete with Microsoft. Currently, the company is integrating AI technologies everywhere: from Office to physical Windows-based computers by introducing a new “Copilot” button on the keyboard — a first in 30 years.
Even if AI doesn’t live up to expectations, Microsoft’s extensive portfolio of software and cloud services is more than capable of supporting its prosperity.
NVIDIA Corporation (NVDA)
Nvidia has experienced a fortunate run in recent years. First, the semiconductor shortage elevated the company to new heights, and now, the hype around AI is pushing it even higher — its shares have grown by 231% in 2023 alone. If you’re looking for the best AI stocks to invest in 2024, think about this: without Nvidia GPUs, all AI-driven processes, including machine learning and data analytics, would be inconceivable.
Meta Platforms Inc (META)
Social networks and AI are a perfect match, like cake and icing. Meta is currently refining its own artificial intelligence, and the company’s products boast multiple built-in features grounded in AI technologies. These features empower users to generate new content, like stickers or images, and even directly engage with the AI, posing questions and seeking information. And that’s only in beta…
Alphabet Inc. (GOOGL)
The list of top AI stocks for 2024 would be incomplete without Alphabet, Google’s parent company. Google is at the forefront of multiple AI initiatives, propelling machine learning capabilities forward. It’s crucial to remember that Google is a dominant force in online advertising and cloud computing — the very domains where AI is set to play a massive role.
More AI Stocks To Watch: Opportunities Beyond The Magnificent Seven
While established giants like NVIDIA, Alphabet, and Microsoft dominate the AI landscape, there are also exciting prospects among other tech companies and AI startup stocks. Here are a few to keep an eye on.
Advanced Micro Devices, Inc. (AMD)
AMD stands as another semiconductor company, positioned as a competitor to Nvidia. For similar reasons — the demand for chips to facilitate AI operations — considering it as a promising AI stock for investment is a prudent move thanks to its partnerships in the AI ecosystem.
Adobe Inc. (ADBE)
A while ago, Adobe Inc. incorporated AI functionalities into its product suite. Now, users can effortlessly design stuff and edit photos by simply providing text-based commands. These features are anticipated to boost Adobe’s product demand. Over the last year, Adobe’s stock price grew by 74%.
Salesforce.com, Inc. (CRM)
Salesforce, a big name in CRM, has made strategic acquisitions in the AI domain to bolster its capabilities. Salesforce has upgraded its current AI module, Einstein, by integrating capabilities similar to ChatGPT to assist in internal sales initiatives and customer-facing software. The company’s focus on AI-driven analytics and automation tools positions it as a prominent player in the landscape of AI stocks.
Finally, let’s check out two AI startup stocks with promising prospects for those looking for the best penny stocks to invest in 2024.
GeneDx Holdings Corp. (WGS)
GeneDx Holdings Corp. stands as a prominent genomics company leveraging data analytics and AI to drive advancements in medical diagnostics and genome testing. The company exceeded revenue expectations by reaching $43.14 million, surpassing estimates by $3.93 million.
Nerdy, Inc. (NRDY)
Yahoo Finance mentions Nerdy, Inc. as the top AI penny stock to consider. Utilizing AI, Nerdy connects students and tutors through its online learning platform. The company recently posted Q1 results, revealing a 5% year-over-year increase in revenue to $49.2 million, driven by robust adoption of Learning Memberships and growth in the consumer business, among other factors, with adjusted income reaching $0.5 million.
Conclusion
Investing in AI stocks in 2024 holds great potential, with significant companies, often referred to as the “Magnificent Seven” (including NVIDIA, Alphabet, Microsoft, and others), leading the way. For stability and proven success, consider well-known companies like Adobe, AMD, and Salesforce. If you’re interested in AI startup stocks, keep an eye on interesting prospects like Nerdy Inc. and GeneDx Holdings Corp.
