In the dynamic business market, organisations await a trend to stand out from the competition with lucrative financial yields. Every business establishes itself with a reputation to make its way into the stock market, where investors and traders put their money into the company.
Since the financial market is highly biassed toward technology and its innovations, tech companies top the chart of profitable businesses. It is when investing in stocks or equities of a new business or established corporation comes to your financial rescue. In the present market condition, buying stocks of technological organisations is the best choice.
This article will cover three lucrative and profitable Artificial Intelligence (AI) stocks to buy in 2024. AI is the most popular technology of this era due to its human-like capabilities with additional speed and accuracy. This buzz about AI has attracted millions of users to adopt AI-driven solutions, surging the AI companies’ shares. Investing in these shares will skyrocket your annual financial returns.
Artificial Intelligence Stocks to Buy in 2024
The AI industry is on a trajectory of growth, and its future will offer immense financial opportunities. Next Move Strategy Consulting forecasted AI market capitalisation, suggesting that it will grow exponentially by 2030 with an expected market value of about two trillion U.S. dollars.
With such exceptional market potential, several tech giants have piled up their investments in developing AI solutions to the existing problems. Microsoft, Meta, and other big organisations have increased their interest in the AI landscape. And with that, they have witnessed an abrupt surge in their market value.
You can invest in big companies by buying their AI stocks, or you can also invest in AI startups. Since the competition is jaw-dropping in the AI domain, the success of an AI startup seems blurry. Therefore, we have a list of the top three AI stocks that will offer significant financial perks to stock investors.
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#1. Microsoft
Microsoft is a leading tech organisation with multiple state-of-the-art solutions in the tech space. It has established itself with Windows, Microsoft Office, and other inevitable applications and systems available globally. Microsoft covers every industry with its products and services.
The spike in AI has invited Microsoft to invest in AI ventures, making a robust impact in the AI landscape. Microsoft has Phi-2, which is a small language model, in competition with Llama 2 and Mistral 7B. Phi-2 has attracted myriads of users globally to the company, resulting in enhancing its market value. Click here to explore further about Phi-2.
With 2.78 trillion U.S. dollars market capitalisation, Microsoft stands tall in the stock market, promising to provide high yields to investors via shares and dividends. AI has a massive role in its growth since it invested generously in OpenAI’s ChatGPT model. The success of ChatGPT has paid off well for Microsoft.
Related: Microsoft Event 2023 Unveils Exciting Innovations in AI and Surface Devices
#2. NVIDIA
NVIDIA is a Graphics Processing Unit (GPU) manufacturing company with a leading position in the market. Since AI development requires extensive computational and processing power, the demand for powerful GPUs hit an all-time high. Thus, NVIDIA has become a trillion-dollar business globally.
NVIDIA is integral in the advancement of generative AI that covers every industry, including entertainment, content creation, customer support for businesses, and more. Generative AI’s growth has become possible due to the significant market share of NVIDIA, which is about 88 per cent.
Since every AI company needs AI chips, NVIDIA’s stocks hit a massive jump in the global financial market, gaining billions of dollars in profits. Presently, NVIDIA shares are costly, becoming a challenge for newbies and small investors to buy them. However, buying NVIDIA stocks is always a manageable risk as it will pay off generously.
#3. UiPath
Business automation is the new norm that comes into existence with the help of AI. It offers ease and comfort to business people and managers to delegate mundane activities to AI while converging their focus on essential and detrimental business operations. UiPath understood the problem and presented a solution to the business world.
With 14.56 billion U.S. dollars as UiPath’s market cap, it is offering a financially rewarding opportunity to those seeking profits from AI stocks. Its stocks surged with the increasing demand for AI products and services globally.
In the current scenario, UiPath is improving its business operability with better Free Cash Flow (FCF) and remarkable profits in fiscal quarters. Therefore, it is among the best up-and-coming AI stocks for 2024.
Benefits of Investing in AI Stocks
The growth of AI guarantees a rewarding outcome for AI stock investors. Some argue that the competition in AI landscape growth parallel to the technology and investing in its stocks will provide investors with negative or less profits.
However, the demand that we see in the AI ecosystem makes competition a fruitful activity. Otherwise, it will create a monopoly for a single corporation. If the competition grows, it will have a minimum impact on the list of AI stocks we mentioned above.
These companies also put endless efforts into improving their products and keeping up with AI trends and technologies. Therefore, investing in their stocks will pave the way for high financially worthwhile returns.
Investing in AI Stocks Needs Industry-Standard Knowledge
Stock investing requires a critical analysis of the market trends to predict the future of a company. Before you make a leap into staking your funds in any enterprise’s shares, ensure that you have researched well.
Try to reach as many news and blog posts about the stock as possible to avoid financial losses and anxiety due to losing your hard-earned money. Our list of the best artificial intelligence stocks to buy in 2024 will make your new year profitable.