What is the best AI stock to invest in 2023?
Nvidia Corporation (NVDA)
| Ticker | Company | Performance (Year) |
|---|---|---|
| NVDA | NVIDIA Corp | 221.39% |
| SYM | Symbotic Inc | 53.19% |
| UPST | Upstart Holdings Inc | 46.67% |
| PRCT | Procept BioRobotics Corp | 41.03% |
The AI sector minted 22 new unicorns in 2023, down 39% from 2022. However, that's a much softer decline than other sectors, like fintech and digital health, experienced over the same period. GenAI companies, in particular, are seeing their valuations soar as investors compete for access to deals.
The most popular AI-focused stocks on the NYSE or the Nasdaq for March 2024 include AMD, Apple, NVIDIA, Amazon, and Intel.
1. Nvidia. Nvidia (NASDAQ: NVDA) shares already have soared in the triple digits over the past year, but this top AI stock still may have plenty of room to run.
| AI Stocks With the Most Momentum | ||
|---|---|---|
| Price ($) | Market Cap ($B) | |
| Super Micro Computer Inc. (SMCI) | 1,025.06 | 60.0 |
| MicroStrategy Inc. (MSTR) | 1,876.99 | 31.8 |
| Applovin Corp. (APP) | 71.09 | 24.3 |
| Company (Ticker) | Sector | Market Cap |
|---|---|---|
| Nvidia (NVDA) | Technology | $2.20T |
| C3.ai (AI) | Technology | $2.74B |
| Meta Platforms (META) | Communication services | $1.31T |
| Data accurate as of April 15, 2024 |
Potential investors in Elon Musk's new artificial intelligence startup, xAI, are focusing on two key selling points: access to the billionaire's constellation of companies — referred to as the “Muskonomy” — and the early success of one of its biggest competitors, OpenAI.
According to data from Grand View Research, the AI market is projected to have a compound annual growth rate of 37% through 2030. The industry hit nearly $200 billion last year, but this trajectory would see it achieve close to $2 trillion by the decade's end.
What are the top 5 AI stocks?
| Company (TICKER) | 1-Year Return |
|---|---|
| Amazon.com, Inc. (AMZN) | 76% |
| ServiceNow, Inc. (NOW) | 64% |
| Palo Alto Networks, Inc. (PANW) | 36% |
| UiPath, Inc. (PATH) | 23% |
Buffett owns two AI stocks in his Berkshire Hathaway portfolio. He has positions in six other AI leaders thanks to Berkshire subsidiary New England Asset Management. All eight AI stocks could deliver solid long-term returns, but three are the most likely big winners.
The company's cash and cash equivalents were $25.98 billion as of Jan 28, 2024, up from $18.28 billion on Oct 29, 2023. NVIDIA, rightfully, has a Zacks Rank #1 (Strong Buy) and a Growth Score of B, a combination that offers the best opportunities in the growth investing space.
| AI Companies | Global Stock Closing Prices in 2024 |
|---|---|
| Microsoft Corporation (MSFT) | 311.74 |
| Adobe Inc. (ADBE) | 345.11 |
| Alphabet Inc. (GOOG) | 120.09 |
| NVIDIA Corporation (NVDA) | 292.13 |
What are the best AI stocks to buy now? Some of the best AI stocks that you can buy with less than $5 are Nerdy (NRDY), BigBear.ai Holdings (BBAI) and FiscalNote (NOTE). These stocks are poised to see considerable growth in the future.
Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Intel's P/E ratio of 105 exceeds Nvidia's 76, suggesting Intel's current stock price is already lofty. Corroborating this is the prediction among Wall Street analysts of a median price target of $45.07 for Intel stock. This illustrates a belief among analysts of little upside for Intel shares right now.
| Stock | 2024 return through March 31 |
|---|---|
| MicroStrategy Inc. (MSTR) | 169.9% |
| SoundHound AI Inc. (SOUN) | 177.8% |
| Vera Therapeutics Inc. (VERA) | 180.4% |
| Avidity Biosciences Inc. (RNA) | 182% |
Stock analysis & scores update: Intel (INTC) has an AI Score of 9/10 (Buy) because its overall probability of beating the market (S&P 500) in the next 3 months (38.79%) is +6.67% vs. the average probability (32.12%) of US stocks analyzed by our Artificial Intelligence.
Nvidia Corp.
High-end chipmaker Nvidia provides the massive processing power needed to run advanced AI applications. Nvidia was the best-performing stock in the entire S&P 500 in 2023, and it's largely due to the company's AI exposure.
How to make money with AI?
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- Alibaba Cloud. Best for Big Data Analytics. ...
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- Google. Best for AI Development. ...
- Hugging Face. Best for Deploying AI Models in the Cloud. ...
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The consensus among 26 Wall Street analysts covering (NASDAQ: AMD) stock is to Strong Buy AMD stock.
Strong Demand For Nvidia's GPUs As Margins Rise
Underlying Nvidia's stock price increase is soaring demand for the company's GPUs. Demand for Nvidia's AI-focused chips soared 410% to $18.4 billion in the January 2024-ending quarter.
Gates' unsurprising top AI stock
You probably won't be surprised in the least by Gates' top AI stock. Almost 34% of the Gates Foundation Trust's portfolio is invested in Microsoft (MSFT -1.06%). The billionaire co-founded the technology company and served as its CEO for 25 years.
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