The 12 Best Artificial Intelligence Stocks To Buy for 2024

The rapid integration of artificial intelligence (AI) into various sectors has fueled a bullish trend in tech stocks. Analysts and financial media anticipate a continued AI-related bull run in 2024, with businesses increasingly adopting emerging technologies for efficiency and product enhancement. This article explores the 12 best AI stocks to buy for 2024 according to financial media.

• Tech Sector Gains: In 2023, the information technology sector and NASDAQ 100 index experienced significant gains, driven by advancements in AI.
• Notable Performers: Shares of Nvidia Corporation (NVDA) tripled, while Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOGL) saw increases of 80% and 60%, respectively.

Analyst Predictions:

• Global AI Market Growth: Forbes predicts a compound annual growth rate of 37.3% for the global AI market between 2023 and 2030.
• Decade-Long AI-Led Bull Market: Main Street Research’s James Demmert anticipates a decade-long AI-led bull market and business cycle, driven by productivity growth.

UBS Insights:

• Generative AI Potential: UBS highlights generative AI as a potentially disruptive and revolutionary technology.
• Broad AI Value Chain Exposure: UBS suggests that investors seeking AI exposure should consider a broad range of companies across the AI value chain.

Best AI Stocks for 2024:

1. C3.ai, Inc. (AI)
   • Number of Hedge Fund Holders: 24
   • Performance: 160% share price increase in the past 12 months.
   • Financials: Double-digit revenue growth, $762.3 million cash reserves for expansion.
2. Palantir Technologies Inc. (PLTR)
   • Number of Hedge Fund Holders: 31
   • Performance: Over 150% share price increase in the past 12 months.
   • Financials: Record profits, anticipates Q4 revenue of $600 million.
3. CrowdStrike Holdings, Inc. (CRWD)
   • Number of Hedge Fund Holders: 69
   • Performance: 144% share price increase in the last 12 months.
   • Financials: Record operating margins, $3 billion ARR milestone.
4. Snowflake Inc. (SNOW)
   • Number of Hedge Fund Holders: 71
   • Performance: Up 40% in the last 12 months.
   • Financials: Anticipates $3.6 billion revenue next year, citing increased AI adoption.
5. Palo Alto Networks, Inc. (PANW)
   • Number of Hedge Fund Holders: 79
   • Performance: 110% share price increase in the last 12 months.
   • Financials: Anticipates 17% revenue increase in fiscal 2024.
6. Oracle Corporation (ORCL)
   • Number of Hedge Fund Holders: 92
   • Performance: Shares rose around 30% in 2023.
   • Financials: Signed over $4 billion in contracts for AI training capacity in the Generation 2 cloud.

Note: The article includes additional stocks beyond the top 6.

Methodology:

• Media Recommendations: The list is based on recommendations from financial media sources like Forbes, The Motley Fool, Business Insider, Morningstar, and Investopedia.
• Hedge Fund Confidence: Hedge funds’ confidence in these companies, tracked by Insider Monkey, contributes to determining the top consensus picks.

Conclusion: The 12 best AI stocks for 2024 span software, cloud computing, and technology sectors. With a focus on companies showing growth potential and strong financials, these stocks are positioned to capitalize on the continued expansion of AI applications across industries.

Note: Investors should conduct thorough research and consider their risk tolerance before making investment decisions.