Welcome to the Topic ” AI stocks “
AI stocks could be a good long-term investment. According to market analyst IDC, the worldwide artificial intelligence market would generate more than $554 billion in total revenue by 2024. AI, automation, and robotics are disrupting virtually every major business. Companies that don’t embrace AI and incorporate it into their business models risk becoming obsolete, from machine learning to the “internet of things,” driverless vehicles, virtual assistants, and smart home products. Many businesses benefit from AI, but just a few have business models that are solely focused on automation. According to Bank of America, these are some of the finest AI stocks to buy.
- Nvidia, a high-end chipmaker, supplies the huge processing power required by advanced AI applications. In reality, Nvidia graphics processing units are used in one of the fastest supercomputers. Nvidia plans to construct its own AI supercomputer lab in Cambridge, England. According to analyst Vivek Arya, AI adoption is still in its early stages and is simply one of many long-term growth prospects that will provide value for Nvidia investors. In 2022, he forecasts a 38 percent increase in Nvidia’s data center revenue. The stock of NVDA, which ended at $281.78 on January 6, has a “buy” rating and a $375 price target from Bank of America.
- From ad pricing to content promotion to email spam filters, Alphabet, the parent company of Google and YouTube, uses AI and automation in nearly every aspect of its operations. Google also owns Waymo LLC, an autonomous car startup that made history in 2020 when it became the first fully driverless commercial taxi service on public roads. According to analyst Justin Post, Alphabet benefits from AI and machine learning across its product line. AI might help the company fine-tune its industry-leading online advertising business over time. GOOGL stock, which closed at $2,754.95 on January 6, has a “buy” rating and a $3,210 price objective from Bank of America.
- Amazon, like Alphabet, has incorporated AI into every element of its company, from targeted advertising to e-commerce search engines to Amazon Web Services. Alexa, Amazon’s virtual assistant, is one of the most popular and is already in many American homes. Amazon’s AWS cloud clients can take advantage of various AI capabilities, including advanced text analytics, automatic code reviews, and chatbots. Many market sectors, according to Post, are still in the early phases of cloud migration, which is good news for Amazon shareholders. AMZN stock, which closed at $3,265.08 on January 6, gets a “buy” rating and a $4,250 price target from Bank of America.
- Microsoft announced the development of a new supercomputer in 2020, which will be hosted in Azure, the company’s cloud computing network. The supercomputer was created in partnership with OpenAI LP to train AI models, with the eventual goal of providing massive AI models and related infrastructure for other companies and developers. Microsoft unveiled Context IQ in late 2021, an AI tool that predicts, seeks, and suggests employee information. According to analyst Brad Sills, Microsoft’s cloud business is rising, and its margins are expanding, making it a top-tier Big Tech stock selection. MSFT stock, which ended at $313.88 on January 6, has a “buy” rating and a $365 price target from Bank of America.
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