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According to the market intelligence firm IDC, AI and automation market is to grow $554 billion by 2024.
Artificial intelligence and machine learning are fueling the tech world at the moment. There is no application that can be fully functional until AI features in the mechanics. According to the market intelligence firm IDC, AI and automation market is to grow $554 billion by 2024. Here are 10 of the best AI stocks to buy.
Nvidia Corp. (NVDA)
Nvidia, the chipmaker, will be powering almost all future gadgets. Nvidia is planning to build its own AI supercomputer lab in Cambridge, England.
The world’s fastest supercomputer, Leonardo, is powered by Nvidia graphics processing units. AI, deep learning and big data are technologies that will require unprecedented processing power. Nvidia is well positioned to power up these technologies with its Edge AI – which is machine learning algorithms running on the devices or local networks. Analyst Vivek Arya of Bank of America says it will generate $15 billion in revenue for Nvidia by 2024. Bank of America has a “buy” rating for NVDA stock.
Market Cap: US$757.319 billion
Taiwan Semiconductor Manufacturing Company Limited (TSM)
Taiwan Semiconductor Manufacturing Company Limited (TSM) produces cutting-edge AI chips designed by NVIDIA, Apple Inc. (AAPL), Qualcomm Inc.
(QCOM), and other semiconductor leaders. The company has also added AI, machine learning, expert systems, and advanced algorithms to its intelligent manufacturing environment.
Market Cap: US$612.933 billion
Google’s parent company Alphabet Inc. (GOOG) utilizes artificial intelligence and automation in virtually all its various businesses. The autonomous vehicle company Waymo is also a part of Alphabet. It made history by becoming the first company to launch a fully driverless commercial robotaxi service on public roads in 2020.
Market Cap: US$1.943T
Amazon.com, Inc. (AMZN)
Amazon, the e-commerce giant, has integrated AI into every aspect of its business, including targeted advertising. It needs AI and data deep learning to aggregate and analyze purchasing history of its goods. It also offers a wide range of services to its AWS cloud customers, including advanced text analytics, automated code reviews, and chatbots.
Market cap: US$1.761T
This legacy tech company provides information tech services to large enterprise customers. IBM uses AI in the healthcare and financial sectors.
In healthcare, it creates individualized care plans, accelerates the process of bringing new drugs to market, and improves the quality of care.
IBM uses AI to help clients with financial regulatory compliance in financial services.
Market research firm IDC ranked IBM as the leader in AI software platforms with a 8.8% market share in 2019, or $303.8 million in revenue, up 26% from the prior year.
Market Cap US$107.8 billion
Micron Technology manufactures memory chips, including dynamic random-access memory (DRAM) and NAND flash memory found in solid-state storage drives.
In 2021, demand for memory chips is strong, boosted by the growth of mobile networks, and a shortage in semiconductors has helped lift prices for Micron’s DRAM and NAND chips.
In the AI industry, demand for memory chips is going to go up. Right from home appliances, IoT to big frame computers, all are going to need data analytics. Data centers running AI processes need plenty of memory and so do smartphones that may be doing AI work.
Market Cap: $91.30 Billion
Docusign is an AI-powered leader in digital signature software. In 2020, the company acquired Seal Software, an enterprise contract analytics company that uses machine learning to organize and identify contracts’ risks and opportunities. The DocuSign Insight tool helps with contract analysis through natural language processing.
Market Cap: US$50.079 billion
QUALCOMM Incorporated (QCOM)
QUALCOMM Incorporated (QCOM) engages in developing and commercializing foundational technologies for the wireless industry worldwide. It creates semiconductors, software, and services related to wireless technology. It has its own patents critical to the 5G, 4G, CDMA2000, TD-SCDMA and WCDMA.
The company’s QSI segment deals with artificial intelligence, among other technology sectors.
Market Cap: US$184.15 billion
Meta Platforms Inc. (FB)
Meta Platforms is Facebook’s parent company. It makes widespread use of AI technology in its newsfeed and advertising algorithms. Former IBM Watson head Jerome Pesenti joined Facebook’s AI team in 2018 as the company shifts its focus to applying AI technology to building and developing the Metaverse, a digital world in which users live and interact.
Market cap $853.56 billion
Microsoft Corp. (MSFT)
Microsoft is investing heavily in AI. In 2020, Microsoft announced the construction of a new supercomputer hosted on its cloud computing network, Azure. The supercomputer was built in collaboration with OpenAI to allow AI models to be available for other organizations and developers. Microsoft’s Azure, Office 365, Xbox and Game Pass help the company maintain double-digit revenue growth.
Market cap: US$2.496T