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Artificial intelligence (AI) is already a dominant technology, with applications ranging from cloud-based software services to vehicle safety systems. Because of its numerous applications, the AI industry is rapidly expanding and is expected to be worth more than US$1.6 trillion by 2034. In this article, we have listed the top 10 AI stocks you need to buy in the year 2023 for good returns in the future. Read to know about AI stocks.
Alphabet's Google incorporates AI into a wide range of its services, from assisting users in categorising and finding images in Google Photos to using its DeepMind company to search for disease cures. Google held approximately 29% of the US digital advertising market in 2022, compared to Meta's 19.6%. This is an important position to hold because global digital advertising is expected to reach US$701 billion this year, up from US$615 billion last year. It's worth investing in the alphabet for AI stocks for good returns.
Amazon has long been interested in machine learning and artificial intelligence to improve its business and gain a competitive advantage in the e-commerce space. Amazon Web Services (AWS) currently has the largest cloud market share (34%). AWS provides a plethora of AI-powered cloud services, such as image recognition, data analysis, and image and video recognition. AWS revenue increased 27% to US$20.5 billion in the third quarter.
Nvidia's GPUs are used by many of the world's leading AI companies to make their AI services a reality. Microsoft, for example, recently adopted Nvidia's AI stock for some of its needs, bolstering Nvidia's dominance in the space. Nvidia's stock currently trades at a P/E ratio of around 62, which isn't cheap, but it's still significantly less expensive than the 93 multiple it had this time last year. Investors looking for a stock that will benefit as more businesses adopt artificial intelligence should consider adding Nvidia to their portfolio right now.
Tesla's self-driving car research employs machine learning and is the most exciting development in machine learning. Emulating the many split-second decisions that a human driver makes is incomprehensibly complex.
Aside from strong sales growth, Tesla is now profitable and has a much higher profit margin than its legacy automaker competitors. The stock is expensive, but investors believe that this EV company will be able to use its lead in AI and machine learning to disrupt the energy and transportation status quo for many years to come.
ServiceNow is a cloud computing platform that uses machine learning in part. As a workflow software provider, the company employs machine learning to assist its customers in maximising the automation of monotonous tasks and ensuring that employees spend more time working rather than discussing how to do work.
Because ServiceNow employs machine learning, its capabilities are constantly improving. The longer the platform is used, the better the company gets at predicting how workflows can be improved and tasks flagged or prioritized.
Palantir is a software firm that creates foundational platforms for large corporations. The global economy is undergoing unprecedented change, thanks in large part to rapid advances in computing power, the cloud, and artificial intelligence. Businesses need a better way to gain insight into their massive and ever-growing troves of digital data to keep up.
This cybersecurity firm employs machine learning to detect and identify threats, make recommendations in the event of a security breach, and assist information technology (IT) teams in problem-solving. CrowdStrike, a cloud-native company, began as a provider of endpoint security software for devices that were not used in traditional office settings. As a leading security vendor, it effectively uses machine learning to provide robust online protection that improves over time.
Pinterest reports nearly 450 million monthly active users worldwide, an important growth metric for internet companies that have slowed as the pandemic's effects fade. Nonetheless, revenue is increasing at a rapid pace as the visual search company discovers new ways to monetize its platform.
Accenture has research labs dedicated to different branches of AI, and some of its projects require the company to figure out how to apply machine learning to real-world problems. Where appropriate, the company recommends to its clients the use of machine learning to support and increase the productivity of a human workforce, as well as to increase the efficiency of cloud computing. Machine learning is expected to proliferate among businesses over the next decade, and Accenture is well-positioned to assist them in implementing it.
Bosch Ltd. is an Indian company that manufactures and sells goods and services in the fields of energy and building technology, consumer goods, industrial technology, and mobility solutions. The company also provides the Automotive Products segment including gasoline systems, diesel systems, and automotive aftermarket goods and services.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
