Stocks to buy

Artificial intelligence is no longer just a buzzword, shaking up industries and transforming the world as we know it. OpenAI’s ground-breaking chatbot, ChatGPT, has dominated headlines this year, which led to a swath of new AI technologies entering the market. What’s more startling is that the AI revolution is still young, and these developments could be just the tip of the iceberg. For investors with strong foresight, this creates the perfect storm for the best AI millionaire maker stocks.

Many would argue that the AI market resembles a spacecraft prepped for a meteoric ascent.

According to Grand View Research, the market should make a dramatic leap in 2030, going from $137 billion in 2022 to a mind-boggling $1.81 trillion.

The AI millionaire potential is palpable, with surveys suggesting AI could add a whopping 21% net boost to the US GDP by 2030.

Let’s dig deeper into the top AI stocks that should help unlock the growing AI millionaire opportunity.

MSFT Microsoft  $308.14
GOOG Alphabet  $107.82
NVDA NVIDIA $287.52
META Meta Platforms $235.40
MU Micron Technology $61.24
JD Chinese tech giant JD.com $35.51
BBAI BigBear.ai $3.21

 Microsoft (MSFT)

Source: NYCStock / Shutterstock.com

Tech giant Microsoft (NASDAQ:MSFT) has carved out an enviable lead in the burgeoning AI sphere. Its strong positioning in the space has plenty to do with its strategic investments in OpenAI, the mastermind behind ChatGPT.

The impact of ChatGPT has been incredible, capturing the hearts of over 100 million monthly active users.

Microsoft is harnessing the power of generative AI across its robust products and services. Take Bing, for instance, which is effectively chomping away at Google’s once-unassailable dominance in the search engine realm.

Furthermore, you have Microsoft’s recently unveiled Dynamics 365 Copilot, a trailblazing first that “brings next-generation AI to every line of business.”

As AI continues to revolutionize industries, expect Microsoft to remain a front-runner, with AI fueling even faster growth rates for its massive business.

Alphabet (GOOGGOOGL)

Source: rvlsoft / Shutterstock.com

Amidst the AI frenzy, Alphabet (NASDAQ:GOOGGOOGL) is being overlooked by the stock market, which is a surprise.

GOOG stock remains one of the best bets for investors seeking long-term growth in the space.

The company swiftly responded to ChatGPT by launching Bard, its own potent AI chatbot. Though the initial release may have fallen short of expectations, the rapidly progressing AI landscape presents Alphabet with enough time to refine its service and come back with aplomb.

Despite the hullabaloo surrounding ChatGPT, Google still reigns supreme in the search engine space, with a commanding 93.4% of search queries across all providers.

Bing may be nipping at its heels, but Google’s market share remains formidable. Its first-quarter earnings exceeded analyst expectations, with revenues going past estimates by roughly $982 million.

Alphabet’s robust balance sheet and cash flow continue to propel gains, making it an enticing long-term prospect for AI-savvy investors.

NVIDIA (NVDA)

Source: Michael Vi / Shutterstock.com

NVIDIA (NASDAQ:NVDA) is an AI aficionado’s darling, one of the few early-movers in the sector. Company CEO Jensen Huang has been an AI visionary, steering the business towards maximizing the potential of AI milestones for years.

He feels that companies are rapidly embracing cloud-first AI strategies, ensuring agile and scalable development and positioning Nvidia as a top player.

Nvidia’s reputation trailblazer in the sector speaks volumes. For context, in 2016, it provided OpenAI with its first supercomputers, propelling the development of large language models.

As we have seen in the past few months, AI isn’t confined to merely internet searches. My fellow contributor, Bret Kenwell, pointed out that its reach extends into streamlining disease screening, enhancing crop yields, improving logistics, and whatnot.

Whatever shape or form AI takes, though, Nvidia stands at the heart of this transformation, with its powerhouse GPUs and cutting-edge software fueling its innovation engine.

Meta Platforms (META)

Source: Blue Planet Studio / Shutterstock.com

Meta Platforms (NASDAQ:META) shareholders can breathe a sigh of relief as the company puts a break on its costly metaverse plans, and embarks on a mission to unearth AI-driven opportunities, unlocking new revenue streams.

The race is on, and Meta is looking to make a big splash in releasing generative AI products that effectively craft human-like writing art and other content.

Meta already leans heavily on AI technology to improve its advertising mechanism, curating posts for app feeds and scrubbing banned content from its platforms.

Recently, Meta Platforms acquired an AI networking chip team from Graphcore, a strategic move to bolster its in-house chip-designing capabilities.

Hence, as Meta continues to push the boundaries of AI, it is likely to deliver big for its shareholders, who have gotten the shorter end of the stick in the past couple of years.

Micron Technology (MU)

Source: Charles Knowles / Shutterstock.com

Micron Technology (NASDAQ:MU) is a leading chip maker which stands to reap the rewards of the AI boom.

Its memory storage products and multi-chip packages are crucial enablers in the fast-evolving AI revolution, positioning it for long-term success.

Thanks to data centers’ enhanced processing capabilities via AI, the firm anticipates individual server memory requirements to double from 2021 to 2025.

Moreover, storage capacity could potentially triple during the same period. This projection bodes well for Micron, a memory and storage solutions giant.

Micron is powering a new generation of faster, intelligent global infrastructures, making mainstream AI a burgeoning reality. Furthermore, early signals indicate a potential memory chip recovery in the second half of the year, offering greater hope for sustained growth in the upcoming quarters.

JD.com (JD)

Source: Sundry Photography / Shutterstock.com

Chinese tech giant JD.com (NASDAQ:JD) has plans to launch ChatJD, an industrial version of ChatGPT that caters to retail and finance sectors.

The firm expects the chatbot to add value by generating product summaries for shopping websites and assisting with financial analysis. Moreover, the firm’s eCommerce, payments, and logistics expertise could make ChatJD different from its competition.

In a testament to its prowess, the company received the prestigious Wu Wenjun Artificial Intelligence Science and Technology Progress Award in March of this year, showcasing its achievements in AI. With its upcoming ChatJD release, JD.com is primed to add another layer to its powerful growth story.

It operates a robust business that has effectively generated more than 26% 5-year growth across its top line. It has generated EBITDA growth of over 61% during the same period, which comfortably dwarfs its sector averages.

BigBear.ai (BBAI)

Source: shutterstock.com/Nadya C

Hailing from Maryland, BigBear.ai (NYSE:BBAI) is an innovative AI penny stock to buy in the realm of intelligent analytics and cyber solutions.

BBAI stock experienced over a 300% bump in value year-to-date, making it a tantalizing prospect among the top AI stocks. Trading for just chump change, BBAI stock has the potential to become a major player down the road.

BigBear delivers a comprehensive suite of modeling capabilities, streamlining operations across a diverse range of sectors, including manufacturing, logistics, hospitals, and others. This versatility positions the company to make a massive long-term impact in AI.

On the financial front, BigBear has been generating robust cash flows in most quarters since going public. Moreover, its sales grew relatively healthy, with major contracts from the U.S. Army and The Air Force.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

Articles You May Like

Tax Refund Windfall: The Top 3 Discount Store Stocks to Buy Now
3 Stocks to Supercharge Your Wealth for 2030 and Beyond
3 Dividend Stocks to Buy for Lifelong Cash Flow
3 Stocks Hedge Funds Are Dumping Now: April 2024
3 Stocks to Turn $10,000 Into $1 Million: April 2024