7 Stocks that Multiple AI Bots Predict Will Soar in the Near Future

Stocks to buy

AI stock predictions are all the rage, and for good reason. I asked Google’s Bard and ChatGPT to give me some predictions regarding which stocks will soar soon. First, I have to note that there must have been some sort of update to both bots recently. 

These AI stock predictions aren’t based on specific investment advice as these bots are unable to predict future stock performance. Just weeks ago I used Bard for AI stock predictions and did not encounter such a problem leading me to believe that there has been an update. 

So, instead I asked both chatbots which AI stock predictions investors are putting their capital toward. Each gave me several focal areas while also mentioning several popular stocks that hit on those trends. What follows is a discussion of stocks that popped up on both lists.

Nvidia (NVDA)

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Nvidia (NASDAQ:NVDA) was noted in the mega-trend discussions of both ChatGPT and Bard. It should come to the surprise of no one that Nvidia is among the top AI stock predictions consider soon.

The shares have benefited from a meteoric rise throughout 2023 while plateauing over the last several months.

ChatGPT Noted that artificial intelligence and digitization will both continue to be strong mega-trends into the near future and beyond. Bard noted investors should similarly follow such trends and noted that Nvidia has seen massive demand for its chips this year. 

Put, it’s going to be very hard to ignore video moving into 2024. The company will release its updated h200 chip in 2024 which promises to send share prices higher.

Further, the drive for AI is likely to only get stronger, especially as companies see cheaper lending later in 2024. That promises to make it easier for firms to invest more heavily into adding AI capabilities across their respective firms.

Meta Platforms (META)

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Meta Platforms (NASDAQ:META) stock was noted by Bard for its strong rebound in 2023. I’m not so sure I agree it should move upward soon given how high it has already risen this year, but it’s worth exploring. Still, it’s one of the AI stock predictions worth considering.

Meta provided financial information 2 months ago, and that’s a good place to start. As is often the case, what’s difficult for the employee becomes good for shareholders. What I mean in this case is that Meta fixated on efficiency over the last year.

Many people lost their jobs which helped the company to reduce its cost by 7% during the period. The company’s headcount dropped by 24% to below 67,000 at the end of the third quarter.

Meta relies almost entirely on ad revenue. Fortunately, the improving economy has resulted in stronger ad spending throughout the economy, propelling revenues higher by 23% in the quarter.

It’s all good in kudos to Meta for improving its business, but I also have to question why Meta should move upward in the immediate future. Share prices are approximately $20 lower than pandemic highs of late 2021. 

Amazon (AMZN)

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Bard and ChatGPT both like Amazon (NASDAQ:AMZN) stock because it hits on so many mega-trends. Automation, digitalization, AI and Cloud all make Amazon one of the more believable AI stock predictions.

Funnily enough, a recent article in Barron’s also hit on the idea that Amazon is the everything stock. That article was focused on the addition of advertising to Prime video next year. That news has many analysts excited, including those at Wedbush who recently updated their Target price from $180 to $210.

Amazon has benefited from an uptick in gross merchandise volume and those analysts believe that the ad revenue opportunity outpaces growth in gross merchandise volume. Many analysts, not just those at Wedbush, believe Amazon’s ad opportunity will be a huge catalyst for the stock in 2024.

Analysts believe Amazon will continue to take revenue from competitors in the coming years. Amazon is the top cloud provider. AI integrations provide a solid foundation for growth.

GameStop (GME)

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GameStop (NYSE:GME) Was recommended by both bots which I have to strictly disagree with. I continue to disagree with the notion that the stock is worth investing in.

However, I think that both Bard and ChatGPT recommended GameStop because it has proven to be so volatile that it can in fact soar very quickly in a short period of time. 

I don’t think much is going to change at GameStop overall in terms of its attraction to meme stock traders. Share price is still hovering around $15 and the company’s Altman Z score is safe. In other words there’s no real risk of anything particularly bad happening soon. 

It won’t matter that revenues fell pretty dramatically in the most recent quarter. And it won’t matter that both hardware and software sales took a hit and that overall revenues were lower than anticipated.

Instead, I think GameStop could see a surge in demand moving forward especially in mid 2024 when rate cuts are expected. So, I can see the reason that traders will continue to be interested in gME shares but the business model simply isn’t working so I would rather not invest.

First Solar (FSLR)

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First Solar (NASDAQ:FSLR) is continuing to pop up in headlines. The stock has moved upward of late because of increasing institutional holdings.

Bard and ChatGPT were interested in First Solar because it hits on the clean energy mega-trend. Neither noted that clean energy investment will swing back into fashion in 2024 on macroeconomic improvements, but I will. 

Recently, influential institutional investors, including Jeffries have started coverage of First Solar. Further, it’s also been noted that institutional investors have increased their holding in First Solar by nearly 7% over the last few months. Jeffries also gave First Solar a buy recommendation.

The recent period of fiscal austerity is ending. That means cheaper lending is on the horizon and in turn that growth sectors will again become attractive.

FSLR shares have reached a new plateau on the Jeffrey’s news but are still $50 below their pandemic highs of nearly $230. Current expectations suggest that shares could rise above $300.

Doximity (DOCS)

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Bard recommended Doximity (NASDAQ:DOCS) stock. I have to assume that Bard’s information is out of date because it noted that the Doximity has recently grown rapidly.

Instead, Doximity has grown quickly over the past few years as demand for Telehealth options has risen. In 2023, its shares have been flat to down.

In any case, I agree with Bard that Doximity makes sense as an investment at the moment. Fundamentally, the company continues to do well. Revenues grew by 11%, reaching $113.6 million and the company produces net income that is also growing. 

I think that’s a particularly strong thing to note because so many Telehealth firms provide rapid growth but paired with extreme losses. Doximity is something of an outlier in that regard. Instead, it produces net income which I think makes it worthwhile overall.

Some investors might not like Doximity because growth rates of 11% aren’t particularly attractive compared to other options. However, again, I know that most of those firms are loss producing whereas Doximity produces net income.

CrowdStrike Holdings (CRWD)

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CrowdStrike Holdings (NASDAQ:CRWD) will continue to pop up on stock to buy lists. The company provides cybersecurity for the cloud era.

The company that has marketed itself as a solution to an evolving internet. Fortunately, Crowdstrike Holdings is well regarded by Wall Street which should benefit its shares moving forward.

CrossStrike Holdings continues to do very well based on its most recent earnings report. Revenues increased by 35%, reaching $786 million, Subscription Revenue grew by 34%, and annual recurring Revenue increased by 35% as well.

What’s also particularly important to know is that the company has gone from one that produces losses to one that produces net income. a year ago the company produced a $55 million net loss. This year in the third quarter, that loss became a $26.7 million net income.

Crowdstrike has emerged as a name worth knowing in the cybersecurity realm. It’s a particularly attractive sector as things like artificial intelligence and Cloud computing become increasingly important.

On the date of publication, Alex Sirois 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.

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