AI stocks are likely to pick up from where they left off last year, remaining on a steady upward trajectory.
Moreover, according to reports, we are still in the early stages of the monumental artificial intelligence (AI) revolution. According to Precedence Research, the AI stocks market is projected to surge. It will move from $454.1 billion in 2022 to an impressive $2575.2 billion by 2032. This is a robust show of 19% annual growth.
Transitioning to North America, the AI market reached $167.3 billion in 2022, offering multiple growth opportunities. This significant increase is driven by continuous digital innovation. Additionally, massive investments from major tech companies steer the market forward. Also, AI products are expected to generate an additional $280 billion in new software revenue by 2023, accentuating the sector’s potential.
So, the following top-tier AI bets are efficiently mastering the art of serving AI technology to eager enterprises. They are effectively teeing themselves up for even greater wins.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR) commands attention as a standout player in the AI sphere. The company efficiently deploys AI to reshape government defense strategies. Thus, Palantir positions itself as a strategic investment at the intersection of tech and national security.
Moreover, Palantir’s AI capabilities continue to evolve, propelled by innovative initiatives such as the introduction of bootcamps. These programs offer customers hands-on experience with the company’s AI systems, signaling a promising surge in future demand. Further, Palantir is advancing AI with its AIP Logic platform. The company seamlessly provides access to its massive language model data without requiring intricate coding.
This technological leap aligns with the company’s bullish sales forecast between $2.18 billion and $2.23 billion. Impressively, Palantir has already demonstrated its financial strength. PLTR reports noteworthy revenue of $608.3 million, surpassing expectations by $5.5 million and showcasing a robust 19.6% YOY growth. These financial achievements solidify Palantir’s standing as a compelling force in the AI industry.
UiPath (PATH)
UiPath (NYSE:PATH) spearheads the AI revolution, seamlessly merging AI and robotic process automation (RPA) with its business automation platform. This transformative strategy elevates workplace creativity and execution to unprecedented levels.
Transitioning to the financial front, the Q3 report highlights UiPath’s prowess. It reveals an impressive 24% surge in sales and annual recurring revenue (ARR) to $326 million and $1.38 billion, respectively. Notably, the non-GAAP operating income of $44 million surpassed forecasts, adding another feather in PATH’s proverbial cap.
A recently released e-book showcases the company’s deep understanding of AI and automation trends. On top of that, Time Magazine’s recognition of Clipboard AI as one of the best inventions 2023 underscores UiPath’s practical implementation of innovative solutions. These achievements position UiPath as a thought leader and industry frontrunner.
Microsoft (MSFT)
Microsoft (NASDAQ:MSFT) continues adding new layers to its illustrious growth story by strategically investing billions in advancing AI. This hearty commitment is evident as AI permeates its timeless software suite. Additionally, MSFT’s share price has surged by an impressive 56% YOY, signaling a resoundingly positive market embrace of its AI-driven initiatives.
Moreover, Microsoft continued to flourish in its latest quarter, surpassing expectations with a GAAP earnings-per-share (EPS) of $2.93, exceeding estimates by 16 cents. The company reported impressive revenues of $62.02 billion, marking a substantial 17.7% YOY increase and beating projections by a noteworthy $890 million. This financial prowess underscores Microsoft’s adept management of its AI-infused growth strategy.
Moreover, MSFT’s commitment to an AI-forward approach is further solidified through integrating AI into Microsoft 365 Copilot and releasing AI-enhanced Surface devices. Therefore, these strategic moves reinforce Microsoft’s position at the forefront of AI innovation, aligning its products with the evolving tech landscape.
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.