Artificial intelligence isn’t going anywhere. Bloomberg Intelligence forecasts that the generative AI market will grow to $1.3 trillion over the next 10 years from $40 billion in 2022. The technology promises to change all our lives in both small and big ways. The future is both exciting and a little intimidating when it comes to the brave new world of AI.
While most technology companies are racing ahead with AI technologies, some have set themselves apart from the pack. These are companies that are racing ahead with the technology and finding ways to quickly monetize it and boost their bottom lines. While analysts agree that we are in the early innings of the AI revolution, they clearly see winners emerging in the space. Here are three AI stocks to turn $10,000 into $1 million: April 2024.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR) is leveraging AI to bolster its data analytics service, and the results have been impressive. Largely because of its use of AI, PLTR stock has risen 167% over the last 12 months, including a 35% gain so far this year. The company’s stock jumped nearly 20% higher after the data analytics company’s most recent financial results were made public. Specifically, Palantir reported that its revenue increased 20% from a year earlier.
The growth at Palantir has been attributed to demand for AI, which the company’s CEO Alex Karp has repeatedly called “unrelenting.” To capitalize on the opportunity, Palantir is rolling out a new AI platform and making it available to both its government and commercial clients. Palantir has now reported four consecutive quarters of profitability, and rumors are growing that PLTR stock will be added to the benchmark S&P 500 index by year’s end.
Apple (AAPL)
Don’t sleep on Apple (NASDAQ:AAPL). The leading technology company has lagged behind in AI so far, but that could change quickly. The company is hosting its annual Worldwide Developers Conference from June 10 to 14 , and there is speculation the company will announce new AI products at the event. In February of this year, Apple CEO Tim Cook said Apple is “investing significantly” in AI and that there would be an AI announcement by the company this year.
More recently, there have been media reports that Apple is in talks with Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) about licensing Gemini AI technology for future editions of the iPhone. It has also been reported that Apple is developing robots for use in the home after canceling its electric vehicle project. Multiple media reports say that engineers at Apple are in the early stages of developing a robot that can follow users around their homes and perform basic tasks. This is all to say that Apple could emerge as a major AI player.
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Meta Platforms (META)
Meta Platforms has pivoted aggressively from the metaverse to focus on AI. The company is working overtime to cascade AI across its social media platforms, virtual reality headsets, and other applications. As a result, Meta Platforms has become a huge buyer of AI microchips and semiconductors. CEO Mark Zuckerberg has said that the company could spend billions of dollars this year buying microchips from Nvidia (NASDAQ:NVDA) and others.
In a post on Instagram, Zuckerberg said the company will have 350,000 Nvidia H100 graphics processing units (GPUs) and about 600,000 H100 compute equivalent GPUs by the end of 2024. “Our long-term vision is to build general intelligence, open source it responsibly, and make it widely available so everyone can benefit,” wrote Zuckerberg on social media. Owing to its growing push into AI, META stock has been a huge gainer, rising 142% in the past 12 months, including a 50% increase so far in 2024.
On the date of publication, Joel Baglole held long positions in AAPL, NVDA and GOOGL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.