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Top AI stocks to watch out for in Q3 2024

ThinkMarkets ThinkMarkets 02/05/2024
Top AI stocks to watch out for in Q3 2024 Top AI stocks to watch out for in Q3 2024
Top AI stocks to watch out for in Q3 2024 ThinkMarkets

The AI revolution continues to reshape industries and redefine innovation across the globe, becoming a defining aspect of the so-called Digital Age.

From automating complex processes to improving cloud computing to revolutionising user experience, AI is currently at the forefront of technological progress. There have been significant advancements in machine learning, deep learning, and cloud computing as the world fully embraces AI, opening the doors for Tech and AI companies to be positioned as premier investment picks.

For stock traders, identifying stocks with the potential for growth involves more than just looking at their current achievements; it requires a more forward-looking approach. After all, Rome wasn’t built in a day.

The global market for AI has boomed recently, projected to grow from its $93.5 billion valuation in 2021 to over $997 billion by 2028, according to recent forecasts by experts. Read ahead as we discuss the leading companies behind the AI revolution and how you can leverage this knowledge to enhance your portfolios for the 3rd quarter of 2024.


Alphabet (GOOGL)

Alphabet Inc, most notably Google and its subsidiaries, is globally recognised as a trailblazer in the AI revolution with its deep learning technology, TensorFlow, and cloud computing services. Google's AI permeates various consumer and business applications, driving advancements in search algorithms, advertising, autonomous driving, and healthcare AI solutions.


As of 18 April 2024, GOOGL’s stock price has increased by 15.4% from its opening price at the start of the year. The Google Cloud Next event last April 9-11 further solidified Alphabet’s stance in the AI industry as it publicly announced several AI partnerships and products, including a custom AI chip equipped with Arm Holding’s semiconductor architecture, a new A3 Mega AI processor using Nvidia’s H100 technology, and a 10-figure multi-year partnership with cybersecurity firm Palo Alto Networks.


With regards to profits, Google reported that its cloud-computing revenue rose by almost 26% to $9.19 billion, exceeding investor estimates of values just shy of $9 billion. The first quarter earnings report for 2024 is due in late April.


Amazon (AMZN)



Amazon has integrated AI into its operations to enhance customer experiences and operational efficiencies allowing it to dominate the e-commerce and cloud computing industries. Amazon Web Services (AWS) offers robust machine learning services and AI solutions that support a wide array of industries, including logistics, finance, and retail.


AMZN opened 2024 at 148.54. Fast forward to today where it is currently trading at 184.47, a 24.19% jump. This increased valuation may have been caused by Amazon’s $4 billion investment on AI Safety and Research company Anthropic last March 2024.


Amazon is one of the six companies valued at over $1 trillion along with Microsoft, Nvidia, Alphabet, Meta Platforms, and Apple. However, what sets AMZN apart from its peers is that while it’s the cheapest of the group, Amazon generates the most revenue, making it a prime target for traders and investors.


Microsoft (MSFT)



With its Azure AI platform, Microsoft delivers a suite of AI tools that power cloud computing, enterprise applications, and more. Microsoft’s investment in AI-driven cloud technology and business applications continues to solidify its position as a key player in the AI revolution.


Following suit from other tech companies, MSFT’s stock price has experienced a 14.22% surge this year. Its partnership with startup OpenAI has given it a huge boost in cloud computing. Azure has shown more growth in the last two quarters compared to Alphabet’s Google Cloud and Amazon Web Services. Analysts predict that Microsoft will grow revenue by 15% in 2024, and another 14% by 2025.




NVIDIA has transformed from a regular graphics chip manufacturer into a cornerstone of the AI revolution. Its GPUs are essential for training deep learning models, and its continuous innovation in AI hardware sets the standard for AI computations.


NVIDIA soared in popularity for traders last year as its stock price surged by 230% in April 2023. The company led the race in producing top notch AI graphics processing units (GPUs), allowing it the lion’s share of the market – almost 90%. Its chip sales were so impressive that the quarterly revenue and operating income rose by 207% and 536% respectively.


 Intel (INTC)



Intel has hit a lot of bumps in the last few years putting it under the radar from a lot of traders. NVIDIA’s surge in the CPU industry has been to the detriment of Intel. The past three years saw a 45% downturn after losing most of its market share and ending its long partnership with Apple.


However, Intel’s woes seem to be ending as it announced a major shift in its business strategy. Last June 2023, it adopted an internal foundry model which is expected to help the firm save $10 billion by 2025. In December 2023, the company launched Gaudi 3, along with AI chips, New Core Ultra processors, and Xeon server chips that are designed to challenge NVIDIA’s offerings.


What this means is Intel’s stock is selling at a bargain. There is a huge potential for Intel to recover and return to its former glory.


Investing in AI stocks requires a strategic approach that balances potential reward with the inherent risks associated with trading. It’s essential to develop a robust trading strategy that can provide you with a nuanced understanding of the current market dynamics.


Sign up with ThinkMarkets. Access cutting-edge technology, exclusive features, and award-winning tools that will allow you to take your stock trading to the next level.

Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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