Top AI Stocks: 5 Best Artificial Intelligence Stocks To Buy in 2024

Top AI Stocks: Calendar year 2022 & 2023 were excellent years for Artificial Intelligence stocks, and 2024 will likely be the same. According to Statista, the total addressable market for AI is bound to grow to $185 trillion by 2030. Systems powered by this technology have been transforming industries like healthcare, transportation, and finance. AI revolution shows no signs of abating. The technology has immense potential to generate significant profit for many companies. Many AI stocks have soared in 2024, but as investors, you should be cautious of putting your money in the best ones only. Here, we have selected the fastest-growing stocks with the most momentum for your investment.  

5 Best Artificial Intelligence stocks To Buy In 2024 (Top AI Stocks)

1. Nvidia Corp 

Nvidia, a developer of graphics and mobile processors for use in mobile and computer systems, is at the forefront of AI. It is the best-performing and rapidly growing AI stock. The major driver catalyst behind its increasing growth is the extremely high demand for its AI chips. Nvidia’s chips elevate the processing of AI workloads in data centers. The company is the leader in the production of discrete Graphics processing unit (GPU) chips, which don’t need to be integrated with a central processing unit or CPU.   

Besides, Nvidia’s growth in its automotive division is also impressive. Its AI chips are set to play a crucial role in the global auto market. 

Market Highlights

• Performance in 2024: 183.01% 
• Market cap: $2.19T 
• Annual Earnings Per Share (EPS) in 2024: $11.93 

Over the past five years, NVDA stock has given a 2,003.36% return and a 222.12% return in the last year. The company reported revenue of $22.10 billion, net income of $12.29 billion, and a strong profit margin of 55.58% in the last quarter, which put it at No. 1 rank among the top AI stocks.

2. Super Micro Computer Inc 

Super Micro Computer Inc.’s growth as an AI has been impressive since 2023. The computing hardware company was the best-performing stock on the S&P 500 on March 25. Supermicro makes the servers that the high-end GPUs of companies like Nvidia go into. Its customizable servers are used by thousands of small companies to fulfill their computing needs. Today, it is the server of choice for the many businesses wanting to adopt Artificial Intelligence.  

Also, Nvidia buys servers from Supermicro, and it has a 300% revenue growth forecast for the current quarter. So, Supermicro, being its supplier, will certainly benefit from this.  We put it in the No. 2 position among the top AI stocks.

Market Highlights

• Performance in 2024: 242.2% 
• Market cap: $41.21B 
• Annual EPS in 2024: $7.13 

3. ServiceNow Inc. 

ServiceNow develops automation solutions for IT businesses. Currently, it is developing a robust AI infrastructure that aids businesses to transform themselves digitally. From the first quarter of 2021 to the fourth quarter of 2023, ServiceNow has grown over 547 customers, paying at least $1 million in annual contract value. Moreover, it has an impressive 99% renewal rate for its customers.  

The main reason for this massive growth is its innovative AI solutions, which help businesses make efficient decisions. Also, ServiceNow stock has a price-to-sales ratio of 18. It is right at the center of the leading enterprise software companies that specialize in building cutting-edge workplace automation solutions.  

Market Highlights

• Performance in 2024: 100% 
• Market cap: $142.88 B 
• Annual EPS in 2024: $6.49 

4. Procept BioRobotics Corp 

Procept BioRobotics Corp builds transformative AI-powered solutions for patient care used in urologic surgeries. The company witnessed an 83% increase in its sales compared to 2023, with its stock soaring over 14%. As of May 3, 2024, it had an impressive $3.2 billion market capitalization. In addition, Procept BioRobotics has a powerful Momentum Score, which is 92. This means that the company’s stocks are likely to outperform other stocks. So investing in Procept ideal for those seeking companies with robust momentum.  We give it No. 4 position on the list of top AI stocks.

Market Highlights

• Performance in 2024: 88.12% 
• Market cap: $2.66B 
• Annual EPS in 2024: – $ 0.51 

5. SoundHound AI Inc 

SoundHound AI is a leading developer of speech recognition, natural language understanding, and sound recognition technologies. It is one of the top AI stocks and is showing a continuous upward trend. On March 13, 2024, the company’s stock stock opened at $7.28. Just a day before, it was sold at $6. Before that, in February, the stock witnessed a jump from $4 to $7. Now, with NVIDIA as one of its investors, the stock is set to rise further.  

The company has experienced an 80% increase in its revenue year after year. The major reason for its consistent growth is its innovative AI technology that allows drivers to ask for navigation help to find specific locations and local sights. Business customers will continuously leverage the technology in the years ahead, making investing in its stock a sound decision, which makes it No. 5 among the top AI stocks.

Market Highlights

• Performance in 2024: 66.73% 
• Market cap: $1.43B 
• Annual EPS in 2024: -$0.09 

Conclusion 

This list is made on the basis of the company’s past history, financial reports, and fundamentals. We are not advising investments in any of these stocks. Please consult an investment adviser before investing.

Major tech companies are prioritizing AI to boost their profitability and returns. With the emergence of the OpenAI chatbot ChatGPT, AI’s long-term value potential has been well recognized. The investment opportunity lies in the technology’s potential to overhaul traditional business models. Use cases of AI applications are increasing every year, so it’s a great time for investors to keep AI as a strategic asset in their portfolios. The stocks mentioned above are some of the excellent ones to get started.