Top 4 Artificial Intelligence Stocks Poised for Rapid Growth

By Jeremy Grey, Weekly Stock Watch

Over the past year, the ascent of Artificial Intelligence (AI) has taken center stage in mainstream media. This heightened spotlight is justified, given the considerable impact AI technology is already having on a wide range of industries, and the fact that AI has the potential to trigger explosive growth.

Investors should closely watch for opportunities with AI-centric stocks, aiming to seize the opportunities presented by this potent megatrend. The integration and application of AI across key sectors like healthcare, finance, manufacturing, and transportation have revealed untapped revenue streams.

Forecasts from industry experts suggest an impressive trajectory for the AI sector in the coming years, with a projected compound annual growth rate of 38.1% from 2022 to 2030. In this span, market value is anticipated to soar to an astonishing US $1.8 trillion.

For investors aiming to harness this megatrend’s potential, it is most important to identify companies with distinctive AI technology or applications that provide a discernible edge in their respective industries.

Yet, as is often true with rapidly expanding sectors, not all AI stocks will fulfill their initial promises. That’s why it is critical to evaluate each potential investment carefully so you can make informed decisions that align with your unique financial circumstances and acceptable risk thresholds.

To that end, here are four AI stocks that appear poised for significant growth in the foreseeable future, and worthy of closer inspection:

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Top AI Stock #1 – C3.ai, Inc. (NYSE: AI)

 

C3.ai Inc. (NYSE: AI) provides SaaS (software as a service) applications to develop, deploy and run enterprise-scale AI applications. Offerings include purpose-driven software suites for supply chain optimization and energy efficiency, and industry-specific solutions for financial services and oil and gas.

The company’s C3 AI application platform enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina to for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 AI Data Vision that visualizes, understands, and leverages the relationships between data entities.

C3.ai has jumped on the generative AI trend by launching the C3 Generative AI Product Suite. And while this offering has yet to significantly impact quarterly earnings, analysts and the company expect that to change during the current fiscal year that ends in April 2024. According to consensus estimates, C3.ai is expecting to get between $295 million and $320 million for fiscal 2024, while analysts are predicting $305.6 million.

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Top AI Stock #2 – Snowflake Inc. (NYSE: SNOW)

 

Snowflake Inc. (NYSE: SNOW) provides a cloud-based data platform in the United States and internationally.

The company’s platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data. Its platform is used by various organizations of sizes in a range of industries.

Snowflake’s data cloud makes the company an attractive potential utility-like operator within the AI space. Companies could pay for access and usage of data needed to build and train their AI applications.

Data Cloud was designed from the ground up to support machine learning and AI-driven data science applications. In addition, the platform allows users to build their own machine learning models and bring AI into their own businesses.

Snowflake boasts over 8,100 customers, a number that includes 639 client companies from the Forbes Global 2000 list, as well as 402 customers generating more than $1 million in product revenue over the trailing 12-month period. Snowflake’s data cloud sees over 3.3 billion daily queries, and the firm has a work backlog – the remaining performance obligations – totaling over $3.5 billion.

Snowflake reported solid results in fiscal Q2 of 2024 despite the challenging business environment. Revenue increased 37% to $640 million, and non-GAAP earnings improved to $0.22 per diluted share, up from $0.01 per diluted share in Q2 of the prior year. Management is confident that momentum will continue.

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Top AI Stock #3 – Symbiotic Inc. (Nasdaq: SYM)

 

Symbotic Inc. (Nasdaq: SYM) is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies.

Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency.

As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers.

For example, Walmart uses Symbotic’s warehousing platform in some of its facilities to automate its processes. Symbotic also has a relationship with Softbank to launch a joint venture called GreenBox Systems. The project would create a warehouse-as-a-service to automate supply chains. That alone is a $500 billion opportunity.

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Top AI Stock #4 – Palantir Technologies Inc. (NYSE: PLTR)

Palantir Technologies Inc. (NYSE: PLTR) builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations.

Palantir’s top customer is the U.S. government. Contracts include helping the State Department monitor the health of its diplomats and Department of Defense contracts to help units in combat situations communicate.

Revenue in the second quarter was $533.3 million, up 12.7% from the previous year. Net income was $28.1 million, up more than 100% from a year ago. Palantir also issued Q3 guidance for revenue to increase to a range of $553 million to $557 million.

The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.

It also offers Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that enables customers to deploy their own software virtually in any environment.

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