Top 5 Best AI Stocks to Invest Now

November 25, 2022

Technologies such as artificial intelligence (AI) and machine learning are increasingly commonplace, just like smartphones. They have the potential to revolutionize many industries.

A report from Fortune Business Insights shows that the AI industry is valued at $347 billion as of this year, and with a projected CAGR of 20.1%, it will be worth $1.3 trillion by 2029.

With a double-digit CAGR, artificial intelligence is one of the few multibillion-dollar industries. According to Fortune Business insights, this growth will be most prominent in food and beverages, logistics, automotive and retail practical applications. Perhaps most unbelievable is that healthcare will grow by 150%.

In relation to this foreseen growth, let's explore some of the best companies to buy stocks in the artificial intelligence industry, from software and hardware providers, to those that have made AI a fundamental part of their business model.

1. Amazon.com, Inc.

Amazon.com, Inc., also known as simply Amazon, is an American multinational technology company that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence. It is considered one of the Big Four tech companies alongside Google, Apple, and Facebook.

Amazon.com, Inc.'s success is largely due to their artificial intelligence model called the 'flywheel'. The flywheel approach accepts that initially, the costs of setting up artificial intelligence models are high. However, once the 'wheel' starts spinning, it becomes nearly self- sustaining and reaps many benefits. For example, through flywheel, Amazon.com uses predictive and generative insights from one business division to quickly improve performance in others.

2. Microsoft Corporation

Microsoft Corporation is an iconic technology company known for its Windows operating system as well as its cloud and consumer computing divisions.

Microsoft Corporation uses its artificial intelligence products to tackle various industries, including climate change, healthcare, preserving cultural heritage, and creating equal opportunities. It also helps companies to quickly deploy deep learning models through a user-friendly platform.

3. Alphabet Inc.

Alphabet Inc. is a vast technology company with many different divisions that each operate in their own distinct industry, such as cloud computing, consumer electronics, and smart gadgets among others.

Alphabet Inc.'s Google AI division is responsible for researching artificial intelligence and machine learning, with the aim of augmenting creativity. The division also maintains hardware research clouds consisting of tensor processing units (TPUs) to support its investigations.

4. Advanced Micro Devices, Inc.

Advanced Micro Devices, Inc. is a leading American semiconductor designer that offers cutting-edge graphics processing units (GPUs) and central processing units (CPUs).

Advanced Micro Devices, Inc., its EPYC CPUs, and Radeon GPUs not only support artificial intelligence and machine learning workloads but also offer Instinct Accelerators and an Accelerator Cloud. Several well-known companies such as Dell, Lenovo, ASUS, and HP use Advanced Micro Devices products.

5. NVIDIA Corporation

NVIDIA is a leading semiconductor designer that specializes in graphics processing units (GPUs) used for artificial intelligence and machine learning.

NVIDIA Corporation's products have a diverse range of applications, from cloud computing and data centers to automotive and robotics. Additionally, the firm’s GPUs offer significant processing speed advantages over traditional central processing units (CPUs).

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Take a look at the 12 best AI stocks to buy now. 

In general, look for AI stocks that use artificial intelligence technology to improve products or gain a strategic edge.

Check out these companies who also profit directly from AI by selling hardware, software, services, or expertise that the technology needs. 

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