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- Geography
The year 2024 has been a landmark year for artificial intelligence (AI) stocks driven by the rapid growth and adoption of AI technologies across various industries. As AI continues to permeate various sectors, from healthcare to finance, investors are keenly watching the market for stocks that not only promise innovation but also deliver substantial returns. In 2024, the trend continues, with several AI stocks doubling in value over the past year. This article highlights 10 AI stocks that have doubled in value this year, reflecting the growing confidence in AI's transformative power and its financial viability.
Nvidia is a significant manufacturer of graphics processing units (GPUs) and chipsets, which are critical components in AI applications. The company's strong position in the AI sector has been bolstered by its partnerships with major tech companies, such as Microsoft and Amazon, to develop AI-powered solutions. Nvidia's revenue growth has been impressive, with a 58% increase in its most recent quarter, and the company is expected to continue to benefit from the increasing demand for AI services.
Super Micro Computer is a maker of high-density servers that work especially well for AI applications. The company's revenue has surged by over 100% in its most recent quarter, and it is expected to continue to grow as demand for AI servers increases. Super Micro Computer's close relationship with Nvidia, which supplies it with GPUs, has helped it to secure a significant share of the AI server market.
Micron Technology is a top manufacturer of DRAM and NAND memory chips, which are essential components for AI applications. The company's revenue has rebounded strongly from the downturn in the chip sector caused by the pandemic, with a 58% increase in its most recent quarter. Micron is also a significant beneficiary of the surge in demand for AI servers, as high-bandwidth memory and data center solid-state drives are in tight supply, leading to increased prices for its products.
ClearOne Inc. is a communications technology company that develops audio, video, and web conferencing applications and related products. The company's AI configuration and control software tool, Console, has been well-received in the market, and its recent dividend announcement has further boosted its stock price.
B.O.S. Better Online Solutions is an Israeli firm specializing in supply chain and inventory solutions. The company's Intelligent Robotics division utilizes AI in industrial and logistic inventory processes, and it recently received a significant order for a robotic production line
Opera Ltd. is a Norwegian web application developer that designs and builds web browsers for mobile phones and PCs. The company's recent addition of ChatGPT and free VPN functionality to its browsers has helped it to differentiate itself in a crowded market
ServiceNow Inc. is a provider of enterprise cloud computing solutions. The company's Now Platform is a cloud-based platform that provides a range of AI capabilities, including natural language processing, machine learning, and predictive analytics. ServiceNow's recent launch of Now Assist, a new set of AI capabilities for its platform, has been well-received in the market.
International Business Machines Corp. is a major tech firm offering an array of products and services through Consulting, Infrastructure and Financing business lines. The company's AI capabilities are integrated into its products and services, and it is well-positioned to benefit from the increasing demand for AI solutions.
Palantir Technologies is a software company that specializes in data analysis and integration. The company's AI-powered software solutions are used by government agencies and corporations to analyze and make sense of large data sets. Palantir's stock has surged by 49% in 2024, making it one of the top-performing AI stocks
Adobe is a leading provider of creative and marketing software solutions. The company's AI-powered solutions, such as Adobe Sensei, are integrated into its products and services, providing customers with intelligent automation and insights. Adobe's earnings are due on March 14, and the company is expected to benefit from the increasing demand for AI-powered creative and marketing solutions
AI stocks have the potential to deliver significant returns to investors in 2024. These ten stocks have doubled in value over the past year, and they have the potential to double again this year.
