The technology market is evolving at a rapid pace lately and artificial intelligence (AI) stocks have emerged as a leading player in the space. Notably, the AI as well as the generative AI (GenAI) sectors are now among the hottest trend globally, due to their wide use cases. However, it’s also worth noting that the growing popularity of AI has cast a shadow on the legal drawbacks and other uncertainties in the market.
A flurry of key players globally, like the EU, China, and others, have already made progress in the AI regulations. However, despite the drawbacks, it has become an attractive investment opportunity for investors. According to Statista, the AI market size is expected to reach $50.16 billion in 2024. In addition, the overall market size is anticipated to grow at an annual rate (CAGR 2024-2030) of 28.30%, which would result in a market volume of $223.7 billion by 2030.
So, let’s take a look at the five AI stocks that investors are focusing on now.
Nvidia Corporation (NASDAQ: NVDA)
Nvidia is one of the leading technology firms in the U.S., that produces GPU and focuses on AI-related advancements. The California-based firm holds a market cap of $1.9 trillion, positioning itself as the leading firm in the technology sector.
The firm has witnessed a remarkable surge since its 2023 start, given its role in the production of artificial intelligence (AI) chips, which have one of the highest demands globally now. Simultaneously, its earnings have also increased significantly over the recent quarters.
Meanwhile, NVIDIA has a P/E Ratio of 63.82, and its forward P/E ratio is 37.72. Notably, the NVDA stock price has added nearly 60% on a year-to-date (YTD) basis, while soaring more than 180% in the last 12 months.
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Intel Corporation (NASDAQ: INTC)
Intel is another leading technology firm that focuses on cloud computing, data centers, the Internet of Things (IoT), and other related services. Based in Santa Clara, California, the tech giant has also joined the AI race alongside leading players in the space. In a recent event on April 9, Intel unveiled the upcoming launch of its AI chip Gaudi 3.
Meanwhile, the $144.59 billion market capitalization firm has a P/E ratio of 87.69, while its forward P/E one-year ratio stood at 57.44. Notably, the firm has a current yield of 1.43% and its annualized dividend stood at $0.50.
However, the INTC stock price fell over 28% YTD, giving a buying opportunity for savvy investors at a lower price. Now, investors eagerly await Intel to publish its financial results for the first quarter of fiscal 2024 on April 25, after the market close.
Microsoft Corporation (NASDAQ: MSFT)
Microsoft is one of the largest technology firms in the world, boasting a market cap of $2.96 trillion. The Washington-based personal computer (PC) producer holds a P/E ratio of 36.09 and its forward P/E one-year ratio stood at 34.82.
Notably, Microsoft has gained notable traction in the tech world, especially for its backing of ChatGPT creator OpenAI. Given the increasing popularity of ChatGPT and OpenAI, Microsoft has also gained notable traction in the technology sector, positioning itself at the forefront of the AI revolution.
The tech behemoth is expected to release its Q3 FY24 financial results on Thursday, April 25, after the market close. Meanwhile, the MSFT stock soared over 7% YTD, while adding over 40% over the past year.
Tesla, Inc. (Nasdaq: TSLA)
The automotive giant, Tesla, led by the billionaire Elon Musk, has also gained notable traction in the AI market. Notably, Tesla is known for manufacturing electric vehicles and its focus on the clean energy sector.
Tesla also uses advanced AI technologies in its vehicles, which has caught the eyes of investors. In addition, Elon Musk’s emphasis on advancing artificial intelligence, demonstrated by the launch of xAI, has propelled his automotive company to a leading position in AI advancement.
Meanwhile, the firm has a market cap of $468.32 billion, and its P/E ratio is 34.12. However, despite these developments, the EV-maker has lost nearly 40% in its price on a YTD basis.
CrowdStrike Holdings, Inc. (Nasdaq: CRWD)
CrowdStrike Holdings is a cybersecurity firm that offers cloud-related solutions, threat intelligence, and other related services to its clients. Notably, the firm, based in Austin, Texas, holds a market cap of $68.36 billion, and given the growing concerns over global cybersecurity concerns, the firm has gained notable traction.
The AI stock has a P/E ratio of 785.11 and its forward P/E ratio stood at 262.59. Notably, over the last 52 weeks, the CRWD stock has touched a high of $365 and a low of $115.67. Meanwhile, the CRWD stock rose 14% on a year-to-date basis, while noting a gain of 116% over the last 12 months.
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The post 5 Artificial Intelligence (AI) Stocks to Buy Now appeared first on CoinGape.
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