The artificial intelligence (AI) sector represents companies developing and implementing AI technologies across various industries. These range from tech giants to specialized startups focusing on machine learning, natural language processing, and robotics. AI stocks offer investors a stake in firms at the forefront of this transformative technology. The sector has gained significant attention due to AI’s potential to revolutionize numerous fields.
Investing in AI stocks can present exciting opportunities for growth-oriented investors. Many AI companies are innovating rapidly, potentially leading to breakthrough products or services. The increasing adoption of AI across industries may drive long-term demand for these technologies. However, AI stocks also come with risks. The technology is still evolving, and success is not guaranteed for all players. Many AI-focused companies are not yet profitable, as they invest heavily in research and development. Competition in the AI space is intense, with rapid technological changes potentially disrupting established players.
When considering AI stocks, it’s crucial to evaluate a company’s technological edge and practical applications. Assess their ability to monetize AI innovations and adapt to market needs. Look at factors like partnerships with established industries and intellectual property portfolios. Consider the potential impact of regulatory changes on AI development and deployment. Be aware that AI stocks often trade at high valuations, reflecting optimistic growth expectations. In light of this, here are two AI stocks to watch in the stock market now.
AI Stocks To Watch In October 2024
- NVIDIA Corporation (NASDAQ: NVDA)
- Meta Platforms Inc. (NASDAQ: META)
NVIDIA Corp. (NVDA Stock)
Leading off, NVIDIA Corporation (NVDA) is a technology company. The company is primarily known for its graphics processing units (GPUs). The company’s GPUs are widely used in high-performance computing and machine learning applications. Additionally, NVIDIA also develops software platforms and AI technologies for various industries.
Today, Tuesday, NVIDIA announced contributions to the Open Compute Project (OCP). The company is sharing design elements of its Blackwell computing platform with the OCP community. This includes specifications for the NVIDIA GB200 NVL72 system, covering rack architecture and cooling details. NVIDIA states this is to support increased compute density and networking bandwidth. The company also reported expanding its Spectrum-X Ethernet networking platform’s compatibility with OCP standards. NVIDIA indicates these contributions aim to support the development of open data center technologies.
In the last month of trading, shares of NVDA stock have increased by 12.89%. Meanwhile, as of Tuesday’s closing bell, NVIDIA stock finished the day lower by 4.52%, trading at $131.84 per share.
[Read More] What Stocks To Buy Today? 2 Oil Stocks To Watch
Meta Platforms (META Stock)
Following that, Meta Platforms Inc. (META), formerly Facebook, is a social media and technology conglomerate. They operate several popular social networking platforms including Facebook, Instagram, and WhatsApp. Meta has been heavily investing in developing Meta AI, virtual and augmented reality technologies.
At the beginning of this month, Meta Platforms announced the schedule for its third quarter 2024 financial results release. The company plans to disclose these results after the market closes on Wednesday, October 30, 2024. Meta also scheduled a conference call to discuss the results for 2:00 p.m. PT / 5:00 p.m. ET on the same day. To recap, last quarter the company said it estimates Q3 2024 revenue to come in between $38.50 billion to $41.00 billion.
Looking at the last month of trading action, META stock has moved higher by 9.94%. Moreover, as of Tuesday’s close, shares of Meta Platform stock finished the trading day modestly lower by 0.70%, at $586.27 a share.
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!
