The stock market is a place where investors can buy and sell shares of public companies. It reflects economic conditions and company performance, offering opportunities for wealth growth. However, the market can be volatile, with prices fluctuating based on various factors.
Artificial intelligence is a rapidly evolving sector in the tech industry. AI companies develop technologies that mimic human intelligence, such as machine learning and natural language processing. This field has seen significant growth and investment in recent years. Many investors are drawn to AI stocks due to their potential for innovation and market disruption.
Investing in AI stocks can offer high growth potential and exposure to cutting-edge technology. However, these stocks often come with higher risk and volatility. The AI sector is competitive, with rapidly changing technologies and market dynamics. Investors should research thoroughly and consider their risk tolerance before buying AI stocks. With that said, let’s look at two AI stocks that are trending in the stock market right now.
AI Stocks To Watch In The Stock Market Now
- Palantir Technologies Inc. (NYSE: PLTR)
- Alphabet Inc. (NASDAQ: GOOGL)
Palantir Technologies (PLTR Stock)
Leading off, Palantir Technologies Inc. (PLTR) is a software company specializing in big data analytics. They develop platforms for integrating, managing, and securing data, particularly for government and commercial clients. Palantir’s solutions are used in various sectors including defense, healthcare, and finance.
Last month, Palantir Technologies announced a partnership with the Advanced Research Projects Agency for Health (ARPA-H). The collaboration will focus on accelerating health outcomes using Palantir’s AI and data software tools. ARPA-H selected Palantir to support its mission of developing innovative health solutions. The contract, valued at $19 million over two years, involves Palantir’s AIP and Foundry software. These tools will help ARPA-H create a robust data strategy and infrastructure.
So in 2024, shares of PLTR stock have jumped higher by 69.12% year-to-date. Additionally, during Friday morning’s trading action, Palantir Technologies stock opened green, up 1.37% on the day so far, trading at $28.02 a share.
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Alphabet Inc. (GOOGL Stock)
Second, Alphabet Inc. (GOOGL) is a multinational technology conglomerate and the parent company of Google. It operates a diverse portfolio of businesses, with Google being its largest and most well-known subsidiary. Alphabet’s activities span internet services, cloud computing, artificial intelligence, consumer electronics, and various technologies.
Earlier this month, Alphabet announced the date for its second quarter 2024 financial results conference call. The parent company of Google scheduled the call for Tuesday, July 23. The call will take place at 1:30 PM Pacific Time or 4:30 PM Eastern Time. That said, let’s recap how Alphabet did last quarter. In Q1 2024, Alphabet beat consensus estimates reporting an EPS of $1.89 per share, on revenue of $80.54 billion.
Year-to-date, Alphabet stock is up 34.16% so far. Moreover, during Friday morning’s trading action, shares of GOOGL stock are trading slightly red on the day by 0.12% at $185.34 a share.
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