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Best Artificial Intelligence Stocks To Buy Now? 4 To Check Out

Could artificial intelligence stocks be a smart play in the tech industry today?

stocks to buy now (artificial intelligence stocks)

4 Top Artificial Intelligence Stocks To Watch Now

As more and more companies adopt artificial intelligence (AI) in their operations, investors may be considering AI stocks in the stock market. After all, AI remains to be an increasingly relevant area of research now. For the uninitiated, AI deals with machines that attempt to emulate human intelligence. Most of us may think of sentient robots and futuristic gadgets upon hearing the term. But in reality, AI often revolves around complex algorithms and software which enable enterprises to make more effective decisions.

Furthermore, Gartner (NASDAQ: IT) forecasts the AI software market worldwide to reach a staggering $62 billion this year. This marks an increase of 21.3% from last year. Gartner also forecasts the top five use case categories for AI. Accordingly, they are knowledge management, virtual assistants, autonomous vehicles, digital workplace, and crowdsourced data. Seeing that AI brings much to the table, it is no wonder that the industry continues to be a massive focus for tech firms.

Apart from this IBM (NYSE: IBM) announced on Tuesday that it has acquired Neudesic, a leading U.S. cloud services consultancy. Neudesic primarily specializes in Microsoft’s (NASDAQ: MSFT) Azure platform, along with expertise in multi-cloud. Hence, this acquisition will significantly expand IBM’s portfolio of hybrid multi-cloud services and advance its hybrid cloud and AI strategy. And on that note, here are 4 more AI stocks to watch in the stock market today.

Artificial Intelligence Stocks To Watch Now

Upstart 

Starting off our list of AI stocks is Upstart, a leading artificial intelligence lending platform. In essence, the platform aims to improve access to affordable credit while reducing the risk and cost of lending for its bank partners. Notably, its platform uses more sophisticated machine learning models to accurately identify risk. For instance, using non-traditional variables such as education and employment to predict creditworthiness. Therefore, this allows the platform to approve more applicants as compared to traditional credit score-based lending models. 

Upstart yesterday announced financial results for its fourth-quarter and full fiscal year 2021. Jumping right in, revenue for the quarter was $305 million, a huge increase of 252% year-over-year. GAAP net income was $58.9 million, up from $1 million a year ago. Accordingly, GAAP earnings per share for the quarter was $0.61. The company also announced a share repurchase program of up to $400 million of common stock.

Upstart CEO Dave Girouard said “With triple-digit growth and record profits, Q4 was an exceptional finish to a breakout year for Upstart. 2021 will be remembered as the year AI lending came to the forefront, kicking off the most impactful transformation of credit in decades.” Given the strong quarter, would you buy UPST stock?

Source: TD Ameritrade TOS

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Nvidia

Following that, we have the leading chipmaker Nvidia, mainly known for making graphics processing units (GPUs) for the gaming and professional markets. But as companies grow, they tend to expand their addressable markets as well. As such, Nvidia’s product offerings now include industry-leading AI chips that are used in data centers and autonomous vehicles to name a few.

In late January, Meta Platforms (NASDAQ: FB) unveiled details for its new AI Research SuperCluster (RSC). Seeing that Nvidia is among the leaders in the AI space, Meta tapped Nvidia to power the RSC. Put simply, the RSC is a massive supercomputer housed in a data center that is expected to be completed by the middle of this year. The supercomputer will be powered by 6,080 GPUs packaged into 760 Nvidia A100 modules, the company’s fastest machine built for AI tasks. 

To put into perspective, all that processing power puts the RSC in the same league as the Perlmutter supercomputer. Currently ranked as the world’s fifth fastest supercomputer, the Perlmutter is also powered by more than 6,000 of the same Nvidia GPUs. With this behemoth of a supercomputer in the works, would you invest in NVDA stock ahead of its earnings release after the market closes today?

Source: TD Ameritrade TOS

Qualcomm 

Another top AI stock to consider is Qualcomm. For the most part, the wireless tech company primarily engages in the development, launch, and expansion of technologies such as 5G. As a matter of fact, its technologies and products serve industry segments and applications beyond mobile, including automotive, computing, Internet of Things (IoT), and virtual reality. 

And as it develops these products, Qualcomm incorporates the use of AI into them. Notably, in its Qualcomm Snapdragon mobile processors. Last week, it was rumored that the Snapdragon 8 Gen 1 Plus processor might be arriving sooner than expected. The processor will be the successor of the two-month-old flagship Snapdragon 8 Gen 1. The rumored chipset will likely offer improved CPU performance through higher clock speeds but with better power efficiency. 

Earlier this month, the company reported its fiscal first-quarter results. In brief, revenue for the quarter rose 30% year-over-year to $10.7 billion. Besides, net income was $3.4 billion, an increase of 38% from a year ago. Cristiano Amon, President and CEO of Qualcomm, believes that the company is still “at the beginning of one of the largest opportunities” in its history. He also sees the company’s addressable market expanding by more than seven times in the next decade. With these developments, does QCOM stock pique your interest?

Source: TD Ameritrade TOS

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C3.ai

Ending off our list of AI stocks, we have C3.ai, a leading provider of enterprise AI software for accelerating digital transformation. The company offers a comprehensive stack of integrated services. Namely, this includes its C3Ai Suite, Applications, CRM, and Ex Machina. The applications for its services range from large-scale AI app development, industry-specific software-as-a-service AI utilities and customer relationship management infrastructure. Moreover, the company’s Ex Machina service acts as a no-code AI solution, applying data science to everyday issues in businesses.

Recently C3.ai entered an agreement with the U.S Department of Defense worth $500 million. Accordingly, the agreement entails an accelerated timeline to acquire the company’s suite of Enterprise AI products. Besides that, it will also allow any DoD agency to acquire company products and services for modeling and simulation. If anything, this is a testament to the company’s capabilities in AI technology. 

Not only will it be able to showcase C3.ai’s extensive solutions, the company could also keep finding new ways to better serve the U.S. federal government. In fact, the U.S. Air Force and U.S Space Command have already adopted the company’s defense and intelligence applications. Besides that, the company will reportedly announce its third-quarter fiscal year 2022 results on March 2. All things considered, would you invest in AI stock? 

Source: TD Ameritrade TOS

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By Brandon Michael

Brandon Michael is a financial specialist and financial contributor to the stock market. He enjoys writing about rising stocks and how the market changes over time. He specializes in multimedia and events, as well as social media management and media contributing. He has managed and marketed hundreds of events, as well as grown social media pages upwards of 200,000 followers and everything in between. As an active social media influencer in the car community, he understands how to recognize trends and curate content for niches. From an early age, Brandon was fascinated by the power of social media and how it built companies and careers for many. Over time he has developed many different strategies for different platforms on how to grow different kinds of pages. In addition to social media skills, he is passionate about events, it is second nature to him to promote them and make sure that everything is executing perfectly. This has allowed him to partner with some of the largest companies in the industry to run events for hundreds of thousands of people. Brandon has written many articles for many notable top websites for the last 3 years. His focus in his writing is generally rising stocks and emerging trends in the stock market, as well as bringing companies with market potential to the frontlines of the media. It is easy for him to identify trends and do extensive research to make sure he’s providing the most accurate research possible. In his free time, he continues to improve his research skills and financial knowledge to continue providing the best work possible.

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