The AI sector is at the forefront of technological innovation. It encompasses companies developing artificial intelligence for various uses. These include data analysis, automation, and machine learning. AI stocks represent these cutting-edge companies. They appeal to investors looking for growth potential in tech.
Investing in AI stocks offers exposure to rapid advancements in technology. These advancements can disrupt industries. But they also carry risks due to the sector’s fast-evolving nature. Investors should research and stay informed about the AI market dynamics.
A balanced portfolio might include AI stocks for potential growth. Diversification can mitigate risks associated with the sector’s volatility. Investors should consider their risk tolerance when investing in AI stocks. They should also monitor industry trends closely. Keeping this in mind, here are three AI stocks to check out in the stock market today.
AI Stocks To Watch In November 2023
Nvidia (NVDA Stock)
First up, Nvidia Corporation (NVDA) is a leading designer of graphics processing units (GPUs) and also delves into AI and gaming technologies. Its products are pivotal in transforming computing experiences for both consumers and professionals, driving advancements in fields ranging from virtual reality to artificial intelligence.
Earlier this month, NVIDIA announced when they will be releasing their third-quarter 2024 financial results. Diving in, the company reported that it will release its Q3 2024 financial results on Tuesday, November 21, 2023, after the stock market closes. To briefly recap, back in August the company notched in a beat on earnings, reporting an EPS of $2.79 versus estimates of $2.09 per share.
In the last month of trading, shares of NVDA stock have increased by 4.83%. Meanwhile, during Thursday morning’s trading session, Nvidia stock is trading higher off the open by 1.95% at $474.83 a share.
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Snowflake (SNOW Stock)
Next, Snowflake Inc. (SNOW) provides cloud-based data storage and analytics services. The company offers a platform that unifies data across various systems, enabling scalable and easy-to-use data access and insights for businesses of all sizes.
At the beginning of this month, Snowflake announced new innovations during its Snowday 2023 event. They introduced Snowflake Cortex, a fully managed service allowing users of varying technical backgrounds to leverage large language and AI models. This service simplifies the process for organizations to analyze and develop AI applications within the Data Cloud securely. Snowflake’s initiative aims to democratize the use of generative AI for data analysis, enabling quick app development and enhanced analytics capabilities.
Looking at the last month of trading, shares of SNOW stock are down modestly by 0.96%. Moreover, during Thursday’s morning trading session, Snowflake stock is trading higher on the day so far by 1.03% at $160.22 a share.
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Alphabet (GOOGL Stock)
Finally, Alphabet Inc. (GOOGL) is the parent company of Google and several other subsidiaries and is a cornerstone of the Internet. The company has a vast portfolio that includes search engines, digital advertising, cloud computing, hardware, and a range of software services.
At the end of last month, Alphabet announced better-than-expected Q3 2023 financial results. In the report, the company posted an EPS of $1.55 and revenue of $76.69 billion for the quarter. This was versus Wall Street’s consensus estimates which were an EPS of $1.45, along with revenue of $75.91%. Additionally, Alphabet reported an 11% increase in revenue compared to the same period, the previous year.
In the last month of trading, Alphabet stock has pulled back by 5.09%. While, during Thursday’s mid-morning trading session, shares of GOOGL stock are trading slightly lower on the day so far by 0.36% at $131.37 a share.