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Here are the best AI Stocks to invest in 2023

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According to market research company Grand View Research, AI is expected to revolutionize our daily lives, with an annual growth rate of 37.3%.

Here are the best AI Stocks to invest in 2023

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On 30 April, the market capitalization of American technology giant Nvidia Corporation surpassed $1 trillion, making it the first chipmaker to do so. It was trading at $380 at press time, with a market worth of $935 billion.

On the other hand, American technology firm C3.ai Inc. slumped by 20% in extended trading after it released its fiscal-year revenue outlook that fell short of analysts’ estimates, according to Bloomberg.

Sales would rise 11-20% to a midpoint of $307.5 million in the fiscal year ending April 2024, the company said in its statement. Analysts, on the other hand, predicted $317 million.

C3.ai shares fell to a low of $32.01 from $43.96 within a day on New York Stock Exchange (NYSE) after the firm released its statement.

As we can see, artificial intelligence (AI) is impacting the global stock market as more and more tech companies are being looked up to by retail investors.

AI is transforming every part of our lives as industries are increasingly adopting the technology across processes and along workflows. Its popularity has only grown with the introduction of OpenAI’s ChatGPT bot and other such AI tools.

The prospective promise of this high-growth, multi-billion-pound market has inspired a flood of corporate investment. Similarly, retail investors see AI stocks as the next frontier of investing possibility.

In this article, we list down the best-performing AI stocks in 2023 you can invest in –

AMD

Headquartered in California, U.S., Advanced Micro Devices (AMD) is a global manufacturer of semiconductors.

AMD CEO Lisa Su stated in her keynote speech at the recent Consumer Electronics Show (CMS) convention in Las Vegas, “AI is truly the most important megatrend for the future of tech.”

It is one of the most reliable and best performing AI stocks to invest in, given that the company has delivered impressive financial results over the last five years. It even crossed the $150-price level in November 2021.

Here, we should note that AMD’s stock price has now dropped dramatically as worldwide demand for computing goods has slowed down. However, it has been rather bullish this year.

At press time, AMD was trading near the $120-price mark.

GOOGL

The holding company of Google, Alphabet, Inc. is headquartered in California, U.S. The corporation continues to dominate the Internet search engine industry and is responsible for the vast bulk of advertising income. Alphabet’s cloud services are still a significant source of revenue growth for the corporation.

Alphabet CEO Sundar Pichai recently wrote a Financial Times column, stressing that he is optimistic about the future of AI. In doing so, he called it the “most profound technology humanity is working on today.” He, however, added, “AI is too important not to regulate, and too important not regulate well.”

Though its stock price declined dramatically last year in line with the rest of the tech industry, analysts predict it to rise as Alphabet becomes more involved in AI.

At press time, GOOGL was trading at a little above $120.

MU

Headquartered in Idaho, U.S., Micron Technology creates computer memory and data storage solutions. Given Micron’s well-renowned competence in creating systems capable of storing enormous amounts of data, AI technology is anticipated to be a significant growth driver.

Micron announced in March that it will be investing up to 500 billion yen in 1-gamma process technology over the next few years, with close support from the Japanese government, to enable generative AI applications, et al.

Its stock price reached nearly $100 in early January 2022, its highest level in over 20 years. As with many of its competitors, it has since suffered a fall in its share price.

At press time, MU was trading at nearly $70.

MSFT

Headquartered in Washington, U.S., Microsoft Corporation is a pioneering global technology company. It develops software and devices for personal and commercial usage, with brands including Windows, Skype, Xbox and LinkedIn. Its cloud services venture, Azure, is a key source of its revenue.

Microsoft’s recent multibillion-dollar investment in OpenAI demonstrates the company’s dedication to advancing AI capabilities.

The value of its stock hit an all-time high (ATH) of nearly $355 in November 2021. Its value had significantly fallen over the last few months. But, it is now trading at around the $330-price mark, highlighting its high trust value among investors.

NVDA

California, U.S.-based Nvidia Corporation is a leading manufacturer of high-end graphics processing units (GPUs) for the gaming, data centre, visualization and automotive sectors.

Nvidia’s business boomed early in the COVID-19 pandemic as the world was facing a GPU shortage. GPUs were very much in demand for gaming and Bitcoin mining before these markets collapsed in 2022.

Delivered a few days back, Nvidia’s Computex 2023 keynote was full of AI announcements, including a demo of games using its Avatar Cloud Engine (ACE) for games.

At press time, NVDA was trading a little above $380.

AI stocks worth the risk?

According to market research company Grand View Research, AI is expected to revolutionize our daily lives, with an annual growth rate of 37.3% in the worldwide market anticipated during 2023-30. The firm valued the global AI market size at $136.55 billion in 2022.

If investors wish to include AI-related stocks to their portfolio, they can choose to invest from among a wide range of companies listed on different global exchanges, ranging from semiconductor chip manufacturers to self-driving car manufacturers.

However, investors should be cautious of the risks of investing in AI firms as the technology is still in its early stage. Due to these risks, investing in AI businesses should be limited to a modest part of a well-diversified investment portfolio.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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