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3 Top Artificial Intelligence Stocks to Buy Right Now

Stephanie Bedard-Chateauneuf, MBA
Updated ·4 min read
Businessman holding AI cloud
Image source: Getty Images

Written by Stephanie Bedard-Chateauneuf, MBA at The Motley Fool Canada

Artificial intelligence (AI) is one of technology’s most fascinating and quickly growing topics. From healthcare to finance, technology has the ability to alter industries. AI is the use of computer algorithms and machine learning to replicate human intelligence. This enables machines to accomplish tasks that would previously require human intervention. This technology has the ability to completely transform the world. Companies around the world are investing extensively in AI research and development to stay competitive in areas ranging from product creation to customer service.

Buying AI stocks can provide investors with an effective strategy to obtain exposure to this fast-rising industry. AI enterprises can provide prospects for capital appreciation and growth. This is due to the fact that companies that innovate and succeed in bringing new items to market can see huge increases in their stock values.

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Here are three top AI stocks to buy in the stock market right now.

NVIDIA

NVIDIA (NASDAQ:NVDA) is a leading manufacturer of graphics processing units (GPUs). They are utilized in a variety of applications, such as gaming, data centres, and self-driving automobiles. In addition, the business has made significant investments in AI research and development, and its GPUs are widely utilized for deep learning and other AI applications.

NVIDIA announced in March that Google Cloud will integrate its newly released L4 Tensor Core GPU and Vertex AI to assist businesses expedite their development on generative AI applications. Google Cloud will be the first to offer the L4 Tensor Core GPU, which will also be available with optimized support for Vertex AI. The L4 GPU is intended to be a universal GPU for all workloads, with advanced AI video capabilities that can provide much better AI-powered video performance than CPUs while consuming 99% less energy.

NVDA shares have increased by 90% since the beginning of 2023.

Microsoft

Microsoft (NASDAQ:MSFT) is a technological business that manufactures a variety of products. For example, software, hardware, and cloud services. The corporation has made significant investments in artificial intelligence research and development, with a particular emphasis on creating natural language processing and computer vision technology.

Microsoft is integrating ChatGPT into its tools and products with the goal of revolutionizing human-machine interactions through the use of natural language AI.

Sandra E. Peterson, operating partner at Clayton, Dubilier & Rice, was appointed lead independent director by Microsoft last month, succeeding John W. Thompson, who had held the position since 2012. Furthermore, the board of directors of Microsoft declared a quarterly dividend of $0.68 per share, payable on June 8, 2023 to shareholders of record on May 18, 2023.

Year to date, Microsoft stock has grown by 18%.

Alphabet

Alphabet (NASDAQ:GOOGL) is the parent firm of Google, one of the world’s largest and most influential technological companies. While Google is best recognized for its search engine and advertising networks, the company has also invested heavily in AI research and development. This includes creating its own AI hardware and software platforms.

Alphabet released its most recent financial figures for the fourth quarter of 2022 in February. The company reported earnings of $1.05 per share and revenue of $76.0 billion in the report. This compares to Wall Street’s expectations for the quarter, which called for earnings of $1.14 per share and revenue of $76.6 billion.

So far in 2023, Alphabet stock has regained 18% year to date.

The post 3 Top Artificial Intelligence Stocks to Buy Right Now appeared first on The Motley Fool Canada.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Fool contributor Stephanie Chateauneuf owns shares of Alphabet and Microsoft. The Motley Fool recommends Alphabet, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

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