6 Best AI and Tech Stocks for 2024
Artificial intelligence has been the rising tide that lifts all boats in driving the markets to record highs. As Wedbush Securities analyst Dan Ives wrote in a March 11 note, “We firmly believe this tech bull market has the growth trends and valuations that will support the tech sector going higher.”
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So, which AI and tech stocks are bound to perform well in 2024?
Nvidia
As of March 14: up 264% year-to-date
Nvidia, deemed “the most important stock on the planet,” delivered record-breaking earnings on Feb. 21, with revenue rising to an eye-popping $22.1 billion, up 265% from a year ago, according to the earnings report, thanks to its artificial intelligence (AI) business, as GOBankingRates previously reported.
In turn, Ives said this was “the biggest moment for the market and tech sector in many years” and a “game changing moment for the tech bulls.”
Palo Alto Networks
As of March 14: up 57% in the past year
California-based Palo Alto Networks has more than doubled in value in the past year, as the company is seen as one of the top AI players, given its array of cybersecurity offerings, according to Insider Monkey.
“Our long-term bull thesis for PANW is still well intact and we maintain our outperform rating while lowering our price target from $425 to $375 given reduced estimates,” Ives said in a February note.
Snowflake
As of March 14: up 16% in the past year
Snowflake is a “trailblazing cloud-based data warehousing company heralding a new data management and analytics era,” according to Forbes.
It is one of Forbes’ top tech picks in 2024, thanks to the company’s “disruptive technology, rapid revenue growth, and strategic partnerships amplifying its market reach.”
Yet, Forbes also noted that there could be some concerns, such as the company’s reliance on continued technological innovation and the strong competition within the cloud computing space.
Oracle
As of March 14: up 48.4% in the past year
Oracle, which offers IT products and services worldwide, gained 30% last year and became a top AI stock, according to Insider Monkey.
Ives called Oracle “a cloud trophy case performance as AI drives the future.”
Microsoft
As of March 14: up 59% in the past year
The Motley Fool reported that Microsoft is working hard to deliver the AI improvements customers demand. At the same time, the company also focuses on delivering profitable growth to benefit shareholders.
“It’s this reason that explains why Wall Street is bullish on Microsoft. Out of 55 analysts that cover the stock, 52 rate it a buy, and the remaining three rate it a hold,” according to The Motley Fool.
Palantir
As of March 14: up 216% in the past year
According to Seeking Alpha, as the AI industry is expected to grow to $225 billion in 2027, Palantir “will realize significant gains in its net margins and revenues through its Artificial Intelligence Platform by improving efficiencies in its current product line but also by creating an additional product line targeted at the commercial market.”
Wedbush Securities has an outperform rating on Palantir, and raised its price to $35 from $26.
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This article originally appeared on GOBankingRates.com: 6 Best AI and Tech Stocks for 2024
