The time is here that we should start to consider the possibility of artificial intelligence stocks as long-term investments. With the ever-increasing rise of automation, artificial intelligence, and machine learning, there is a boom in every major business and industry. From autonomous vehicles to smart appliances, from the “internet of things” to machine learning or IoT, there is a huge chance that if your company has still not incorporated artificial intelligence within its functioning, then it might be losing out on a lot and could also possibly run the chance of turning obsolete. The stat reveals that presently almost every company can benefit from AI but there are a few in particular that have their business models specially built around artificial intelligence in particular. The prediction is that the automation and artificial intelligence industry will grow and expand into a market valuation of about 554 billion USD by the year 2024. Therefore this might be the ideal time to invest in artificial intelligence stocks.
The Best AI Companies and Best Artificial Intelligence Stocks to Invest in Right now:
We have compiled a list of the best AI companies and best AI stocks to invest in, as per a study conducted by the analysts of Bank of America.
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Nvidia Corp. (ticker: NVDA)
Nvidia Corp. is a high-end chip-making company that is engineered to provide the huge amount of power that goes into processing artificial intelligence applications. Nvidia in fact plans on building its supercomputer artificial intelligence lab in England, in the famed city of Cambridge. Nvidia produced graphic processing units which are used to power the world’s fastest supercomputer, Leonardo. Artificial intelligence, big data, and deep learning are three examples of the most secular industry growth trends that help in producing gigantic amounts of processing power, said the AI analyst Vivek Arya. it has also been his estimation that Edge artificial intelligence which means that algorithms of machine learning which run on the local networks and devices by themselves, and not through a cloud has the potential of generating as much as fifteen billion USD in terms of revenue for Nvidia Corp. by the end of 2024. The Bank of America has provided the option of buying an NVDA stock.
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Alphabet Inc. (GOOG, GOOGL)
Alphabet, which is the parent company for YouTube and Google uses automation and artificial intelligence in almost every arena of its successfully running enterprise. AI is present in every facet of the company, from content promotion to ad pricing to segregating spam filters and using them over email. Google also happens to be the parent of the autonomous vehicle company known as Waymo, which has managed to create its record in being the first company to produce a fully automated driver-less Robo taxi service for public use in the year 2020. Justin Poust, a financial analyst mentioned that Alphabet uses machine learning and artificial intelligence across its entire product range and the travel industry thus could have a rebound that plunges the stock price into a bull market, acting as a near-term catalyst. The Bank of America has provided the option of buying GOOGL stock and has predicted an estimated value of about 3,210 USD per stock.
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Amazon.com Inc. (AMZN)
AI is present in every facet of the company, much like Alphabet, which includes e-commerce search results to targeted advertising to Amazon Web services. Alexa which is Amazon’s one of the most popular products runs on artificial intelligence to gauge user commands and work subsequently. It has almost become a staple voice for a virtual assistant in several American homes. Amazon extends its artificial intelligence services to people who have subscribed to AWS cloud which includes automated reviews of codes, advanced text analytics, and more importantly chatbots. Post has made a prediction for Amazon which asserts that despite the several problems the company faced due to the pandemic in its supply chain management, it has continued to retain its position as the best e-commerce platform whose stocks can be bought. The Bank of America has provided the option of buying AMZN stock and has predicted an estimated value of about 4,250 USD per stock.
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Microsoft Corp. (MSFT)
Microsoft has decided to invest huge amounts of money to establish its position as a leader in the artificial intelligence sphere. Microsoft had announced in 2020 the launch of a brand new supercomputer that would be hosted under Azure which is Microsoft’s very own cloud computing network. The supercomputer had been designed to work in such a way that it could collaborate with Open AI to train artificial intelligence models. The final goal was to eventually integrate these smaller AI models into larger artificial intelligence models and subsequently into other AI-related infrastructure which would be available for use to developers and organizations. Brad Sills, an analyst for Microsoft’s Azure says that products like the Xbox, Office 365, and Game Pass business of gaming would help the company to maintain its revenue of double digits. The Bank of America has provided the option of buying MSFT stock and has predicted an estimated value of about 365 USD per stock.
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International Business Machines Corp. (IBM)
IBM has been working on the process to adapt its supercomputer Watson which is powered through artificial intelligence, for years now. The goal is to revolutionize finance, law, healthcare, and academia. Watson faced minor setbacks in terms of Watson for Oncology and Watson for Genomics. But Watson still seems to have outperformed Microsoft, Google, and Amazon in terms of the tests run conducted by the Allen Institute for Artificial intelligence.
The Bank of America has provided the option of buying IBM stock and has predicted an estimated value of about 172 USD per stock.
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Meta Platforms Inc. (FB)
The parent company for Facebook, otherwise known as Meta Platforms, had already started applying artificial intelligence technology to its advertising and newsfeed algorithms. This also had its repercussions because facebook seemed to prioritize engagement and reach over stability and social media safety. Now Facebook has moved towards gaining a more centralized form of AI technology which could be termed as the metaverse. Zuckerberg defined it as a digital sphere within which the live users can interact in a virtual reality format.
The Bank of America has provided the option of buying FB stock and has predicted an estimated value of about 400 USD per stock.
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DocuSign Inc. (DOCU)
DocuSign has been an electronic signature and document automation specialist. It started making heavy investments in AI technology to make documentation and contracts more efficient. The company also moved on to acquire the artificial intelligence contract from the company called Seal Software for a whopping amount of 188 million in the year 2020. The Bank of America has provided the option of buying DOCU stock and has predicated an estimated value of about 360 USD per stock.
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Taiwan Semiconductor Manufacturing Co. Ltd. (TSM)
Taiwan Semiconductor Manufacturing, otherwise known as TSM is a company that procures AI chips of superior quality designed by Apple Inc. (AAPL), Qualcomm Inc. (QCOM), Nvidia, and other semiconductor companies. TSM has also funded its research in AI hardware, especially in areas such as in-memory computing,
near-memory, and 3D integration, embedded non-volatile memory technologies, error-resilient computing. The Bank of America has provided the option of buying TSM stock and has predicated an estimated value of about 146 USD per stock.
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ABB Ltd. (ABB)
ABB is one of those companies which is focused on developing industrial automation technologies which boost performance while reducing environmental impact at the same time. The Industrial AI Accelerator program of ABB provides a space for AI tech startups by funding it and supporting them in developing industrial AI technology. The Bank of America has provided the option of buying ABB stock and has predicated an estimated value of about 38.65 USD per stock.
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NICE Ltd. (NICE)
NICE is one of the leaders of software applications that help in managing customer interactions and call center operations. The AI and machine learning technology of NICE also help to streamline regulatory compliance and fraud detection. The Bank of America has provided the option of buying NICE stock and has predicted an estimated value of about 335 USD per stock.
Conclusion:
The given list gives a comprehensive argument for and against every investment that could be made for the best companies functioning under the artificial intelligence arena. It would be interesting to see where the future stock prices of these companies land once there is a boom in the world of artificial intelligence.
