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Top AI Stocks for 2024: Keep a Watchful Eye on These Two Picks

One might liken investing in the stock market to navigating a ship through unpredictable waters. It’s a journey filled with promise, yet fraught with the danger of sudden storms that can potentially erode one’s fortunes. And in this vast ocean, the domain of Artificial Intelligence (AI) represents an uncharted frontier, offering both perilous seas and hidden treasures. The allure of AI stocks lies in their potential for exponential growth, fueled by technological advances that could reshape how we live and work. However, the speculative nature of these investments introduces volatility and unpredictability, akin to setting sail into uncharted waters at the whims of changing winds and tides.

AI Stocks to Keep an Eye On

NVIDIA Corp (NVDA Stock)

best tech stocks to buy right now (NVDA Stock)

Setting sail, we first encounter NVIDIA Corporation, a beacon in the realm of graphics processing technology. This global leader designs and manufactures GPUs for gaming and professional markets, along with SoCs for mobile computing and automotive applications. NVIDIA’s technology plays a critical role in AI development, where its GPU technology accelerates computing processes.

Recently, NVIDIA announced it would host a conference call on February 21, after the U.S. stock market’s close, to discuss its financial results for the fourth quarter and fiscal year 2024. Last quarter, the semiconductor giant posted earnings of $3.92 per share, amidst revenue of $18.12 billion. In 2024 so far, NVDA stock has surged by a staggering 42.91% year-to-date, and during Wednesday’s mid-morning trading session, NVDA stock was up by 0.99% at $689.01 a share.

Palantir Technologies (PLTR Stock)

best tech stocks (PLTR stock)

Navigating further, we encounter Palantir Technologies Inc., a specialist in big data analytics. This company develops software enabling organizations to integrate, manage, and secure large volumes of data. Palantir’s products find applications in sectors such as government, defense, healthcare, and finance, aiding decision-making through data analysis.

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Just this week, Palantir Technologies reported in-line Q4 2023 financial results, with earnings of $0.08 per share and revenue of $608.35 million. These figures aligned with consensus estimates, with revenue showing a 19.61% increase compared to the same period the previous year. Year-to-date, PLTR stock has surged by 40.68%, and during Wednesday’s mid-morning trading session, PLTR stock was up by 7.04% at $23.41 a share.