Investing in Advanced Micro Devices and C3.ai for Growth in the AI Market
Investing in AI Stocks for Long-Term Growth
These growth stocks could power your savings over the next 10 years. The market for artificial intelligence (AI) solutions is incredibly strong right now. Spending on generative AI software is expected to reach $143 billion by 2027, according to IDC.
1. Advanced Micro Devices
Shares of Advanced Micro Devices (NASDAQ: AMD) have rocketed to new highs, as investors focus on the company's prospects in the AI chip market that has been dominated by Nvidia.
- AMD expects data center GPUs to rake in over $3.5 billion in revenue for 2024.
- Management said its new MI300 launch will result in the fastest launch ramp-up to $1 billion in revenue in the company's history.
2. C3.ai
C3.ai (NYSE: AI) makes AI applications that help companies with demand forecasting, supply chain optimization, and other processes.
- The company primarily generates revenue through a subscription-based model, which should help it turn a healthy profit down the road.
- C3.ai's revenue grew 18% year over year last quarter, with new customer agreements up 85% year over year.
The range of industries showing interest in C3.ai's enterprise AI platform indicates significant growth potential. Investing in these AI juggernauts could lead to major gains in the coming years.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.