3 AI-Backed Stocks That Could Return Magnificent Gains in 2024
Artificial intelligence (AI) made a huge splash in 2023 and is likely to continue making waves in 2024. After all, industry forecasts estimate the global AI market will grow from roughly $208 billion in 2023 to nearly $300 billion in 2024 and will continue expanding to reach $1.8 trillion by 2030.
When it comes to investing in AI, you want companies where the technology is essential to their businesses. This positions them to prosper from the AI industry's growth over the long haul. This trio of stocks falls into that bucket. Each of these companies represents different aspects involved in the creation of an AI solution.
It starts with Nvidia (NASDAQ: NVDA), which provides the graphics processing units (GPUs) needed to handle the computing demands of an AI system. Next is Amazon (NASDAQ: AMZN), as its Amazon Web Services (AWS) division delivers the data centers and other IT infrastructure needed to house and run AI programs. Finally, there's UiPath (NYSE: PATH), which illustrates the kinds of potent AI apps being produced today.
Source Fool.com
