Grand View Research estimates that spending across artificial intelligence (AI) hardware, software, and services will compound at 37% annually through 2030. That creates a significant opportunity for investors. Businesses are racing to improve productivity with predictive insights and automation, and that secular trend should drive many stocks higher in 2024 and beyond.

The most prudent way to capitalize on that trend is to build a basket of AI stocks. Here's why now is a good time to add shares of Nvidia (NASDAQ: NVDA), Amazon (NASDAQ: AMZN), and (NASDAQ: DDOG) to that basket.

Nvidia graphics processing units (GPUs) are the gold standard in running complex data center workloads like artificial intelligence (AI) applications. The company has regularly achieved top scores at the MLPerf benchmarks, the industry standard in benchmarking the performance of machine learning (ML) hardware, software, and services across training and inference use cases. And Nvidia holds more than 80% market share in AI/ML chips, according to analysts.

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Source Fool.com