10 best AI related stocks to buy in 2023

Savey Wangkit Lepcha
Savey Wangkit Lepcha

If you are thinking to invest your money in the stock market. Here are 10 trending companies related to AI and its most profitable to buy their stocks in 2023.

Artificial intelligence, automation, and robotics are impacting practically every industry.┬áThe world recently received a firsthand peek at the amazing developments in AI technology. Including the opening of OpenAI’s DALL-E 2 AI picture and art generator to the general public and the public debuts of its ChatGPT AI chatbot and Google’s Bard AI chatbot.

Many businesses run the danger of going out of business if they don’t invest in AI-based goods and services. Whether it be in machine learning, intelligent software and, appliances, digital assistants, or autonomous cars. Although a large number of businesses stand to gain from AI. Just a small number of stocks have automation and AI at the core of their operations.

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Here is the list of the 10 most rapidly growing companies.

Microsoft Corp.

In January 2023, Microsoft, the biggest software provider in the world, announced a fresh, multiyear, multibillion-dollar investment in OpenAI. Microsoft invested $1 billion in OpenAI in 2019 as part of a partnership that became Microsoft Azure OpenAI’s only cloud provider. According to analyst Justin Post, Microsoft is leading the way in AI-enabled corporate use cases. Bank of America has a “buy” rating and a $300 price target on Microsoft shares, which closed at $289.39 on April 10.

Alphabet Inc.

In many different areas, including Gmail spam filters, content promotion, and ad pricing, Alphabet, the parent company of Google and YouTube, employs AI and automation. Google has been heavily investing in artificial intelligence (AI) technology for a while, but their Bard AI chatbot wasn’t made public until March. The GOOGL stock has a “buy” rating from Bank of America and has a price goal of $125. It ended at $106.44 on April 10th.

Nvidia Corp.

Advanced AI applications need a significant amount of computational power, which Nvidia provides. Nvidia currently has a monopoly on huge language models. The Grace Hopper systems from Nvidia are ideal for processing massive AI datasets, and the DGX cloud platform offers AI supercomputing. Bank of America has a “buy” rating and a $310 price target on NVDA shares, which closed at $275.79 on April 10.

Taiwan Semiconductor Manufacturing Co. Ltd.

TSM is the world’s largest pure-play semiconductor foundry. LLMs and generative AI, such as ChatGPT, have significantly increased TSM’s development potential. He anticipates that TSM’s income would rise at least 15% every year through 2025. Bank of America has a “buy” rating and a $115 price target on TSM stock, which closed at $89.02 on April 10.

Meta Platforms Inc.

The company that owns social media and internet advertising giants like Facebook and Instagram is called Meta Platforms. The business unveiled a new AI model in April that can identify certain things in a photo even if it has never seen them before. META stock, which ended at $214.75 on April 10, has a “buy” rating and a $230 price target from Bank of America.

ASML Holding NV.

ASML produces photolithography equipment and other semiconductor processing tools. ASML’s extreme ultraviolet lithography technology is critical in the creation of the advanced processors required to develop AI and machine learning software. Bank of America has a “buy” rating and an $837 price target on ASML shares, which closed at $666.04 on April 10.

SAP SE.

SAP dominates enterprise resource planning software solutions on a global basis. AI will continue to be integrated into an expanding variety of software solutions by businesses. SAP’s recent $7.6 billion sale of its Qualtrics stake will boost the company’s profitability and free cash flow profile, unlocking value for investors. Bank of America has a “buy” rating and a $131 price target on SAP shares. It closed at $127.45 on April 10.

Relx PLC.

Relx provides information and analytics to professional and business clients globally. AI has made the company’s goods more intelligent, useful, and appealing to customers. Bank of America has a “buy” rating and a $35.50 price target on RELX shares, which closed at $32.80 on April 10.

Baidu Inc.

Baidu is China’s most popular internet search engine. The company also oversees a number of other sectors. Sectors such as cloud and AI efforts, and it holds a controlling stake in the streaming video portal iQiyi Inc. Bank of America has a “buy” rating and a $234 price target on BIDU stock. It had closed at $139 on April 10.

Arista Networks Inc.

Internet service providers, cloud service providers, and commercial data centers may all benefit from Arista Networks’ cloud networking solutions. Arista is the market leader in high-throughput data center switches. Which are necessary to link the processing power required for heavy AI activities. Bank of America has a “buy” recommendation on ANET stock, which closed at $163.13 on April 10.

 

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