Here are AI stocks to watch in the stock market this month.
The artificial intelligence (AI) sector represents companies developing and implementing AI technologies across various industries. These range from tech giants to specialized startups focusing on machine learning, natural language processing, and robotics. AI stocks offer investors a stake in firms at the forefront of this transformative technology. The sector has gained significant attention due to AI’s potential to revolutionize numerous fields.
Investing in AI stocks can present exciting opportunities for growth-oriented investors. Many AI companies are innovating rapidly, potentially leading to breakthrough products or services. The increasing adoption of AI across industries may drive long-term demand for these technologies. However, AI stocks also come with risks. The technology is still evolving, and success is not guaranteed for all players. Many AI-focused companies are not yet profitable, as they invest heavily in research and development. Competition in the AI space is intense, with rapid technological changes potentially disrupting established players.
When considering AI stocks, it’s crucial to evaluate a company’s technological edge and practical applications. Assess their ability to monetize AI innovations and adapt to market needs. Look at factors like partnerships with established industries and intellectual property portfolios. Consider the potential impact of regulatory changes on AI development and deployment. Be aware that AI stocks often trade at high valuations, reflecting optimistic growth expectations. In light of this, here are two AI stocks to watch in the stock market now.
AI Stocks To Watch In October 2024
- NVIDIA Corporation (NASDAQ: NVDA)
- Meta Platforms Inc. (NASDAQ: META)
NVIDIA Corp. (NVDA Stock)
Leading off, NVIDIA Corporation (NVDA) is a technology company. The company is primarily known for its graphics processing units (GPUs). The company’s GPUs are widely used in high-performance computing and machine learning applications. Additionally, NVIDIA also develops software platforms and AI technologies for various industries.
Today, Tuesday, NVIDIA announced contributions to the Open Compute Project (OCP). The company is sharing design elements of its Blackwell computing platform with the OCP community. This includes specifications for the NVIDIA GB200 NVL72 system, covering rack architecture and cooling details. NVIDIA states this is to support increased compute density and networking bandwidth. The company also reported expanding its Spectrum-X Ethernet networking platform’s compatibility with OCP standards. NVIDIA indicates these contributions aim to support the development of open data center technologies.
In the last month of trading, shares of NVDA stock have increased by 12.89%. Meanwhile, as of Tuesday’s closing bell, NVIDIA stock finished the day lower by 4.52%, trading at $131.84 per share.
Following that, Meta Platforms Inc. (META), formerly Facebook, is a social media and technology conglomerate. They operate several popular social networking platforms including Facebook, Instagram, and WhatsApp. Meta has been heavily investing in developing Meta AI, virtual and augmented reality technologies.
At the beginning of this month, Meta Platforms announced the schedule for its third quarter 2024 financial results release. The company plans to disclose these results after the market closes on Wednesday, October 30, 2024. Meta also scheduled a conference call to discuss the results for 2:00 p.m. PT / 5:00 p.m. ET on the same day. To recap, last quarter the company said it estimates Q3 2024 revenue to come in between $38.50 billion to $41.00 billion.
Looking at the last month of trading action, META stock has moved higher by 9.94%. Moreover, as of Tuesday’s close, shares of Meta Platform stock finished the trading day modestly lower by 0.70%, at $586.27 a share.
—
Originally Posted October 15, 2024 – Best AI Stocks To Buy Now? 2 For Your Watch List
Disclosure: Interactive Brokers
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from StockMarket.com and is being posted with its permission. The views expressed in this material are solely those of the author and/or StockMarket.com and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
