From Nasdaq:

In 2023, AI-related technology stocks saw exponential growth, including “Nvidia-adjacent” companies such as Advanced Micro Devices, Super Micro Computer, and Palantir. The growth of Super Micro exceeded even Nvidia’s gain, with revenue growing 37% in fiscal 2023. AMD also saw significant gains fueled by AI enthusiasm, projecting over $2 billion in revenue in 2024. Palantir achieved GAAP net income profitability, setting the stage for potential inclusion in the S&P 500 index, with investors growing more confident in its AI capabilities. The AI revolution could be a multiyear phenomenon, with potential further gains for Super Micro and AMD if they continue to execute.

The 2023 period saw significant growth for AI-related technology stocks, including “Nvidia-adjacent” companies such as Advanced Micro Devices, Super Micro Computer, and Palantir. Super Micro experienced a surge in AI-related orders, with revenue growing 37% in fiscal 2023 and projected to grow another 40% in fiscal 2024. AMD unveiled its MI300 AI accelerator, projecting over $2 billion in revenue in 2024, and Palantir achieved GAAP net income profitability over four straight quarters.

The AI revolution has propelled significant growth for AI-related technology stocks in 2023, including Super Micro, which saw a surge in AI-related orders and a 37% revenue growth in fiscal 2023. AMD’s outsized gains were fueled by the unveiling of its MI300 AI accelerator, projecting over $2 billion in revenue in 2024. Palantir achieved GAAP net income profitability over four straight quarters, potentially qualifying for inclusion in the S&P 500 index.

Investors anticipate an extended AI revolution, with further potential gains for Super Micro and AMD as long as they continue to execute. The AI revolution could be a multiyear phenomenon, with potential for further gains in the hardware space due to generative AI, leading to growth opportunities for hardware suppliers without adding significant competition. The 2023 period saw exemplary performance for Super Micro, AMD, and Palantir in the AI space, with expectations for continued growth in 2024.



Read more: Why Advanced Micro Devices, Super Micro Computer, and Palantir Rocketed Between 127% and 246% in 2023