Nvidia and Alphabet are top AI stocks for 2024, with strong potential for growth

From Nasdaq: 2024-07-04 07:02:00

The stock market has seen significant growth this year, with the Nasdaq index rising 19%. The AI market is booming, expected to reach close to $2 trillion by 2030. Nvidia and Alphabet are top millionaire-maker AI stocks for 2024. Nvidia dominates AI chips, while Alphabet excels in AI software.

Nvidia’s stock has grown 745% due to its AI chip dominance and strong financials. It maintains a 90% market share against rivals AMD and Intel. Nvidia’s expansion potential and value make it a strong investment for 2024. Meanwhile, Alphabet’s focus on AI software and cloud computing positions it as a key player in the market.

Alphabet’s Google Cloud revenue grew by 28% year over year, outpacing Microsoft Azure and Amazon Web Services. The company has invested heavily in AI development, launching the Gemini AI model and incorporating AI features in its products. With the lowest valuation among its competitors, Alphabet offers the most value for investors.

Both Nvidia and Alphabet have created millionaires and hold significant potential for growth in the AI market. Investing in these companies could lead to substantial returns in 2024. Analysis by The Motley Fool suggests Alphabet as a strong stock pick, alongside other top performers for investors looking for promising opportunities.



Read more at Nasdaq: 2 Millionaire-Maker Artificial Intelligence (AI) Stocks to Buy in 2024