Prediction that Nvidia and AMD may join the $3 trillion club due to AI market growth

From Nasdaq: 2024-08-25 06:15:00

Technological advances in the AI market have seen companies like Nvidia soar in value. Nvidia’s stock has climbed 770% since the start of 2023, crossing a market cap of $3 trillion. This growth highlights the enormous potential AI holds for companies willing to invest in the technology.

Advanced Micro Devices (AMD) is another AI stock to watch. AMD’s stock has risen 141% since the beginning of 2023, with significant gains driven by its AI-focused data-center segment. The company’s revenue rose 9% year over year, with operating income soaring an impressive 647%, showcasing its potential in the AI market.

Alphabet, known for its consistent growth, has been outperforming its AI rivals in the cloud computing industry. The company’s share price is up 19% year to date, with impressive gains from its Google Cloud platform. In 2024 Q2, Alphabet saw a 14% rise in revenue, with Google Cloud sales increasing by 29% year over year.

Investors looking for AI stocks with growth potential could consider AMD and Alphabet. AMD recently announced an acquisition to expand its AI capabilities, while Alphabet’s consistent performance and focus on AI could lead to exponential growth in the coming years. Both companies have the potential to reach a $3 trillion market cap in the future.



Read more at Nasdaq: Prediction: 2 Artificial Intelligence (AI) Stocks That Will Join the $3 Trillion Club