From Nasdaq:

The artificial intelligence (AI) market has seen significant growth as companies leverage AI algorithms for targeted ads, autonomous vehicles for obstacle detection, and automation of tasks. The generative AI market is projected to grow by 47.5% from 2023 to 2030, offering substantial potential for growth stocks in the sector.

Chipmakers like Nvidia and Micron are benefiting from the boom in AI, with Nvidia’s GPUs processing AI tasks more efficiently and Micron producing power-efficient memory chips for data centers. Despite challenges, Micron is expected to see revenue growth in fiscal 2024 as core markets stabilize.

In the software sector, Microsoft is leading the way with its integration of OpenAI’s generative AI tools into its cloud-based services. Snowflake is also making waves by helping organizations organize data with its cloud-based data warehouses. Analysts expect both companies to see solid revenue growth in the coming years.

Investors looking to capitalize on the AI market may want to consider investing in the top chipmakers and software makers. While Nvidia and Microsoft are leaders in the AI sector, companies like Micron and Snowflake also offer growth potential. It’s important to carefully evaluate individual stocks and consider long-term growth prospects before investing in this rapidly expanding market.



Read more at Nasdaq: Artificial Intelligence (AI) Chipmakers vs. Software Companies: Here Are My Picks