From Nasdaq: 2024-06-11 05:51:00

The demand for artificial intelligence (AI) is growing rapidly, with PwC predicting a $15.7 trillion contribution to the global economy by 2030. AI spending is expected to reach $827 billion in 2030. Companies like Advanced Micro Devices and Palantir Technologies present investment opportunities to capitalize on this growing market.

Advanced Micro Devices (AMD) is looking to make a mark in the AI chip market, which generated $52 billion in revenue last year and is projected to hit $1.11 trillion by 2032. With new AI chips like the MI325X, AMD aims to challenge Nvidia’s dominance and increase its market share in the long run.

Palantir Technologies, on the other hand, is focusing on AI software, targeting a market for generative AI software worth $52 billion by 2028. The company’s performance obligations increased by 38% in the first quarter of 2024, indicating strong long-term growth potential. With a projected 85% annual earnings growth rate, Palantir is positioned as a top AI stock.

Investors looking to benefit from the growth of the AI market should consider companies like AMD and Palantir Technologies, which are poised to capitalize on the increasing demand for AI hardware and software, respectively. With the AI market expected to reach new heights in the coming years, these companies present promising investment opportunities for those looking for long-term growth potential.



Read more at Nasdaq: These Are My Top Artificial Intelligence (AI) Stocks to Buy Right Now