From Nasdaq: 2024-09-15 05:05:00

The S&P 500 has seen a 23% increase this year, but for market-beating stocks, it is essential to look for high double-digit growth companies. Companies in the AI sector show promise, with AI technology spending expected to reach $826 billion by 2030. Two stocks in this field are Palantir Technologies and Nvidia.

Palantir Technologies has reported a 27% year-over-year increase in revenue in the second quarter, with 10 deals exceeding $10 million. The company’s software engineers play a crucial role in sales, driving higher customer engagement and profitability. Analysts project an 85% annualized earnings growth over the next five years for Palantir.

Nvidia dominates the AI chip market with a predicted 70% share and exceptional data center revenue in the last quarter. The company is preparing to launch the Blackwell AI computing platform and tapped for AI infrastructure development worldwide. Nvidia boasts a forward P/E ratio of 29, with 52% annualized earnings growth projected by analysts.



Read more at Nasdaq: 2 AI Stocks That Can Crush the S&P 500 Through 2030