by Ian Cooper

The artificial intelligence (AI) revolution is already here. According to Grand View Research, the global AI boom could grow from about $137 billion in 2022 to more than $1.81 trillion by 2030.

And, according to Marketing AI Institute, “Artificial intelligence will, on average, boost rates of profitability by 38% and provide an economic boost of $14 trillion in additional gross value by 2035, according to research by Accenture. Yet, this is just the start. As the AI story explodes, some of the top stocks to consider include:

Nvidia (NVDA)

Nvidia provides the processing power needed to run AI applications, and could see a significant revenue and share price boost because of it. Better, analysts love the stock. HSBC, for example, recently upgraded NVDA to a buy with a target of $355 from $175. They also noted they’re shocked by NVDA’s pricing power on AI chips driving earnings upside.

Even better, according to Yahoo Finance, “HSBC analysis shows A.I. chips will be sold at a price 10 to 20 times higher than standard gaming chips, meaning Nvidia won’t need to increase sale volume at levels previously expected. The firm sees Nvidia dominating the generative A.I. space with 90% market share in the fiscal year 2024, well ahead of the usual competitors.”

Global X Robotics & Artificial Intelligence ETF (BOTZ)

Or, you can always diversify with an ETF, such as the Global X Robotics & Artificial Intelligence ETF (BOTZ). With an expense ratio of 0.68%, BOTZ invests in companies that should benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles, according to Global X. Some of its top holdings include NVIDIA, Intuitive Surgical, SMC Corporation, and iRobot Corporation.

Palantir Technologies (PLTR)

Palantir is on the move thanks to earnings, expectations for profitability, and artificial intelligence demand. 

For one, in its latest quarter, the company posted an EPS of five cents, beating expectations for four cents. Sales were up to $525 million, as compared to expectations for $506 million. Plus, as noted by CNBC, “The company reported its second-ever quarter of positive net income on a GAAP basis, at $17 million, and in a letter to shareholders, CEO Alex Karp said the company expects to remain profitable “each quarter through the end of the year.”

Two, the CEO also said demand for the company’s new AI platform is “without precedent” – and allows commercial and government sectors to use large language models based on their own private data sets.