by Ian Cooper
One of the hottest stories of 2023 is artificial intelligence.
For one, 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.
Two, Bank of America says AI is on the brink of an “iPhone moment” and could boost the global economy by $15.7 trillion in seven years.
“We are at a defining moment – like the internet in the ’90s – where Artificial Intelligence (AI) is moving towards mass adoption, with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution,” said the firm, as quoted by Business Insider.
Far more impressive, AI is spotting signs of cancer as well – or even better – than doctors. According to The New York Times, “Advancements in A.I. are beginning to deliver breakthroughs in breast cancer screening by detecting the signs that doctors miss. So far, the technology is showing an impressive ability to spot cancer at least as well as human radiologists, according to early results and radiologists, in what is one of the most tangible signs to date of how A.I. can improve public health.”
And this is just the start.
As the AI story explodes, some of the top “no brainer” stocks to consider include:
Nvidia provides the processing power needed to run AI applications, and could see a significant revenue and share price boost because of it.
Morgan Stanley agrees, reiterating an outperform rating on the stock with a price target of $220. “NVIDIA is the leader in accelerated compute and the key enabler for AI across vertical industries – full stop,” said the firm, as quoted by Barron’s.
Nerdy Inc. (NRDY)
Nerdy operates an online platform for live learning that uses AI to personalize learning lessons for each individual user. Indeed, for those seeking exposure to AI stocks, this is one sub-segment I think is worth exploring.
Just recently, the company announced the launch of its AI-Generated Lesson Plan Creator and AI-Generated Chat Tutoring. It also integrated ChatGPT into its suite of products. Its CEO, Chuck Cohn is so bullish he bought $30 million worth of stock since May 2022.
SoundHound is a $630 million company that develops conversational AI technology. Its goal is to allow humans to interact with technology as they would with their friends. Better, the company is working with the auto industry, integrating voice assistants into vehicles. The auto industry segment could be massive for SoundHound, with the company expecting 90% of new cars to have voice assistants.
SoundHound also has an impressive list of customers, including Qualcomm, Kia, Mercedes-Benz, Honda, Netflix, Pandora, Vizio, Motorola, MasterCard, Square, and many more. Far better, the company is projecting profitability this year.