The Artificial Intelligence (AI) industry has witnessed a remarkable surge in growth and transformation over recent years. Propelled by groundbreaking advancements in machine learning, deep learning, natural language processing, and computer vision. Consequently, AI has become an indispensable element across various sectors. This includes healthcare, finance, manufacturing, and transportation, to name a few. The escalating demand for intelligent automation and data-driven insights has prompted organizations to invest heavily in AI technologies. Which as a result has subsequently led to a meteoric rise in market value.
AI stocks encompass a diverse array of companies, ranging from well-established technology behemoths to smaller, specialized start-ups. Industry frontrunners, such as Alphabet (NASDAQ: GOOGL) and IBM (NYSE: IBM), have consistently allocated substantial resources to AI research and development, firmly establishing themselves as pioneers in the field. Apart from these dominant players, there exists a plethora of emerging companies focusing on niche applications of AI, including autonomous vehicles, robotic process automation, and predictive analytics.
Moreover, as the AI industry continues on its trajectory of evolution and maturation, investors must remain astute in their research and examination of AI stocks, closely monitoring both the competitive landscape and the potential for innovative breakthroughs that could disrupt the market. With this being said, here are three blue-chip ai stocks to watch in the stock market today.
AI Stocks To Buy [Or Avoid] Now
- NVIDIA Corporation (NASDAQ: NVDA)
- Microsoft Corporation (NASDAQ: MSFT)
- Amazon.com, Inc. (NASDAQ: AMZN)
NVIDIA Corp. (NVDA Stock)
NVIDIA Corporation (NVDA) is a global technology leader specializing in the design and manufacturing of graphics processing units (GPUs). In fact, these have become instrumental in AI, machine learning, and deep learning applications. The company’s cutting-edge technology and expanding product portfolio have positioned it as a key player in the AI industry.
Last month, NVIDIA announced that Google Cloud will use their latest L4 GPU and Vertex AI to speed up the creation of AI applications. Google Cloud will offer these new GPUs with improved support in Vertex AI, helping developers launch applications faster and more affordably. The L4 GPU has better video abilities, is 120 times more powerful than regular computer chips, and uses 99% less energy.
Since the start of 2023, shares of NVIDIA stock are surged by 88.88% year-to-date. Meanwhile, during Friday morning’s trading session, NVDA stock opened slightly down on the day so far by 0.15% at $270.64 a share.
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Microsoft (MSFT Stock)
Next, Microsoft Corporation (MSFT) is a multinational technology giant with a diverse range of products and services, including its rapidly growing cloud computing platform, Azure. Azure’s AI and machine learning capabilities have made it an essential tool for businesses seeking to harness the power of AI, bolstering Microsoft’s presence in the AI market.
Earlier this week, Microsoft and Epic announced they will be joining forces to improve healthcare by using AI technology. They’re combining Microsoft’s Azure OpenAI Service with Epic’s top-notch electronic health record software. This teamwork will help hospitals and healthcare providers do their jobs better, take care of patients more effectively, and save money. Some hospitals, like UC San Diego Health and Stanford Health Care, have already started using new tools that can automatically write message responses for them.
Year-to-date, shares of Microsoft stock have advanced by 18.85% thus far. While, on Friday morning, MSFT stock is trading modestly down on the day so far by 0.50% at $284.69 a share.
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Amazon (AMZN Stock)
Finally, Amazon.com, Inc. (AMZN), an e-commerce titan, has made significant strides in AI with the development of its cloud computing subsidiary, Amazon Web Services (AWS). AWS offers a comprehensive suite of AI and machine learning solutions, which have been adopted by a vast array of industries, cementing Amazon’s position as a major force in the AI landscape.
Just yesterday, Thursday, Amazon announced the introduction of the Anti-Counterfeiting Exchange (ACX). In detail, this is a project where different stores work together to stop fake products from being sold online. Stores in ACX share information about counterfeiters they catch, which helps all the stores stop them faster. An independent company makes sure the shared information stays anonymous. This teamwork has already helped Amazon and other stores find hundreds of sneaky counterfeiters and stop them from selling fake items on their websites.
In 2023 so far, shares of AMZN stock have increased by 23.58% year-to-date. Additionally, during Friday’s mid-morning trading action, Amazon stock is trading green on the day by 2.19% at $106.08 a share.
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