Top 5 AI Stocks To Buy (Early 2024)

Summary

This video outlines the top 5 AI stocks with massive growth potential in 2024. It profiles Adobe's innovative generative AI tool Firefly, cybersecurity leader CrowdStrike, groundbreaking voice recognition company SoundHound AI, data analytics juggernaut Palantir, and Nvidia, an essential backbone of AI development. After analyzing each company's financials, market opportunity, and valuation, the host argues these picks have clear catalysts and upward momentum. He advises gradually accumulating shares on dips with prudent risk management rather than chasing unsustainable runs.

Takeaways

• 😊 The video covers the top 5 AI stocks set to dominate in 2024
• 📈 Adobe is an AI stock pick due to its new generative AI tool Firefly
• 🔒 CrowdStrike is a cybersecurity leader with strong financial growth
• 🗣 SoundHound AI stands out for its advanced voice recognition capabilities
• 📊 Palantir provides data analytics software used by major institutions
• 💻 Nvidia GPUs enable the computational power needed for AI development
• 😃 Good entry prices are provided for each stock pick in the video
• ⏳ Long term growth potential is emphasized over short term hype for these stocks
• 💰 Strong financials are highlighted as a key factor for the companies discussed
• 🤝 The video recommends Mumu trading platform for its range of features

Q & A

What are the key criteria used to select the top 5 AI stocks?

The criteria used were: clear catalysts/events coming up, relentless momentum, clearly uptrending business model, or other clear reasons to buy the stock.

What does Adobe Firefly allow users to do?

Adobe Firefly allows users to easily generate new graphics, color combinations, image expansions, and text effects in Adobe apps like Photoshop and Illustrator using simple text prompts.

How has CrowdStrike contributed to cybersecurity?

CrowdStrike has played a crucial role in investigating high-profile cyber attacks like the DNC hacks in 2016. It has also been actively involved in identifying and mitigating threats linked to Russian intelligence services.

What makes SoundHound AI's voice recognition technology stand out?

SoundHound AI's technology stands out for its ability to understand very natural human voice across various platforms and use cases like restaurant ordering, automotive solutions, and general voice assistance.

What are some key metrics highlighting Palantir's growth?

Key metrics include: 2.23 billion in revenue for 2023 (70% increase in US commercial revenue from Q4 2022 to Q4 2023), 305 million in adjusted free cash flow, 3.7 billion in cash reserves and no debt.

Why is Nvidia critical for AI development?

Nvidia GPUs offer the computational power necessary for deep learning and AI algorithms, enabling faster processing of large datasets. This capability is essential for training complex neural networks.

What were Nvidia's key financial highlights in its latest earnings report?

Key highlights were: 22% revenue increase to $22.1 billion, 49% data center revenue growth, 126% increase in full year revenue to $60.9 billion, 769% increase in net income, and 765% increase in earnings per share.

What platforms does Palantir offer?

Palantir offers two platforms called Gotham and Foundry that are utilized across over 40 industries worldwide.

What incentives does M1 Finance offer for new signups?

New M1 Finance signups get up to 15 free stocks, 5.1% base APY on uninvested cash, and 3% extra APY for 3 months.

What is the average analyst price target for Adobe stock?

The average analyst price target for Adobe (ADBE) stock is $653.