The Top Automated Intelligence Stocks to Watch in 2024

As we look ahead to 2024, it’s clear that the tech industry will continue to dominate the market. Automated intelligence (AI) stocks are expected to be among the top performers, driven by the increasing demand for AI-driven solutions and the digitization of businesses. In this article, we will explore the top automated intelligence stocks that experts predict will deliver significant returns in 2024.

Nvidia (NVDA)

Nvidia (NASDAQ:NVDA) is a leading semiconductor company known for designing and manufacturing graphics processing units (GPUs). These GPUs are widely used in various applications, including gaming, artificial intelligence, and data center computing. Bard’s AI service predicts that Nvidia will be one of the top performers in 2024. The continued growth of the AI and gaming industries positions Nvidia to benefit from these markets.

Despite the U.S. chip export restrictions to China, which could potentially impact Nvidia’s shares, experts believe that the demand for Nvidia’s products remains high enough to mitigate any negative effects. Additionally, Nvidia’s current valuation is not considered overly expensive. With a price-to-earnings ratio just under 100, Nvidia is seen as a strong investment opportunity.

Alphabet (GOOG, GOOGL)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), the parent company of Google, is another highly recommended automated intelligence stock for 2024. Google, as the world’s leading search engine and advertising platform, is well-positioned to benefit from the continued growth of AI, cloud computing, and self-driving cars.

Despite a slight dip in share prices after releasing Q3 earnings, experts believe that the market overreacted. Google’s strong performance in search and advertising, along with its dominant position in these areas, makes it an excellent buy. While the company faced some challenges in its cloud revenues, the long-term growth potential of Google’s core business should not be overlooked.

Amazon (AMZN)

As the world’s largest online retailer, Amazon (NASDAQ:AMZN) is expected to be a top performer in 2024. With its strong presence in e-commerce, cloud computing, and AI, Amazon is well-positioned to benefit from the continued growth of these sectors.

The sustainable growth trends and vast resources of tech giants like Amazon make them attractive investment options. Analysts predict a 40-50% upside for Amazon shares, indicating confidence in its potential for significant returns. With its Amazon Web Services (AWS) division performing well and its focus on AI, Amazon is a strong contender in the automated intelligence space.

Microsoft (MSFT)

Microsoft (NASDAQ:MSFT), a leading software company, is expected to be a strong performer in 2024. With products such as the Windows operating system, the Office suite of productivity applications, and the Azure cloud computing platform, Microsoft is well-positioned to benefit from the growth of cloud computing and the digital transformation of businesses.

While Microsoft is likely to experience growth in 2024, some experts believe that its upside potential may be limited compared to other AI stocks. Microsoft has been a consistent player in the AI space, with significant investments in this technology. While this has paid off in terms of steady share performance, it may result in less explosive growth compared to other companies in the industry.

Meta Platforms (META)

Meta Platforms (NASDAQ:META), the parent company of Facebook, Instagram, and WhatsApp, is expected to deliver substantial gains in 2024. As the world’s leading social media company, Meta is well-positioned to benefit from the growth of social media and the digital advertising market.

Despite facing challenges in 2022, Meta has rebounded strongly in 2023, with ad revenues showing consistent improvement. The integration of AI into advertising promises further revenue growth. Moreover, Meta’s strong quarterly growth and commitment to the metaverse make it a compelling investment option. With streamlined operations and a focus on cutting costs while funding the metaverse, Meta is poised for success in the coming years.

Tesla (TSLA)

Tesla (NASDAQ:TSLA), the dominant player in the electric vehicle (EV) market, is expected to benefit from the continued growth of this industry. While EVs are here to stay, some experts have reservations about Tesla’s growth potential in 2024.

Trade tensions between the U.S. and China, specifically related to chip exports and graphite production, pose challenges for Tesla. These factors directly affect Tesla’s costs and could impact its margins. Additionally, increased market share and price reductions may further squeeze Tesla’s profitability. While Tesla remains a significant player in the EV space, experts suggest caution when considering its growth potential in 2024.

Taiwan Semiconductor Manufacturing Company (TSM)

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) is the world’s largest semiconductor foundry, producing chips for companies like Apple, Nvidia, and Qualcomm. With the continued growth of the semiconductor market, experts believe that TSMC is well-positioned to deliver strong performance in 2024.

While TSMC is a critical player in the industry, some experts have reservations about its growth potential compared to Wall Street’s expectations. However, the company’s efforts to bring chip manufacturing to the U.S. and its position as a major player in AI technology cannot be overlooked. With an expected revenue growth of $14 billion in 2024, TSMC has the potential to surpass consensus projections.

Conclusion

As we look ahead to 2024, automated intelligence stocks are set to be among the top performers in the market. Companies like Nvidia, Alphabet, Amazon, Microsoft, Meta Platforms, Tesla, and Taiwan Semiconductor Manufacturing Company are well-positioned to benefit from the continued growth of AI, cloud computing, e-commerce, social media, and the electric vehicle market.

While each stock has its unique opportunities and challenges, careful consideration of their growth potential and market dynamics is essential for investors. By diversifying their portfolios and staying informed about the latest developments in the tech industry, investors can position themselves for success in the evolving landscape of automated intelligence stocks.

Disclaimer: These are opinions of the writer, not investing advice and does not represent Chapin Industries Group.