HomeFinance News2 AI Stocks to Make You Rich in 2024: Forget Nvidia

2 AI Stocks to Make You Rich in 2024: Forget Nvidia

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In 2023, Nvidia was the dominant force in the artificial intelligence (AI) market, supplying 80% of the training chips needed for AI development. However, with the long-term potential of AI, investors are advised to diversify their portfolios. Two potential companies to consider for investments are Alphabet (Google) and Meta Platforms (formerly Facebook), both offering opportunities in AI and data management. Google is incorporating AI infrastructure into its cloud-computing platform and plans to develop its proprietary AI chips, while Meta is focusing on generative AI to optimize advertising and improve consumer-facing platforms.

Alphabet, with its market cap of $1.79 trillion, has the potential for continued expansion through AI integration into its cloud-computing platform. With an emphasis on AI infrastructure and data management, Google is positioning itself as a one-stop shop for enterprise clients’ AI training needs. Additionally, its forward price-to-earnings (P/E) multiple of 22 makes it a relatively low-cost investment with significant potential for market-beating growth. On the other hand, Meta Platforms has been making strides in generative AI, using large language models to create content and developing conversational AI experiences. With a forward P/E of just 22, Meta Platforms shows promise for long-term potential and market-beating growth.

Looking ahead to 2024 and beyond, the AI landscape is expected to become increasingly competitive, especially on the software side of the market. Therefore, it is wise for investors to consider companies with potential economic moats. Both Alphabet and Meta Platforms are well-positioned due to their extensive user data, which can be used to train and refine AI algorithms. Overall, these companies demonstrate significant potential for long-term growth and are attractive options for investors seeking opportunities in the AI market.

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