3 High-Growth Stocks in the Artificial Intelligence Industry

Stocks to buy

Artificial intelligence is a multitrillion-dollar opportunity in the making. 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. Morgan Stanley says AI is creating a potential $6 trillion opportunity for the tech industry. Bank of America says we’re on the brink of an iPhone moment with a potential $15 trillion impact. Cathie Wood’s Ark Investment Management says AI could increase the productivity of workers, leading to economic output of $200 trillion.

In short, the AI story could get big, fast. Here are three of the top high-growth AI stocks to buy.

C3.ai (AI)

Source: shutterstock.com/Below the Sky

AI could soon be a $600 billion addressable software market, says C3.ai (NYSE:AI) CEO Tom Siebel, as noted by Yahoo Finance. “Everyone will be using enterprise AI applications, just like they use PCs, just like they use relational databases, just like we use CRM. Generative AI definitely accelerated the interest in AI. So, AI is now at a peak, and that seems to work very well for C3.ai because I think we’re the largest application player in that space.”

Better, the company is making money by developing AI solutions and software for companies in several industries. That includes manufacturing, oil and gas, utilities, financial services, government, and more. Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), for example, partnered with C3.ai to boost cloud services.

Nvidia (NVDA)

Source: Shutterstock

Next up on the list of artificial intelligence stocks to own is Nvidia (NASDAQ:NVDA), a pioneering force behind AI. This is the company that provides the processing power needed to run AI applications. With that, it could see significant revenue.

Cowen 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. Raymond James also likes NVDA, rating the stock a “strong buy.” Cowen analysts noted NVDA is a key enabler for AI across vertical industries.

Better, according to Credit Suisse, NVDA is the “leading silicon AI enabler.” “Nvidia’s software will be its ‘competitive moat’ in AI that keeps other companies at bay.”

The firm has a current price target of $275 on NVDA stock.

Global X Robotics & Artificial Intelligence ETF (BOTZ)

Source: Have a nice day Photo/Shutterstock

If you are on the hunt for high-growth AI stocks, you can always diversify with an exchange-traded fund, such as the Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ). With an expense ratio of 0.68%, or $68 on an initial $10,000 investment, the ETF invests in companies that stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI).

This includes those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles, according to Global X. Some of its top holdings include Nvidia, Intuitive Surgical (NASDAQ:ISRG), SMC Corporation (OTCMKTS:SMCAY), iRobot Corporation (NASDAQ:IRBT) and Accuray (NASDAQ:ARAY).

On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

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