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Here are highlights from Friday's Analyst Blog:
4 A.I. Stocks with Ample Growth Potential in 2024
The year 2024 has thus far proved to be a landmark for artificial intelligence stocks, propelled by the technology's rapid growth and accelerating adoption across myriad industries. From healthcare revolutionizing drug discovery and patient care to finance harnessing AI's predictive prowess to manufacturing and optimizing processes with machine learning, AI's disruptive influence cast a broad footprint.
Per a Grand View Research report, the global artificial intelligence market size is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030. It is projected to reach $1,811.8 billion by 2030.
Various companies are implementing AI-based solutions such as RPA (Robotic Process Automation) to enhance the process workflows to handle and automate repetitive tasks. AI-based solutions are also being coupled with IoT (Internet of Things) to provide robust results for various business processes.
The AI in hardware market is poised for remarkable expansion, projected to swell from $20.88 billion in 2023 to $25.96 billion in 2024, exhibiting an impressive 24.3% CAGR. This trajectory is anticipated to persist, with the market forecast to reach $58.61 billion by 2028, maintaining a robust 22.6% CAGR. Key trends expected to shape this period encompass the accelerated pace of urbanization, further dissemination of internet connectivity, the continued evolution of smart city infrastructures, a rising appetite for self-driving vehicles, and an intensifying need for cloud-based computing capabilities.
Generative AI and AI-related startups have attracted close to $50 billion in investments since 2023, affirming the growing interest in the technology and its applications. Microsoft (NASDAQ: MSFT) invested close to $13 billion in OpenAI as it sought to gain a front seat in the startup's AI innovations. Anthropic is one of the startups that raised close to $2 billion from investors led by Google as it sought a valuation of close to $30 billion.
Gartner estimates 240 million GenAI smartphones and 54.5 million AI PCs will be shipped worldwide by the end of 2024, representing 22% of all PCs and basic and premium smartphones, respectively. PC shipments are also expected to grow 3.5% in 2024, while smartphone shipments are expected to grow 4.2%.
Amid the fervent AI boom, shareholders have been hunting for the pioneers and visionaries adept ...