SOUN - 2 Artificial Intelligence (AI) Stocks That Could Go Parabolic
2023-11-24 06:20:00 ET
Technology stocks have been on fire in 2023, which is evident from the 51% surge in the Nasdaq-100 Technology Sector index, and one of the primary reasons behind this impressive rally is the growing adoption of artificial intelligence (AI) across multiple industries.
However, not all companies that could benefit from AI adoption have performed well on the stock market this year. Confluent (NASDAQ: CFLT) and SoundHound AI (NASDAQ: SOUN) are two such names that have underperformed the Nasdaq-100 Technology Sector index. While shares of SoundHound AI are up 23% in 2023, Confluent stock has dropped 14%.
But investors may want to take advantage of the current underperformance of these tech stocks and buy up a few shares before they go parabolic, driven by companies' healthy levels of growth and the impact of AI adoption on their businesses. A parabolic move refers to the rapid rise in the stock price of a company in a short period, similar to the right side of a parabolic curve on a chart.
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2 Artificial Intelligence (AI) Stocks That Could Go Parabolic