ADBE - 3 AI Stocks That Are Screaming Buys in August
2023-08-04 05:41:00 ET
Over the past year, generative artificial intelligence (AI) platforms like ChatGPT and DALL-E have cast a blinding spotlight on the disruptive capabilities of AI technologies. That hype sparked a buying frenzy in related stocks like Nvidia , which produces the chips used by data centers to process advanced AI tasks, and C3.ai , which develops AI algorithms to streamline and automate tasks across a company's existing infrastructure.
However, I believe Nvidia's stock has gotten overheated after its recent gains, while C3.ai's recent rally was mainly driven by market hype instead of any fundamental strengths or competitive advantages.
Therefore, investors should look beyond Nvidia, C3.ai, and the market's more popular AI plays to find less obvious ways to profit from the market's secular expansion. I believe Adobe (NASDAQ: ADBE) , Unity Software (NYSE: U) , and UiPath (NYSE: PATH) check all of the right boxes. Let's take a look at why these three AI stocks are strong buys in August.
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3 AI Stocks That Are Screaming Buys in August