Artificial intelligence and related technology giving machines and systems the ability to make decisions is a fast-growing industry. Global spending on AI grew by a double-digit percentage in 2020, and the pace of expansion is only expected to continue in the years to come.
But rather than picking some smaller up-and-coming names like I did last month , I'm focusing my attention on larger companies like Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) , IBM (NYSE: IBM) , and Fortinet (NASDAQ: FTNT) to kick off 2021. Here's why.
2020 was a big year for tech -- even big tech. But among the FAANG stocks ( Facebook (NASDAQ: FB) , Apple (NASDAQ: AAPL) , Amazon (NASDAQ: AMZN) , Netflix (NASDAQ: NFLX) , and Google), Google parent Alphabet fared the worst. It was up "only" 30% on the year, dragged down, along with Facebook, by its reliance on advertising revenue and plagued with regulatory and antitrust scrutiny.
For further details see:
3 Top Artificial Intelligence Stocks to Buy in January