You want to find the best AI stocks for 2023, right? We’ve put together a free in-depth dossier about five best AI Stocks for 2023 plus steps investors need to take to position.
Artificial intelligence (AI) companies gain more popularity throughout time. According to Zion Market Research, Global Artificial Intelligence industry is expected to be worth $422 billion in the next 5 years. Many companies will benefit from AI, but only a few of them have Artificial Intelligence (AI) at the core of their operations.
Read further to find out the businesses we identified as having the greatest potential in 2023.
What is Artificial Intelligence?
AI which stands for artificial intelligence (AI) refers to systems or machines that simulate human intelligence. They are built to mimic human actions to learn, make predictions and interpret patterns.
AI has established itself as a key revolutionary component of the approaching digital era. Many companies use AI to optimize their business.
The key players this year are technological giants like Facebook, Microsoft, IBM, Amazon, Google. They are making considerable investments in the research and development of AI.
What is An Artificial Intelligence Stock?
There aren’t many publicly traded, pure-play AI companies. In general, seek out AI stocks that apply AI technology to enhance their products or gain is a competitive advantage.
Here are some examples of Artificial Intelligence industries. Start your research in the following areas:
- Companies using robots in their manufacturing process.
- Smart assistants – virtual travel booking, automated financial investing and services, learning assistants, etc.
- Self-driving cars
- Healthcare
- Pharmaceuticals
- Cloud computing
- Cybersecurity
- Digital payment
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Is it wise to invest in the Best AI stocks for 2023?
Robotics, automation, and AI are causing disruption in almost every industry. Whether it’s smart applications, digital assistants, or self-driving vehicles, businesses that don’t invest in AI are facing the risk of going out of business.
Above all, AI stocks present an enormous opportunity. They could be great long-term investment even in the current market condition.
For some companies, the U.S government is a key customer. U.S. Secretary of Commerce Gina Raimondo announced in 2021 that the Commerce Department has established a The National Artificial Intelligence Advisory Committee to advice the President and other federal agencies on a range of issues related to AI.
In the race to create artificial intelligence technologies, the United States is competing with China and other nations. The U.S. government placed limitations on the export of AI software in early 2021. This step is part of the effort to prevent rival countries such as China from obtaining vital technologies.
Best AI Stocks to watch in 2023
In this paragraph, we’re going to discuss our list of five best AI Stocks for 2023:
Firstly, one of the best AI Stocks for 2023 is ….
Amazon (AMZN)
Amazon may be the corporation that uses AI the most. The comany began as an online store, but technology has always been the backbone of the business.
Every aspect of Amazon’s business incorporates AI, including targeted advertising, e-commerce search engines, and Amazon Web Services. In addition, Amazon uses AI to determine product rankings.
For example, one of the most well-liked virtual assistants is Amazon’s Alexa, which is already present in many American homes.
Additionally, Amazon provides a wide range of AI services to users of the AWS cloud, including Machine Learning, Chatbots, Safety and Security, and many more.
Amazon recently acquired iRobot for $61 a share. This all-cash deal valued Roomba maker at $1.7 billion. We are expecting this acquisition to help Amazon expand its presence in consumer robotics.
Amazon is a complex organization, and AI is far from the only area in which it may grow. However, Amazon is a wise pick if you’re wanting to invest in a business that is well-positioned to gain from the AI boom.
Secondly, our next choice for best AI Stocks for 2023 is…
Nvidia Corp (NVDA)
Nvidia is a pioneer in AI hardware and software. Company’s solutions include:
- AI Science – as the demand for AI technology grows, Nvidia meets AI needs with competitive technology, providing tools and algorithms to power the change in different industries.
- Cloud and robotics computing provides advanced medical imaging, intelligent recommenders for retail, automated customer service. Nvidia’s GPU solutions can access massive computing power on demand through cloud platforms.
- Self-driving vehicles – Nvidia DGX is a line of supercomputers. Their systems provide compute for optimization of the network models. NVIDIA DRIVE has Artificial Intelligence infrastructure and provides hardware and software for autonomous vehicles.
- And many other areas of focus.
The direction of the NVIDIA share price during the upcoming year depends on the company’s ability to handle anticipated global economic slowdown and any prospective legislation that could have an impact on its sales. Of course, there are other factors to consider, so we recommend you do your own research to get an informed understanding of where the stock could trade in 2023.
Thirdly, our next winner and one of the best AI Stocks for 2023 is …
International Business Machines Corp. (IBM)
IBM is a major research organization. For 29 consecutive years it is holding the most annual U.S. patents, generated by a business.
IBM Watson remains as a leader in AI technologies. It provides AI solutions across wide variety of industries:
- Business and IT operations
- Advertising
- Healthcare
- Financial operations tools
- Risk management and compliance
- Livestreamed and on-demand video
IBM was ranked #1 for AI lifecycle software market share in IDC report.
Most importantly, IBM has experienced consistent year-over-year revenue growth. According to analyst Wamsi Mohan, IBM is a great defensive AI stock buy, because of its substantial exposure to recurring sales, cost-cutting potential, impressive balance sheet, and reasonably stable margins. Please remember that past performance of IBM stock may not be indicative of future results.
Further, our next pick of the best AI Stocks for 2023 is …
Micron Technology, Inc. (MU)
Users expect a response from today’s intelligent edge devices in milliseconds rather than seconds. In order to accomplish this, the device must perform the inference and local processing on its own, without transferring data to the cloud for remote processing.
Micron’s high-speed LPDDR5 DRAM (dynamic random-access memory) and high-capacity SSDs are used to store and serve data for fast inference in edge devices.
During Covid-19 pandemic the tech demand increased and caused memory chips prices to skyrocket. The pandemic boom in memory chips is on hold right now. Prices are expected to decline in the fourth quarter and all of 2023 due to excess inventory.
Certainly, high inflation and rising interest rates have caused drops in the sales of smartphones, video games equipment and computers. Declines are expected to end by the spring and be close to flat by the end of 2023.
The demand for memory chips will continue to rise in the long run, especially in the AI industry, autonomous driving, industrial automation, and other industries that involve major data processing. Micron is a strong long-term bet on AI if you can handle a volatile stock.
in addition, our final stock from the list of the best AI Stocks for 2023 is …
Alphabet Inc. (GOOG, GOOGL)
Alphabet (GOOGL), the parent company of Google, just paid $100 million for Alter, an AI avatar startup that helps creators and marketers express their virtual identities. The deal is intended to assist Google in expanding its content offerings and fending off competition from other platforms like TikTok.
Earlier in 2022 was announced that Search was running a new AI architecture called Pathways. This should significantly improve the quality of Search and give the company more ways to monetize its operations.
On the other hand, AI creates opportunities in unexpected areas where Alphabet hasn’t traditionally competed. It has the potential to produce brand new revenue streams in areas like energy, biotechnology, autonomous driving and beyond.
That is to say, most of Alphabet’s recent problems are macroeconomic. We should acknowledge that the most advanced AI system the world has ever seen is likely hidden beneath Alphabet’s surface. It gives the company advantage that will become stronger over the coming years.
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Closing Remarks on Best AI Stocks for 2023
These five best AI Stocks for 2023 are all worth taking into consideration. That is to say, keep in mind that choosing companies in such a fast-moving industry is very unpredictable.
There are, however, some people who will disagree.
In conclusion, experts believe that specialized AI applications will more popular and more useful, enhancing our quality of life and global economy. Moreover, according to Price Waterhouse Coopers, by 2030 Artificial Intelligence (AI) will contribute more than $15 trillion to the US economy.
