AI

Best AI Companies to Invest in 2024 Globally

Artificial intelligence is the cornerstone of modern innovation, promising unprecedented advancements almost across all industries. And with this, the demand for investment in AI has never been more compelling. The integration of AI into business has revolutionized the market by streamlining the process. Hence, investing in AI companies is a golden opportunity for investors with farsightedness seeking substantial returns.  

Let’s delve into the best AI-based companies to invest in 2024 globally. This article includes the names of top companies that will bear fruit in the future. 

Best AI Companies To Invest In The World In 2024


AI stocks are shares of companies that work in the artificial intelligence space. There are many applications for AI, and thus a large variety of AI stocks:

TickerCompany
(MSFT)Microsoft Corp.
NVDANVIDIA Corp
SYMSymbotic Inc
PRCTProcept BioRobotics Corp
HLXHelix Energy Solutions Group Inc
ISRGIntuitive Surgical Inc
METAMeta Platforms Inc
IBMInternational Business Machines Corp.
GOOG, GOOGLAlphabet Inc.
AMZNAmazon.com Inc.
ADBEAdobe Inc.

Microsoft Corp. (MSFT)

Microsoft has integrated ChatGPT into its Bing search engine and reportedly invested $13 billion in OpenAI. A single AI experience known as Microsoft Copilot has been created by Microsoft by combining all of its AI products. Microsoft and AI startup Inflection inked a $650 million deal in March 2024, which would grant Microsoft access to Inflection’s models and enable Microsoft to hire the majority of Inflection’s 70 employees to work for Microsoft AI. Analyst Joseph Bonner says Microsoft’s AI and cloud investments make the stock a premier business technology investment. Argus has a “buy” rating and a $475 price target for MSFT stock, which closed at $420.45 on April 3.

Alphabet Inc. (GOOG, GOOGL)

Alphabet, the parent company of Google and YouTube, uses AI and automation in almost every aspect of its operations, including Gmail spam filters, ad pricing, and content promotion. In March 2023, Google introduced its Bard AI chatbot. Later, Google unveiled Gemini, its most powerful AI model, in December. When Bloomberg revealed in March that Alphabet and Apple Inc. (AAPL) were in talks to license the Gemini AI engine for use in iPhones, the company’s stock price shot up. Google’s stock, which closed at $154.92 on April 3, has a $170 price target set by Argus, and Bonner claims that the company is a leader in the development of generative AI.

Nvidia Corp. (NVDA)

Nvidia, a high-end chip manufacturer, offers the enormous processing capacity required to run sophisticated AI applications. In 2023, Nvidia outperformed all other S&P 500 stocks, primarily because of its exposure to artificial intelligence. Nvidia experienced a startling 265% increase in revenue and a 768% increase in net income in the fourth quarter due to demand for its high-end AI chips. According to Kelleher, Nvidia is continually releasing generative AI tools that are more and more potent, and it is currently powering multimodal, trillion-parameter models. He claims that introducing more expensive products will increase margins even more. With a $950 price target, Argus maintains a “buy” rating on NVDA stock, which closed at $889.64 on April 3.

Adobe Inc. (ADBE)

Adobe creates applications for marketing and e-commerce in addition to creative content software. Customers are expressing interest in the company’s Firefly generative machine learning model in Photoshop, Illustrator, and other platforms. With its Adobe Analytics, Campaign, and Target products, Adobe has also integrated its Sensei AI and machine learning technology. With its Reader and Acrobat apps, Adobe has introduced an AI assistant that can search, summarize, and respond to inquiries regarding PDF documents. Adobe will keep making investments in new product extensions, according to Bonner, with generative AI as a key focus. The price target of $675 and a “buy” rating of Argus are set for the ADBE stock, which ended the week at $497.01.

Symbiotic Inc

Symbiotic has demonstrated remarkable revenue growth, surpassing $1 billion in sales for the first time in 2023. Their backlog suggests that demand is still there. They are the industry leader in the quickly expanding field of AI-powered warehouse automation. This technology offers significant efficiency gains for customers like Walmart.

Although symbiotics have grown significantly, their recent performance has been uneven. They were down 14.08% so far this year, but they produced a solid 225.94% total return over the previous year. They’re a high-growth, high-risk company in a hot sector (AI). Consider their future potential alongside the lack of current profitability before investing.

Procept BioRobotics Corp (PRCT)

The surgical robotics startup PROCEPT BioRobotics Corporation is committed to improving patient care by creating ground-breaking urology solutions. It has a consensus rating of Strong Buy, which is based on 6 buy ratings, 1 hold rating, and 0 sell ratings. The average price target for PROCEPT BioRobotics is $56.67. This is based on 12-month price targets released by seven Wall Street analysts during the last three months.

In the most recent trading session, the shares of Procept Biorobotics Corp. fluctuated between $45.68 and $48.53. Currently, there are 50.63 million shares of Procept Biorobotics Corp. stock available for purchase. The stock of Procept Biorobotics Corp was trading at $49.41 as of April 8, 2024, 4:00 PM CST.

Helix Energy Solutions Group Inc (HLX)

Helix Energy Solutions Group is an offshore energy services provider, specializing in robotics, good intervention, and full-field decommissioning operations. It offers specialized services to the offshore energy sector. It currently holds a Zacks rank of #2 (buy) and a value grade of A. HLX has a consensus rating of moderate buy, which is based on 2 buy ratings, 0 hold ratings, and 0 sell ratings.

The P/E ratio of the stock is currently 12.02, compared to the industry average of 12.35. With a median of 13.13, HLX’s forward P/E has ranged from 9.53 to 48.95 over the last year.

Intuitive Surgical, Inc

Robotic-assisted technology, instruments, and services are the focus of Intuitive Surgical, Inc., the company that created the da Vinci surgical system.  Because of its strength in robotics, ISRG is well-positioned for growth in the upcoming quarters. The optimism is anticipated to grow further, driven by the positive 2023 results and its advancements in artificial intelligence (AI). 

The average price target set by analysts indicates that Intuitive Surgery has an 8.66% upside potential. Intuitive Surgical has a consensus rating of moderate buy, which is based on 13 buy ratings, 6 hold ratings, and 0 sell ratings.

Meta Platforms Inc. (META)

Meta Platforms is a market leader in social media and online advertising and is the owner of Facebook, Instagram, and other platforms. The most potent OpenAI model is allegedly being surpassed in power by a new Artificial Intelligence system that Meta is reportedly developing. According to Meta, its AI technology has helped advertisers see an average 32% increase in return on their investment since January. Bonner says that to maximize its performance and monetize its enormous user base, Meta will keep incorporating AI technology into its platforms. With a target price of $550, Argus maintains a “buy” rating on META stock, which ended the trading day at $506.74.

International Business Machines Corp. (IBM)

IBM has been working on adapting its AI supercomputer Watson to transform academia, finance, legal services, and health care for years. Applications to enhance customer service, automate workflow procedures and forecast results are included in IBM’s Watson AI solution portfolio. Watson Studio from IBM even assists business clients in developing in-house advanced solutions. The AI Alliance is a global community of AI developers that was established in December 2023 by IBM and Meta with the goal of “advancing open, safe, and responsible AI.” Kelleher says Watsonx.ai is an impressive AI and data platform that includes three comprehensive foundation models. Argus has a “buy” rating and a $225 price target for IBM stock, which closed at $190.90 on April 3.

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Why invest in Artificial Intelligence companies?

Investment in AI companies offers compelling returns. Recent data marks a 40%+ compound annual growth rate for the global AI market. The transformative impact can be widely witnessed across industries, from healthcare to finance, and fuels innovation and drives competitive advantage. By strategically allocating funds to AI stocks, investors position themselves to capitalize on this exponential growth trajectory, potentially yielding lucrative returns in the dynamic landscape of technological advancement.

In conclusion, investing in artificial intelligence companies represents a strategic move towards securing future fortunes and driving sustainable returns. By identifying and investing in the best AI companies poised for success in 2024, investors can position themselves at the forefront of a transformative revolution, poised to reshape industries and redefine the future of technology.

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Winny

Winny is a fervent tech writer with a flair for simplifying complex concepts into layman’s language. Highly skilled in crafting content and translating tech jargon, she delivers articles, guides and document information to educate and empower. Get into the world of technology with the best chauffeur, bridging the gap between you and industrial science with clarity and precision.

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