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Artificial intelligence is bound to change the future of the world. By fiscal year 2025, the artificial intelligence market size is expected to be $390.9 billion. However, this number does not tell the whole story. By FY2030, the projected growth of global GDP as a result of artificial intelligence is expected to be $15.7 trillion. This projection bodes well for AI stocks.
Clearly, this is a game changing technology for the world. The impact of AI will be felt across industries. As an example, AI-powered autonomous vehicles have the potential to reduce road accidents. Similarly, AI can prevent 86% of cyber-attacks.
Further, as research article from Harvard Business Review suggests, AI-driven companies can outstrip traditional firms in the long-term. This makes the adoption of AI a necessity across industries.
Considering the potential for growth, there are several companies in the race to grab market share.
My focus is on the following three AI stocks that can make significant inroads in AI in the coming years. These companies are likely to be long-term value creators as business from AI grows. Furthermore, these companies will shape a better and safer world through their AI-driven innovation.
The following companies are on my investment radar:
The first on this list of AI stocks to buy is Nvidia. Even as NVDA stock trades at 52-week highs, its worth considering with the company making significant inroads into AI. In particular, I am bullish on Nvidia’s focus on autonomous cars and the healthcare industry.
Nvidia has already partnered with the likes of Audi, Mercedes-Benz, Toyota, Volvo and Volkswagen for autonomous vehicles. Besides the revenue upside that is likely from these partnerships, autonomous vehicles are expected to “reduce accidents, improve the productivity of trucking and taxi services, and enable new mobility services.”
In the healthcare segment, Nvidia is making big progress. As an example, Nvidia is already providing researchers with AI that can detect and study infected patients through chest CT scan data. Further, Nvidia also made advances in the medical imaging industry for early detection, diagnosis, and treatment of disease.
From a valuation perspective, NVDA stock is trading at a price-to-earnings-ratio of 46.99. However, the company’s earnings growth is likely to remain robust, justifying premium valuations. I therefore expect the stock to continue trending higher.
Editor's Note: To read on, click here.
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