The Top 3 Tech Stocks Set to Skyrocket From AI

According to data from Grand View Research, the world's most popular cryptocurrency, Bitcoin, is projected to have a compound annual growth rate (CAGR) of 27% through 2030. Meanwhile, the artificial intelligence (AI) market is expected to have a CAGR of 36% in the same period.

While other crypto options might offer more growth, it's hard to justify passing up the reliability of the tech market for the potential volatility that has become commonplace among cryptocurrencies.

The launch of OpenAI's ChatGPT last November kicked off a boom in AI and has attracted countless tech companies. It is expected to boost numerous sectors across tech, including cloud computing, healthcare, consumer products, education, and more. As a result, investing in the companies pushing the technology could be a way to enjoy significant gains over the long term. 

Here are three artificial intelligence stocks with more potential than any cryptocurrency. 

1. Advanced Micro Devices

Advanced Micro Devices (AMD) has a history of outperforming the crypto market. Its stock has climbed about 425% in the last five years, with Bitcoin's price rising 310% in the same period. Even since the start of 2023, AMD has offered more growth than the cryptocurrency. 

The chipmaker is investing heavily in AI, pouring significant resources into developing hardware that will match market leader Nvidia‘s products.

In June, it debuted the MI300X, which the company calls its most powerful graphics process unit (GPU). It remains to be seen what companies will use the MI300X, but AMD has lots of support since increased competition will bring down the cost of chips.

It also expanded its position in AI last year with the acquisition of Xilinx, which has developed software that uses AI accelerators. And that experience in the field led AMD to bring on Victor Peng, former president of Xilinx, as its head of AI strategy. 

As a leading chipmaker, AMD has great possibilities in AI, with its growth history giving it more potential than any cryptocurrency, making its stock an attractive buy this month.

2. Amazon

Amazon (AMZN) has exciting prospects in artificial intelligence as the home of the world's largest cloud platform, Amazon Web Services (AWS). The company has made a major push into the technology this year by unveiling several new AI tools on that platform. 

In June, the company debuted Bedrock, a service that helps clients build chatbots and image generators. Another new service, CodeWhisperer, is geared toward developers by producing code. And HealthScribe can transcribe meetings between doctors and patients.

These new services attracted thousands of customers to AWS, with SonyRyanair, and Sun Life Financial among the companies recently signing on to use Bedrock.

Amazon is further diversifying its position in AI by becoming one of the first cloud companies to venture into chip production. The company announced in June that it had developed two new chips, promising the best price-to-performance in the market. The tech giant's brand recognition and dominance in the cloud industry could attract many companies to its hardware. 

Amazon's stock has increased by 61% since Jan. 1, outperforming Bitcoin and Ethereum. With expanding positions in multiple areas of AI, the company could offer far more gains over the long term. 

3. Apple

Apple (AAPL) holds leading market shares in smartphones, tablets, smartwatches, and headphones. This command over tech gives it the potential to become a leading driver in the public adoption of AI. Studies have proven consumers' preference for Apple's products, which will be the tools to get AI into the hands of millions of users worldwide. 

In early August, Tim Cook said in an earnings call that an increase in research and development spending was driven primarily by work on generative AI. And Bloomberg reported in July that Apple has built its own framework for creating large language models and has used it to develop an AI chatbot that its engineers have dubbed Apple GPT. 

The iPhone maker is gradually introducing AI-enabled features across its product lineup. In June, Apple announced a revamp to the iPhone's autocorrect that uses a language model to better predict users' texting styles. AirPods Pro will automatically turn off noise canceling once the wearer starts a conversation, a feature made possible by AI.

Apple is the world's most valuable company, becoming the first to achieve a market cap of $3 trillion earlier this year. The company's journey in AI isn't as far along as it is for companies like Microsoft or Amazon. However, that could mean its stock has more room to run. Meanwhile, its dominance in multiple areas of tech and vast resources could take it far with AI. And with that, Apple's stock is a far better bet than any cryptocurrency.


Originally published on Fool.com

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