How 8 Top Artificial Intelligence (AI) Stocks Have Performed So Far In 2024

AI is the hottest industry in the investing world right now, but different companies have experienced wildly varying results this year

In the investing world, artificial intelligence (AI) has become a buzzword that lights up the eyes of many playing in stocks. The burgeoning new technology has some eying a rapidly growing market as a hotspot in which to potentially make money for years to come as new advances and uses are unveiled. Investors have been peeling their eyes trying to find what they believe are the best opportunities in AI companies, but how have some of the top stocks performed thus far in 2024?

The AI space was expected to generate approximately $196 billion in 2023. Incredibly, it’s projected that from there, it should have a compound annual growth rate of better than 37% until 2030. Key contributors to this should include these companies:

NVIDIA (NVDA): Current Price- $826.56 Growth Since January 1, 2024: +72%

The easy early choice for investing darling of 2024, NVIDIA had chewed through resistance to keep pushing higher and higher. Its success is largely built on boasting a large share of the market that produces computer chips and software and hardware that services artificial intelligence.

UiPath (PATH): Current Price- $23.65 Growth Since January 1, 2024: -0.7%

In an industry that has seemingly been on fire of late, PATH has largelytreaded water thus far in 2024, remaining almost completely flat. Specializing in producing software specific to robotic process automation (RPA), their products may see a jump in demand as other AI companies expand their own offerings and need what they have to offer.

C3.ai Inc. (AI): Current Price- $35.35 Growth Since January 1, 2024: +23.0%

Having reached a high of nearly $49 within the past year, AI is currently well off that peak. According to their website, the company provides “over 40 turnkey Enterprise AI applications that meet the business-critical needs of global enterprises in manufacturing, financial services, government, utilities, oil and gas, chemicals, agribusiness, defense and intelligence, and more.” As artificial intelligence is further embraced by various industries, it will be interesting to see how that may impact AI’s own growth.

SoundHound AI Inc. (SOUN): Current Price- $6.07 Growth Since January 1, 2024: +191.8%

If NVIDIA (which as of earlier in February, owns about $3.7 million in SOUN stock- about 0.7% of company) is the darling of stock investors this year, SOUN has made a hard charge in recent weeks to challenge for the honor. SOUN specializes in speech recognition and voice AI, which has been an exploding side industry of its own. This combined with NVIDIA’s recent investment has raised their profile considerably.

Alphabet (GOOGL): Current Price- $137.00 Growth Since January 1, 2024: -0.9%

After reaching all-time highs in price this past year, Alphabet has had an up and down 2024 with its share price. However, their robust involvement in AI, including various applications, language models and a virtual assistant make them a power player in the space.

Symbiotic Inc. (SYM): Current Price- $40.99 Growth Since January 1, 2024: -17.5%

Specializing in building and operating retail, wholesale and grocery warehouses using robotics and AI, the potential of this company’s offerings is in stark contrast to their disappointing performance so far in 2024. However, much of this can be attributed to recent dilution meant to raise capital to keep building.

Intuitive Surgical, Inc. (ISRG): Current Price- $398.00 Growth Since January 1, 2024: +20.2%

Just a little over a dollar away from its all-time high, ISRG has powered forward, including a recent healthy beat of its 2023 Q4 projections. A manufacturer of robotics that assist in surgical procedures, they have a healthy market to sell to if they can develop the right innovations.

Advanced Micro Devices (AMD): Current Price- $203.17 Growth Since January 1, 2024: +46.6%

The chip maker has seen its star rise in conjunction with earning a greater share of the market and also on the heels of NVIDIA’s dominance. Being a major player in the chip space is an enviable place to be as AI starts to really take off.

DISCLAIMER: The author is not a financial advisor or expert. The opinions expressed in this article are intended for general educational purposes and entertainment only. They are not intended in any way to provide specific advice or recommendations for any individual or on any specific security or investment asset. Individual investors are responsible for their own money and investment decisions. Remember, there is no guarantee that stocks or cryptocurrency will fulfill the analysts’ projections or increase in value. Please always do your own due diligence and if you invest, do so with proper caution. The author holds a small position in GOOGL, SOUN and NVDA at the time of publishing.

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