Three Artificial Intelligence Stocks Poised to Excel in 2024
As we head into the halfway mark of 2024, investors are looking for promising opportunities in the stock market. Three Fool.com contributors have highlighted three dynamic artificial intelligence (AI) companies: Amazon, UiPath, and Monday.com as top ideas for the rest of the year.
Amazon: Leading the Pack
Amazon has been a standout performer in the market, with a 67% total return over the last 12 months, significantly outperforming the S&P 500. The company’s recent earnings report revealed impressive results, including a total revenue of $143 billion, a net income of $10.4 billion, and positive free cash flow of $50.1 billion.
Key drivers of Amazon’s growth include its advertising unit and Amazon Web Services (AWS), both leveraging AI technology. The company’s cost-cutting measures have also contributed to its profitability, making it a strong contender to continue its market-beating performance in the coming months.
UiPath: On the Path to Recovery
UiPath specializes in robotic process automation software, utilizing AI to drive automation solutions and enhance ROI for its customers. The company has seen steady revenue growth, reaching $1.3 billion in fiscal 2024, with a dollar-based net retention rate of 119%.
Despite a challenging market environment in 2022, UiPath’s potential for growth remains strong, making it an attractive investment opportunity. Investors can capitalize on the stock’s current pricing, with significant upside potential as the company’s performance aligns with its growth trajectory.
Monday.com: Disrupting SaaS
Monday.com offers low- and no-code work management software that streamlines business operations and collaboration. The company’s land-and-expand model has fueled rapid customer growth, particularly in high-budget categories, with customers spending significantly higher amounts year over year.
Despite Wall Street’s skepticism towards software stocks, Monday.com’s profitability and revenue growth are undeniably robust. Analysts project substantial earnings growth for the company, creating a compelling investment case for the remainder of 2024 and beyond.
Conclusion
Which of these three AI stocks (or indeed others) do you believe holds the most potential for market-beating performance in the coming months? Share your thoughts and insights in the comments below. Don’t miss out on the opportunity to engage in a discussion on the future of these dynamic companies in the AI space.
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