The rise of artificial intelligence (AI) has been nothing short of phenomenal over the past year, with the Nasdaq Composite seeing a 43% increase in 2023 largely due to the booming AI market. According to Grand View Research, the AI sector reached close to $200 billion in 2023 and is expected to grow at a compound annual rate of 37% until at least 2030, potentially reaching a market size of nearly $2 trillion by the end of the decade.
Despite the already impressive growth, there is still plenty of room for the AI market to expand further. Various industries, from consumer tech to cloud computing, autonomous vehicles, e-commerce, and more, are expected to benefit from AI advancements in the coming years.
In this blog post, we will highlight two artificial intelligence stocks that have the potential to turn investors into millionaires.
1. Advanced Micro Devices (AMD)
Advanced Micro Devices (AMD) is a leading player in the GPU market, a segment that has seen increased demand due to the rising interest in AI services. While Nvidia has dominated the GPU space, AMD is positioned as a strong competitor with a significant market share and promising outlook in AI. The company recently introduced its MI300X AI GPU, a chip designed to rival Nvidia’s offerings and has already secured partnerships with tech giants like Microsoft and Meta Platforms. Additionally, AMD is focusing on AI-powered PCs, aligning with the projected growth in PC shipments with AI integration.
Analysts predict significant potential for AMD’s stock in the coming years, with earnings estimates pointing to robust growth that could potentially double the stock price by fiscal 2026. With its strong position in the AI market, AMD presents an opportunity for investors to capitalize on the growing AI trend and potentially become millionaires.
2. Intel (INTC)
Intel has faced challenges in recent years, losing market share in the CPU space to competitors like AMD and losing its partnership with Apple for MacBook chips. However, the company has shown resilience and is making strategic moves to regain its footing in the market. Intel’s shift to an internal foundry model and investment in AI chips demonstrate its commitment to innovation and growth in the AI space.
Analysts project Intel’s earnings to increase over the next few years, potentially leading to a significant rise in stock price by fiscal 2026. With Intel’s strategic investments in AI and a new business model, the company has the potential to deliver substantial returns for investors and could pave the way to millionaire status.
In conclusion, the AI market offers ample opportunities for investors to capitalize on the industry’s growth and potentially achieve substantial wealth through strategic investments in companies like AMD and Intel. As AI continues to revolutionize various sectors, these two stocks stand out as strong contenders for investors looking to ride the AI wave to financial success.
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