Top 3 AI Stocks for Exceptional Growth in 2024

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By: Aquib Nawab


In recent times, artificial intelligence (AI) stocks have attracted significant investor attention. Many companies in this sector have witnessed substantial stock price increases in the past year. Some stocks have even doubled or tripled in value, making 2024 an exciting year for AI growth stocks.


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One of the standout companies in the AI sector is Nvidia (NVDA). Listed as NASDAQ:NVDA, has experienced remarkable growth, tripling in value over the past year. Financial experts remain optimistic, with 38 analysts giving it a "Strong Buy" rating and an average price target of $675.40.

1 - Nvidia (NVDA)

Credits: Venture Beat

Nvidia's Strong Performance

Nvidia's recent financial performance speaks volumes. Notably, the company reported an astounding 279% year-over-year growth in data center revenue during the third quarter of fiscal 2024. It's essential to recognize that Nvidia's influence extends beyond AI, with gaming revenue growing by 81% year-over-year and professional visualization revenue increasing by 108%.

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CEO Jensen Huang has expressed confidence in Nvidia's growth prospects. He highlighted several key growth areas for the company, including GPUs, CPUs, networking, AI foundry services, and Nvidia AI Enterprise software. These growth engines are propelling Nvidia's expansion in various verticals.

Nvidia's Growth Engines

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Listed as NYSE:ANET. Arista Networks plays a vital role in providing data-driven, client-to-cloud networking solutions for large data centers, campuses, and routing environments. As AI adoption continues to rise, Arista's services will be in high demand, potentially leading to increased revenue and earnings.

2 - Arista Networks (ANET)

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Arista Networks' Financial Performance

Arista Networks has demonstrated robust financial performance. In the third quarter of 2023, the company reported a notable 28.3% year-over-year revenue growth. Moreover, Arista Networks witnessed a substantial 54.1% year-over-year increase in net income, reflecting its solid 36.1% net profit margin.

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Arista Networks' stock performance has been exceptional. Over the past year, the stock has more than doubled in value, and over the past five years, it has seen a remarkable gain of 380%. Investors have taken note of Arista's compelling growth potential, making it a prominent choice in the AI sector.

Arista's Impressive Stock Performance

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Amazon (AMZN) is a conglomerate with interests in various verticals. The company's origins as an online marketplace have paved the way for diversification through ventures and acquisitions. Amazon's subsidiaries include Amazon Web Services, Twitch, and Whole Foods, all contributing to its expanding presence.

3 - Amazon (AMZN)

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Amazon's AI Initiatives

Amazon Web Services is a significant contributor to Amazon's AI initiatives. It simplifies the development of language learning models like ChatGPT, offering organizations time and cost savings. Amazon is also venturing into AI chip development and deepening its partnership with Nvidia, creating additional revenue streams.

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Amazon's stock performance has been robust. Over the past year, its shares have surged by 56%, while the five-year gain stands at an impressive 96%. The company's foray into artificial intelligence is expected to further accelerate revenue growth, which is already demonstrating double-digit year-over-year growth rates.

Amazon's Strong Stock Performance

Credits: CNBC

3 Must-Watch Stocks Just as Unstoppable as Nvidia