Wall Street has identified 13 AI stocks that are set to dominate the market in 2024. These stocks have been carefully selected by top analyst firms like Wedbush, Goldman Sachs, and Jefferies, who are excited about their potential in the AI sector. The popularity and significance of these stocks are evident from the number of hedge funds holding them in Q4 2023.
Among the top picks is Palo Alto Networks, Inc. (NASDAQ:PANW), a cybersecurity company based in California. With 77 hedge fund holders and a YTD performance of -4.4%, Palo Alto Networks has doubled in value over the past year and is considered a key player in the AI space. Analysts are bullish on the company, with Wedbush analyst Dan Ives comparing it to the “Messi” of AI.
Intuitive Surgical, Inc. (NASDAQ:ISRG) is another standout stock with 82 hedge fund holders and a YTD performance of +16%. The company specializes in robotics for surgical medical assistants and has seen a 19% gain in 2023. Analysts believe that Intuitive Surgical is well-positioned to benefit from AI applications in the healthcare sector.
Snowflake Inc. (NYSE:SNOW) is a cloud computing company with 86 hedge fund holders and a YTD performance of -11.6%. The company’s Data Cloud platform is expected to be a major beneficiary of advancements in AI, making it a top pick for Wall Street analysts.
Oracle Corporation (NYSE:ORCL) is a software infrastructure company with 100 hedge fund holders and a YTD performance of +7.7%. The company’s OCI Generative AI Service has been updated to compete with major players like AWS and Microsoft, positioning it well to capitalize on the AI frenzy.
These are just a few of the AI stocks that Wall Street has identified for 2024. With the growing interest in AI technology and its applications across various sectors, these stocks are expected to drive significant returns on investment for investors and stakeholders.
