Artificial intelligence (AI) is still creating waves in the technology space, with the market for AI set to reach nearly $2 trillion by 2030. While established AI stocks have seen their share prices explode this year, there are still options available for investors who may have missed out on those opportunities. Here are three AI stocks that are flying under the radar.
Amazon is launching a smarter and more conversational version of its popular voice assistant, Alexa, powered by AI. The company hopes that this will strengthen its position in the AI sector. Amazon engineers and programmers are using generative AI to optimize and integrate the company’s suite of smart home products. Amazon stock is up 50% year to date.
Microchip and semiconductor company Advanced Micro Devices (AMD) is making moves to become a leading supplier of chips and semiconductors for AI applications. In June, AMD introduced a new AI microchip called the MI300X, designed specifically for large language models and other generative AI applications. AMD stock is also up 50% year to date.
Adobe’s recent earnings report showcased the company’s new suite of generative AI products. The company reports that its AI products are already contributing to its earnings, and it plans to raise prices on its AI applications. Adobe’s Firefly suite of AI tools, which includes a popular text-to-image feature, has been well-received by customers. Adobe stock is up 52% in 2023.
While these stocks may not be as well-known as the established AI players, they are still strong contenders in the AI sector. As AI continues to advance and influence various industries, these under-the-radar stocks may prove to be solid investments for those looking to capitalize on the AI revolution.
