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2 AI Stocks To Watch In June 2024

Posted June 18, 2024 at 10:30 am
Brett David

AI stocks to watch in the stock market today.

The stock market’s artificial intelligence sector is gaining significant attention. This has been mainly driven by advancements in technology and increasing integration of AI across various industries. Companies involved in developing or utilizing AI technology, ranging from software creators to hardware manufacturers, are attracting investors looking for growth opportunities. The appeal of AI stocks lies in their potential to revolutionize industries. For example, industries such as healthcare, finance, automotive, and consumer electronics. They’ve been able to do with innovations like automated diagnostics, financial advising algorithms, self-driving cars, and smart appliances.

However, investing in AI stocks comes with its challenges. The AI sector is highly competitive and rapidly evolving, which can lead to volatility in stock prices. Investors must be prepared for the risks associated with the fast pace of technological change and potential regulatory changes affecting AI applications. Moreover, the high valuation of many AI companies can be a barrier for some investors, making these stocks susceptible to significant fluctuations based on market sentiment and technological breakthroughs or setbacks.

Overall, buying AI stocks offers a chance to participate in the growth of cutting-edge technology that could shape the future of many industries. Yet, it requires careful consideration of the potential risks and rewards, making it crucial for investors to conduct thorough research. With this being said, let’s explore two AI stocks to keep an eye on in the stock market this week.

AI Stocks To Consider Right Now

Palantir Technologies (PLTR Stock)

Leading off, Palantir Technologies Inc. (PLTR) specializes in big data analytics. The company offers software platforms that allow organizations to integrate, manage, and secure vast amounts of data. Their products, notably Palantir Gotham and Palantir Foundry, serve government agencies, financial institutions, and commercial enterprises by enhancing data-driven decision-making processes.

Late last month, Palantir Technologies announced a new contract awarded by the Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO). The contract, valued at an initial $153 million with potential growth up to $480 million over five years, will integrate Palantir’s AI-enabled operating system across the Department of Defense to support the CJADC2 strategy. Additionally, Palantir received a $33 million prototype Other Transaction (OT) to enhance third-party and government capabilities within a Palantir-operated data environment. This initiative is part of a broader effort to enhance warfighter decision-making through advanced AI and data integration.

Year-to-date, shares of PLTR stock have surged higher by 50.90% so far. Moreover, during Tuesday’s morning trading session, Palantir Technologies stock is trading modestly lower by 0.16% at $24.98 a share.

Meta Platforms (META Stock)

Second, Meta Platforms Inc. (META), formerly known as Facebook, operates a global social media and technology conglomerate that includes platforms such as Facebook, Instagram, WhatsApp, and Oculus. Meta’s services connect billions of people worldwide, facilitating communication, content sharing, and community building.

Last month, Meta Platforms announced that its board of directors declared a quarterly cash dividend. The dividend, set at $0.50 per share, applies to both Class A and Class B common stock. It is payable on June 26, 2024, to stockholders of record as of June 14, 2024. This equals an annual dividend yield of 0.40% for shareholders.

Moving along, in 2024 thus far, shares of META stock have jumped higher by 45.74% YTD. Meanwhile, on Tuesday morning, Meta Platforms stock opened red down 0.52%, currently trading at $504.11 a share.

Originally Posted June 18, 2024 – 2 AI Stocks To Watch In June 2024

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