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2 Top AI Stocks To Watch In June 2023

2 Top AI Stocks To Watch In June 2023

Posted June 23, 2023 at 11:00 am
Brett David
StockMarket.com

AI stocks to check out in the stock market now.

Artificial Intelligence, or AI, is like the brainpower for machines. It’s what allows things like your phone’s voice assistant or self-driving cars to work. Because AI is becoming a big part of so many different things we use daily, companies that work with AI are getting a lot of attention. This means that AI stocks (pieces of ownership in these companies) could be a good watch for investors.

In other words, AI is like a superhero in the tech world. Giving superpowers to all kinds of businesses, from doctors to banks to factories. They use AI to work faster, make smarter choices, and come up with cool new stuff. So, if you buy stocks in these AI companies, you’re not just potentially making money, you’re also supporting the tech that’s changing our world.

But here’s the thing: investing in AI stocks is not a sure bet. It’s a bit like a race where a bunch of companies are trying to be the best at AI. Some might not make it, but others could end up doing really well. So, if you’re interested in how tech is changing the world and want to be a part of it, AI stocks could be your ticket. That said, let’s look at two trending ai stocks to watch in the stock market today.

AI Stocks To Buy [Or Avoid] Right Now

NVIDIA (NVDA Stock)

First, NVIDIA Corporation (NVDA) is primarily known for its role in the graphics processing units (GPUs) industry. GPUs are vital for high-end video game graphics. Additionally, they are increasingly being utilized in AI applications, owing to their capacity to handle complex computations simultaneously.

At the end of last month, NVIDIA announced a collaboration with SoftBank Corp. In detail, the partnership aims at bolstering SoftBank’s upcoming data centers using NVIDIA’s GH200 Grace Hopper Superchip. The key goal is to facilitate the efficient and effective deployment of generative AI applications and 5G/6G services. The proposed architecture for this collaboration involves new AI data centers distributed across Japan, leveraging the innovative NVIDIA MGX reference architecture and the Arm Neoverse-based GH200 Superchips. The collaboration promises not only to reduce costs but also to enhance energy efficiency and optimize performance, scalability, and resource utilization for various application workloads.

Looking at the last month of trading, NVDA stock is trading higher by 36.43%. While, during Wednesday morning’s trading session, shares of NVDA stock opened lower by 2.80% at $425.83 a share.

NVIDIA (NVDA Stock)

Source: TD Ameritrade TOS

Microsoft (MSFT Stock)

Next, Microsoft Corporation (MSFT) is a tech giant that offers a vast array of products and services. This includes encompassing software, hardware, and cloud services. The company has made significant strides in AI, integrating AI capabilities into products like Azure, its cloud platform, and Office 365.

Just last month, Microsoft reported its Q3 2023 earnings, with impressive figures surpassing market expectations. The tech giant reported earnings per share of $2.45, surpassing the predicted earnings of $2.22, and posted a total revenue of $52.9 billion, higher than the forecasted $51.0 billion. A year-over-year comparison reveals that Microsoft managed to grow its revenue by a notable 7.1%. During the earnings call, the company also offered a glimpse into their Q4 expectations, forecasting revenue to land somewhere between $54.85 billion and $55.85 billion.

In the last month of trading, shares of MSFT stock are up 4.13%. Meanwhile, during Wednesday’s mid-morning trading session, Microsoft stock is trading lower on the day so far by 1.04% at $334.52 a share.

Microsoft (MSFT Stock)

Source: TD Ameritrade TOS

Originally Posted June 21, 2023 – 2 Top AI Stocks To Watch In June 2023

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