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American Focus > Blog > Economy > These 2 Artificial Intelligence (AI) Stocks Are About to See Massive Growth
Economy

These 2 Artificial Intelligence (AI) Stocks Are About to See Massive Growth

Last updated: August 29, 2024 2:03 am
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These 2 Artificial Intelligence (AI) Stocks Are About to See Massive Growth
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Stocks tied to artificial intelligence have seen significant price movements over the past year, with some reaching all-time highs and others facing pullbacks. While not all AI stocks will experience massive surges, there are some that show potential for substantial growth. Two such stocks worth considering are Super Micro Computer (NASDAQ: SMCI) and Advanced Micro Devices (NASDAQ: AMD).

Super Micro Computer has experienced a remarkable run-up of over 3,000% in the last five years, despite being down more than 50% from its peak in March. The company, founded in 1993, gained traction in the tech industry as cloud computing workloads increased. The popularity of Supermicro’s servers, powered by Nvidia’s AI chips, has driven its stock price to new heights. With revenue reaching $15 billion in the first half of 2024, a 110% increase from the previous year, Super Micro Computer is poised for further growth. The stock is currently trading at 31 times earnings, with a low PEG ratio of 0.4, indicating potential for further appreciation.

On the other hand, AMD, while overshadowed by Nvidia in the AI chip market, has made significant strides to compete. The company recently launched its MI300 series of AI chips and acquired Silo AI, Europe’s largest AI lab, and ZT Systems, an AI infrastructure provider. These moves have bolstered AMD’s position in the data center AI market, with data center segment revenue growing by 98% year over year in the first half of 2024. As data center revenue becomes an increasingly significant part of AMD’s overall revenue, the company is well-positioned for accelerated growth.

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Both Super Micro Computer and AMD present compelling investment opportunities in the AI sector. Super Micro Computer’s steady growth trajectory and attractive valuation make it an appealing option for investors looking for long-term growth potential. Meanwhile, AMD’s strategic acquisitions and focus on the data center segment position it as a strong contender in the AI chip market. With the AI industry poised for continued expansion, both stocks offer promising prospects for investors seeking exposure to this high-growth sector.

TAGGED:ArtificialGrowthIntelligenceMassivestocks
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