SPECIAL REPORT The Top 7 Stocks for 2024

3 AI Stocks to Buy Now to Turn $5,000 Into $15,000


  • Here are three top ways to trade the AI boom on dips.
  • Apple (AAPL): Apple will spend $1 billion a year to catch up with the generative AI boom.
  • SoundHound AI (SOUN): This beaten-down AI stock has a $500 million opportunity in front of it.
  • Roundhill Generative AI & Technology ETF (CHAT): This ETF offers diversification with top AI names for less than $27 a share.
AI stocks - 3 AI Stocks to Buy Now to Turn $5,000 Into $15,000

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It’s nearly impossible to keep up with all the advancements in artificial intelligence (AI) stocks. In fact, as noted by TechXplore.com, “It has become nearly impossible for human researchers to keep track of the overwhelming abundance of scientific publications in the field of artificial intelligence and to stay up-to-date with advances.”

What we do know is the AI story won’t slow any time soon. Instead, the AI boom — which could be worth $1.8 trillion by 2030 — is already changing just about everything, including drug discovery, education, finances, legal issues and cyber threats. In short, the AI boom is just getting started, and there’s still plenty of money to be made from it.

Here are three hot stocks you may want to consider today.

AI Stocks: Apple (AAPL)

An image of a building with the Apple logo on it, a pink sunset in the background
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Apple (NASDAQ:AAPL) may be a $173 stock at the moment but it could easily double — even triple. That could happen while it attempts to catch up with generative AI companies, like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN).

In fact, according to Bloomberg, Apple will spend about $1 billion a year developing generative AI products just to catch its competitors. Granted, the company uses AI in some of its products, but it hasn’t launched a generative AI product like OpenAI, for example. Right now, all we know is Apple may want to integrate AI into Siri and Apple Music.

Better, as noted by Seeking Alpha, “Apple’s software engineering teams are also reportedly looking at integrating generative AI into development tools like Xcode, which could help app developers write new applications more quickly.”

SoundHound AI (SOUN)

SOUN stock: SoundHound's Headquarters exterior featuring a sign with the company's logo in the foreground and a parking lot and building in the background.
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SoundHound AI (NASDAQ:SOUN) — which I’ve mentioned a few times — is a leader in conversational intelligence, offering voice AI solutions that allow businesses to offer conversational experiences to their customers.

Granted, that may not sound exciting but consider this.

At the moment, the company is working to integrate voice assistants into vehicles and restaurants. As I noted on June 27, both of these could bring in more than $500 million a year in revenue for the company. Even better, according to Automotive World, about 90% of new vehicles are expected to have embedded voice assistants by 2028 — another massive catalyst for SOUN.

The company also estimates its total addressable market could be up to $160 billion by 2026. Two, it is growing its revenue by 40% year-over-year. Three, SOUN is inking big deals with companies such as Oracle (NYSE:ORCL), Toast (NYSE:TOST), Block (NYSE:SQ), Hyundai (OTCMKTS:HYMTF) and Stellantis (NYSE:STLA).

Roundhill Generative AI & Technology ETF (CHAT)

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Or, if you want to diversify with 36 top generative AI stocks, look at an ETF such as Roundhill Generative AI & Technology ETF (NYSEARCA:CHAT). With an expense ratio of 0.75%, the ETF provides exposure to companies involved in generative AI and related technologies, as noted by Roundhill Investments.

Some of its top holdings include Nvidia (NASDAQ:NVDA), Microsoft, Alphabet, Adobe (NASDAQ:ADBE), Meta Platforms (NASDAQ:META) and Advanced Micro Devices (NASDAQ:AMD) — to name a few. While its chart isn’t too attractive at the moment, thanks to market volatility, give it time. With patience, we’d like to see the CHAT ETF run from its current price of $26 back to $30.50 — initially.

On the date of publication, Ian Cooper did not hold (directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

Article printed from InvestorPlace Media, https://investorplace.com/2023/10/3-ai-stocks-to-buy-now-to-turn-5000-into-15000/.

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