SPECIAL REPORT The Top 7 Stocks for 2024

3 AI Stocks Worth Buying Now for Multibagger Returns

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  • Here are just a few of the top artificial intelligence (AI) stocks to buy and hold today.
  • Predictive Oncology (POAI): The company could be a game-changer in cancer drug development.
  • C3.ai (AI): After a rough few weeks post-earnings, it appears most of the negativity has been priced in.
  • Qualcomm (QCOM): The company is quickly positioning itself as a key player in the AI boom with Apple and Meta.
AI stocks - 3 AI Stocks Worth Buying Now for Multibagger Returns

Source: everything possible / Shutterstock.com

With artificial intelligence (AI) showing no signs of cooling, we could see a $1.8 billion opportunity by 2030. AI is expected to help students learn better and faster, already profoundly impacting the medical industry and accelerating drug discovery. It can help detect fraudulent financial transactions, predict company inventory needs, detect potential cyber threats, and can even be optimized for the military. AI is changing how we work and could send AI stocks to higher highs.

That being said, you may want to consider these hot AI stocks. All of which, with patience, could lead to multi-bagger returns.

Predictive Oncology (POAI)

A doctor points at an abstract representation of various aspects of oncology. SHPH stock
Source: Oleg Ivanov IL / Shutterstock.com

The first time I mentioned Predictive Oncology (NASDAQ:POAI), it traded at $4.35 on June 27. Today, it’s up to $3.50 a share and starting to pivot higher from strong support. From here, I’d like to see POAI initially retest resistance around $6.46.

Moving forward, POAI could be a cancer drug game-changer. Right now, it takes an average of 12 years to bring a new cancer drug to market, according to the company. But that’s too long. On top of that, about 95% of all new drugs fail. Worse, of about 1,500 cancer drugs that made it to clinical trials in the last 20 years, only 115 were approved.

With AI technology, POAI can help identify pre-clinical candidates about three times faster and in less time.

“With our unique set of assets and capabilities that clearly set us apart from other AI-focused drug discovery companies, including our extensive biobank of more than 150,000 tumor samples, combined with our CLIA lab, we can validate our predictions in wet lab experiments in a setting that introduces patient heterogeneity into the earliest phases of drug discovery,” said Raymond F. Vennare, chief executive officer and chairman.”We are the only company capable of doing this, and the results of these experiments can significantly increase the chances of later-stage clinical success by our customers.”

C3.ai (AI)

C3.ai (AI) logo on a smartphone with computer screen showing graph in background, symbolizing AI stock
Source: shutterstock.com/Below the Sky

The last time I mentioned C3.ai (NYSE:AI), I noted, “Be wary of C3.ai. At the moment the stock is overbought, stuck at triple top resistance. It’s due for a healthy correction here. However, once that correction happens, I’d be all over this stock. For one, Goldman Sachs (NYSE:GS) just said generative AI could raise global GDP by 7% over the next 10 years.”

Shortly after that note, the AI stock dove from about $48.50 to a recent low of $24.75.

And I’d still use recent weakness as an opportunity. For one, AI is now oversold at strong support. Two, it’s over-extended on RSI, MACD, and Williams %R. And three, most of the earnings negativity has been priced into the stock. All after the company predicted it would see a wider-than-expected loss for the year. It also withdrew its prediction it would reach profitability on an adjusted basis by 2024.

Qualcomm (QCOM)

Qualcomm stock
Source: Qualcomm

Qualcomm (NASDAQ:QCOM) is positioning itself as a key player in the AI stocks boom.

It just introduced new in-vehicle generative AI capabilities. Granted, “Automotive revenue is still a small business for Qualcomm. It reported $1.32 billion in sales in its fiscal 2022, or about 3% of the company’s overall sales. But the company says that it can expect that its chips will be used in forthcoming cars over the next few years, and projects more than $9 billion in sales in 2031,” according to CNBC.

QCOM also believes AI is coming to smartphones, potentially leading to big news with Apple (NASDAQ:AAPL). After all, according to the company, it will supply chips for Apple smartphones through 2026. Even better, QCOM just partnered with Meta Platforms (NASDAQ:META) to bring generative AI applications to hardware devices, including smartphones and virtual reality headsets.

The company did beat earnings expectations but missed on revenue and Q4 guidance. Adjusted EPS came in at $1.87, which beat forecasts for $1.81. Revenue of $8.44 million missed calls for $8.5 billion. QCOM also expects EPS of between $1.80 and $2 per share on between $8.1 billion and $8.9 billion in sales. That also falls short of expectations for EPS of $1.91 on $8.7 billion in revenue.

On the date of publication, Ian Cooper did not hold (either 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.


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