United States equities are on the rise again in 2024. The S&P 500 and Nasdaq have appreciated 7.2% and 7.4%, respectively. While stocks may be back on the rise, equities investors may want to reconsider putting money in innovative companies. Given the traction AI-related technology companies got last year, machine learning stocks may also receive a lot of love in 2024.

Machine learning (ML) is a branch of artificial intelligence (AI) that enables computers to learn from data and experience without explicit programming. Over the past decade, the technology has also garnered attention for its numerous applications. ML has also received positive attention from Wall Street. Below are three machine learning stocks that could make investors rich in the long-term.

UiPath (PATH)

UiPath (NYSE:PATH) creates and implements software allowing customers to automate various business processes using robotic process automation (RPA) and artificial intelligence.

The UiPath Business Automation Platform enables employees to quickly build automations for both existing and new processes by using software robots to perform a myriad of repetitive tasks. These range from simply logging into applications or moving folders to extracting information from documents along with updating information fields and databases. UiPath also provides a number of turnkey automation solutions, allowing the company to target customers in a variety of industries including banking, healthcare and manufacturing.

Last year, shares of PATH almost doubled. Since the start of the new year, there has been pullback from all the major indices and, of course, UiPath, at its frothy valuation, saw some selling pressure. The company’s share price has fallen 7% YTD. Selling pressure has continued slightly after weaker-than-expected guidance in UiPath’s Q4 2023 earnings report. Outside of guidance, the company beat both revenue and earnings estimates. Q4 revenue increased 31% YOY to $405 million, and annual recurring revenue increased 22% to $1.5 billion. The company also achieved its first quarter of GAAP profitability as a public company in the fourth quarter.

Strong financial figures, despite weaker-than-expected guidance, could make UiPath a strong performer in 2024.

Advanced Micro Devices (AMD)

It’s hard to make a machine learning list without listing a semiconductor name, since semiconductors help machine learning programs to work the way they do. Advanced Micro Devices (NASDAQ:AMD) has built a number of advanced hardware for gaming and other computing applications. AMD’s Radeon GPUs nowadays support RDNA™ 3 architecture-based GPUs for desktop-level AI and machine learning workflows.

2024 will be a big year for AMD in terms of AI and ML computing. The chipmaker announced the MI300x GPU chipset almost a year ago in its second quarter 2023 earnings report. To follow that up, in the third-quarter earnings report, AMD announced it expects to sell $2 billion in AI chips next year. Because these AI chips are still in high demand in North America, Europe and Asia, AMD will likely reap a significant profit upon entering the space. 

Wall Street, notably, is loving AMD’s stock. Wall Street firms have recently begun to boost their target prices for the chipmaker. The investment bank Jefferies raised their target price for AMD to $200/share from $130/share. JPMorgan, Goldman Sachs, Baird and a host of other investment banks also made significant increases to their target prices in late January 2024. Moreover, Japanese bank Mizuho Securities has recently raised its target price for $200/share to $235/share.

Palantir (PLTR)

Last on our list of machine learning stocks is Palantir Technologies (NYSE:PLTR). Palantir has received a lot of love from some on Wall Street and a number of retail investors. Shares have risen 37% YTD. For those who don’t know, Palantir initially focused on serving the defense and intelligence sectors but has since expanded its customer base to include various industries such as healthcare, energy and finance. The company provides a number of AI and ML-based data analytics tools for a number of businesses.

Most recently, Palantir has enjoyed a lot of attention due to its new AI Platform (AIP). AIP can deploy commercial and open-source large language models onto internally held data sets and, from there, recommend business processes and actions. Although I think Palantir has become too overvalued based on many believing its a fully-grown AI company when it’s just in the beginning, the company certainly has the potential to make investors money in the long-term.

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