Investing in machine learning (ML) stocks presents an enticing opportunity for outsized returns, potentially tripling your investment by 2030. Machine learning, a cutting-edge subset of artificial intelligence, is rapidly transforming industries.
ML models excel at identifying patterns, making predictions and driving automated tasks. Machine learning’s impact extends beyond traditional tech companies and continues to disrupt industries like autonomous vehicles, healthcare and cybersecurity. By investing in the right machine learning stocks, investors can tap into the exponential growth potential of this disruptive technology.
Now, let’s discover the best machine learning stocks that could triple your money by 2030!
Alphabet (GOOG)(GOOGL)
Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) sits at the forefront of artificial intelligence and machine learning innovation. Its artificial intelligence (AI) prowess is deeply ingrained within its core products, powering its dominant search engine, Google Maps, and its android operating system.
Google AI, Alphabet’s research arm, relentlessly pushes the boundaries of machine learning across fields like natural language processing (NLP) and computer vision. Their ventures into machine learning driven initiatives further underscores its potential. For example, Alphabet’s self-driving car subsidiary Waymo, relies heavily on machine learning algorithms for navigation and better decision making. Moreover, Google Deepmind has garnered widespread recognition for its Alphafold system. This AI breakthrough is capable of predicting complex protein structures that could revolutionize drug discovery. With a strong position across multiple technology segments, Alphabet has showcased continuous commitment to AI and ML research and development.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR) holds a reputation for building powerful data analytics platforms used by intelligence agencies, government entities and corporations. Their platforms include sophisticated machine learning algorithms that empower users to unlock insights from complex data sets.
Palantir’s Gotham platform caters to the public sector, aiding with intelligence analysis and defense operations. For commercial use, Palantir’s Foundry platform helps businesses optimize processes, detect fraud and improve supply chain efficiencies. What sets Palantir apart is its ability to sift through unstructured data, like images and videos. This long-stranded history in the machine learning arena as well as dealing with complex data is what makes their technology highly coveted by government agencies. Moreover, Palantir’s new Artificial Intelligence Platform (AIP) platform continues to gain traction as commercial revenue increased 70% year over year in Q4 2023. With management anticipating another full year of GAAP profitability in 2024, Palantir remains one of the best machine learning stocks to buy now in 2024.
Snowflake (SNOW)
Snowflake (NYSE:SNOW) delivers a leading cloud-based data warehousing solution that simplifies the process of storing, organizing and analyzing large data sets. While its core product offering focuses on data storage, Snowflake has steadily incorporated machine learning capabilities into its platform.
Snowflake offers features supporting the development, training and deployment of advanced machine learning models directly within its data warehouse infrastructure. The seamless integration of data storage and machine learning makes Snowflake extremely attractive to businesses. This is because it eliminates the need for complex data transfers between platforms, offering a one-stop-shop solution.
Additionally, the company recently launched Snowflake Arctic, an open-source enterprise-grade large language model (LLM). Snowflake is committed to product innovation and believes Arctic will accelerate customers ability to build powerful AI and machine learning apps with their enterprise data at scale. It is important to note that although their future is extremely bright, the company still remains unprofitable. Therefore, approach this one with caution and only invest what you can afford to potentially lose.
On the date of publication, Terel Miles 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.
