7 Top AI Stocks to Buy in June for Long-Term Growth


  • Nvidia (NVDA): Nvidia has proven time and again that concerns are unwarranted.
  • Google (GOOG,GOOGL): Potential investors need to understand Google’s current AI investment.
  • AMD (AMD): AMD’s chips are in demand globally as recent security reports show.
  • Investors seeking the top AI stocks for June should read on to see four more top picks.
Top AI Stocks - 7 Top AI Stocks to Buy in June for Long-Term Growth

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Technologies with the power to change the world come along every so often. Artificial intelligence (AI) is one of the most powerful world-changing technologies of the past several decades, and perhaps ever. Its potential has created incredibly valuable stocks over the past 18 months and will continue to do so in the month of June. Investors seeking long-term AI growth need look first to today’s dominant hyperscalers.

That term refers to the largest tech firms which have the resources to scale AI technology fastest. There’s little reason to believe that they won’t continue to dominate the space this month and beyond. They continue to represent excellent long-term growth prospects overall.

Beyond the hyperscalers, there are plenty of other AI stocks that will dominate the month of June. Let’s take a look at all of them in depth.

Nvidia (NVDA)

An Nvidia (NVDA) semiconductor chip on a black background.
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Nvidia (NASDAQ:NVDA) has quickly come to dominate the AI chip space, becoming the third most valuable company globally in the process. There is no clearer indication of Nvidia’s dominance than the prices it charges for its chips.

The H100 AI processor cost anywhere between $25,000 to $40,000. It was introduced in 2022. Demand continues to be incredibly strong today. The company also spent $10 billion developing the H100’s successor, Blackwell B200 chips. Those chips are expected to sell for between $30,000 to $40,000. They’re also expected to be four times as powerful as their predecessors

That led to another blowout earnings period for the company. The story really hasn’t changed for Nvidia: Demand continues to outstrip supply and Nvidia bears continue to be proven wrong.

Share prices have risen above $1,100. That’s sure to incite more talk of overpricing and calls to sell Nvidia and take profits. However, Nvidia continues to prove the doubters wrong and there’s no reason to believe that it won’t continue to do so throughout the month of June.


Alphabet Inc. (GOOG, GOOGL) and Google logos seen displayed on smartphones. The Google stock split is happening today.
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Google (NASDAQ:GOOG, NASDAQ:GOOGL) recently returned to form following a very strong earnings report. Most importantly, ad revenues are again strong. Google reported nearly $62 billion in ad revenues during the period. Those ad revenues accounted for the majority of overall revenues at $80.5 billion

AI continues to be one of the most important catalysts for Google stock but ad revenues are the main driver of the company. The strong report is positive not only because ad revenues jumped from $54 billion to $62 billion. First and foremost, those ad revenues are a proxy for economic strength overall. The resurgence bodes well for the macro economy. Furthermore, those strong ad revenues provide fuel in the form of capital for AI investments at Google.

Google has recently begun to invest more heavily in AI. The company is applying AI to its dominant search function in the hopes that it can further strengthen the product. Investors should be positive about Google’s AI investment simply for the fact it is a hyperscaler with significant resources. Investors should consider buying the stock because ad revenues are again strong and the AI narrative is continuing to strengthen at the company.

Advanced Micro Devices (AMD)

Sign of AMD office in Markham, Ontario, Canada. Advanced Micro Devices, Inc. is an American multinational semiconductor company.
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Advancved Micro Devices (NASDAQ:AMD) continues to play second fiddle to Nvidia in the AI chip war. A lot has been written about that and most of it concludes that it is a fine position for AMD and its stock: it is the value play in AI chips and the only realistic competitor to Nvidia’s dominant position at this time.

AMD is also a company that benefits from high demand on a global scale. Recent reports show the U.S. is scaling back export issuance licenses for AMD and Nvidia. While the assessment period required for license issuance will temporarily slow demand, it indicates a greater opportunity. Companies around the world are going to continue to demand AMD chips.

While the U.S. continues to lead in research and funding, other companies are also beginning to ramp up their investments in AI. 

That simple truth is another reason to consider investing in AMD this month, next month, and beyond.

Broadcom (AVGO)

broadcom (AVGO) logo outside office building
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There are multiple positive factors suggesting Broadcom (NASDAQ:AVGO) stock is a great choice to buy in June for long-term growth. The simplest of which may be the fact shares currently trade for $1,264 with a consensus target price of $1,517

Pundits anticipate that Broadcom may undertake a stock split to make its share price more accessible to investors. That would increase liquidity which could spike demand, raising prices in the process.

Those prices will probably continue to rise anyway given that earnings surged by 34% during the first quarter. Broadcom is also expecting $10 billion in AI chip sales in 2024. The company is clearly one of the more important AI chip stocks overall.

From the perspective of long-term growth, Broadcom makes a lot of sense as an investment. It is one of the better AI chip dividend stocks available with a yield of 1.54% at present. 

Palantir Technologies (PLTR)

Palantir Technologies (PLTR) headquarters
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Palantir Technologies (NYSE:PLTR) continues to impress investors in 2024 following a strong 2023.  Last year, Palantir stock burst onto the scene following a quicker-than-anticipated progression to profitability. It then rattled off and continues to rattle off profitable quarters that suggest significant growth ahead.

The thing that continues to impress me about Palantir from the perspective of investment worthiness is its focus on Enterprise AI. The company is primarily interested in the development of AI business applications rather than those geared toward the individual consumer where there is much more there’s a much bigger opportunity in that space at the moment.

Palantir’s core product is its Foundry platform. That platform allows firms to adapt AI into their operations. The company is also impressive from the perspective that it is rapidly growing its private side business segment. Palantir has long enjoyed a strong relationship on the government side but is quickly growing its corporate relationships. 

It all suggests that Palantir stock is well positioned for long-term growth. 

Amazon (AMZN)

An image of an Amazon logo on a building
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Amazon (NASDAQ:AMZN) is another company that has the resources to hyperscale AI. However, the stock had been something of a laggard in relation to AI as the other tech giants struck first in 2023.

Then, in 2024, Amazon upped its AI investment. That manifested in the completion of a $4 billion investment in AI startup Anthropic, which continues to be one of the most promising artificial intelligence companies of the future. The company is primarily using Amazon’s AWS Services as its cloud provider. Anthropic will use AI chips developed by Amazon to train its algorithms. 

The thrust of the agreement is very similar to that between OpenAI and Microsoft (NASDAQ:MSFT). Some would argue that Amazon is late to the game but in any case it now has better overall prospects in generative AI. 

The company also recently received FAA approval allowing it to expand its drone deliveries for online orders. 


Closeup of mobile phone screen with ASML logo on computer keyboard
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ASML (NASDAQ:ASML) essentially has a monopoly position within the AI chip supply chain. The Dutch company is a gatekeeper as the leading manufacturer of extreme ultraviolet lithography systems. The stock has benefited tremendously because of this positioning and will continue to do so throughout June and beyond. Those EV systems are crucial for the production of the most advanced AI chips.

Demand for the most advanced AI chips is only going to grow from here. That simple truth is very evident in the hype and excitement surrounding the Blackwell chip release, just as one example.

ASML continues to struggle with significant issues, primarily export bans to China. The company recently reported that EUV systems located in Taiwan could be disabled in the event that China attacks the independent nation and major chip manufacturing hub. 

ASML stock will continue to be an obvious choice for all of the facts mentioned above. It essentially has a monopoly position and can act as a gatekeeper exerting substantial influence across the AI chip supply chain. 

On the date of publication, Alex Sirois 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.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/7-top-ai-stocks-to-buy-in-june-for-long-term-growth/.

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