Trends come and go on Wall Street. In the last few years, we’ve seen technology, fintech, electric vehicles and cryptocurrencies take their turn as the best sector for investors. All through 2023, the smart money’s been on AI stocks. And I see that trend continuing in November and well into 2024.

Artificial intelligence is revolutionizing the world, as automated technologies and machine learning algorithms improve and become more common. Companies focused on AI development have been prime investment opportunities in the stock market ever since ChatGPT wowed the world a year ago with its generative AI platform.

And AI is rapidly expanding across multiple sectors, such as healthcare, finance, manufacturing, and transportation. AI stocks are good bets to experience significant growth in revenue and market share as they gain a competitive edge over their rivals.

AI stocks are also popular because the technology allows companies to automate complex tasks and streamline processes, reducing costs and potentially improving the customer experience.

The Portfolio Grader is my go-to tool to evaluate AI stocks, so today we’re using it to look for top-rated AI stocks. I think these names are big winners this month.

Nvidia (NVDA)

I’ve been beating the drum about Nvidia (NASDAQ:NVDA) stock for months, but I can’t help myself. It’s not even close. Nvidia has been one of the best stocks on Wall Street this year, and there’s a very good chance we’ll see a repeat performance in 2024.

Nvidia is in the enviable position of being the top manufacturer of semiconductors needed for generative AI, the technology behind ChatGPT and other such programs that respond to queries and prompts with realistic, human-quality answers.

Nvidia shares are up 220% this year and have moved higher recently after slumping for most of October. The company will release quarterly earnings on Nov. 21, resulting in a post-earnings rally because of impressive revenue numbers.

Earnings forecasts indicate Nvidia will likely return soon to prices of $500 per share. From there, the sky’s the limit. NVDA stock has an “A” rating in the Portfolio Grader.

Apple (AAPL)

Apple (NASDAQ:AAPL) is the biggest company in the world by market cap and a household name that’s changed how we live repeatedly.

Its computers are highly prized, its smartphone is revolutionary, its wearable devices are must-own accessories for many, its Services division is incredibly profitable.

Apple’s new product releases are must-see events in tech, and more than 1 billion consumers use iPhones.

While iPhone 15 sales in China are more sluggish than expected, the company remains a powerhouse. The company is also raising fees on its AppleTV+ streaming service and Arcade gaming service plans, which should keep any iPhone weakness from affecting Apple’s already solid bottom line.

AAPL stock is up 40% this year and gets a “B” rating in the Portfolio Grader.

Advanced Micro Devices (AMD)

Advanced Micro Devices (NASDAQ:AMD) is a semiconductor company that specializes in the design and production of computer processors and graphics processing units.

GPUs are mainly used in gaming for real-time rendering of realistic 3D graphics, creating immersive gaming experiences. They also use them in industries such as film and animation, where they accelerate the rendering process, reducing production time.

While the company still makes Ryzen Threadripper processors for computing, it is more prized for its MI300 processors, which are used for generative AI applications. AMD says it’s getting strong early orders for its MI300 processor, and expects it to generate $400 million in revenue in the fourth quarter, and $2 billion in 2024.

AMD stock is up 75% this year. It gets a “B” rating in the Portfolio Grader.

Alphabet (GOOG)

It’s not often you get a chance to buy a great stock like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) at a discount. But the company’s stock slipped after the company reported third-quarter earnings, giving investors a chance to snap up shares of a top AI company at a reduced price.

GOOG stock dropped nearly 10% in a day after the company’s cloud computing market results were worse than analysts expected. Google Cloud revenue was up 22% year-over-year to $8.4 billion. But that was short of the $8.6 billion that analysts expected. And even worse, it was down 28% from the second quarter.

But the market is overreacting. Alphabet is a great stock. The company’s massive Google search engine has roughly a 90% market share on search, giving it an enormous advantage in advertising revenue. Cloud computing represents a comparatively small 11% of Alphabet’s revenue stream.

Despite the recent drop, GOOG stock is still up 48% this year. It gets a “B” rating in the Portfolio Grader.

Meta Platforms (META)

Did you think Meta Platforms (NASDAQ:META) would be a top stock in 2023? It’s OK to admit that the answer is no. After the Facebook parent’s horrendous 2022, many investors started writing Meta Platform’s epitaph and look for the next big social media stock.

And true, Facebook on its own lost its luster. Younger users of social media are more inclined to use TikTok. But Facebook managed to reverse the slide in daily average users, which is up 5% from last year to 2.09 billion.

Revenue in the third quarter was also up, reaching $34.14 billion versus $27.71 billion a year ago. While CEO Mark Zuckerberg is still intent on spending billions of dollars to build out the metaverse as the next iteration of social networking, Meta Platforms also seems to be paying more attention to its core products.

META stock is up 166% this year and gets an “A” rating in the Portfolio Grader.

Intel (INTC)

Intel (NASDAQ:INTC) may not have the flash of Nvidia or even AMD, but the chip maker is quietly having a good year. Management is successfully executing a turnaround plan for the company, which has seen its stock price jump 20% in the last six months.

Intel is playing the long game. It’s trying to hold the line on costs to maintain profitability, while investing billions into the construction of new chip foundries it hopes will give the company an edge over other semiconductor companies.

The third quarter saw revenue of $14.2 billion, down 8% from a year ago. But Wall Street was pretty happy because analysts expected only $13.7 billion in revenue. Cost-cutting efforts also paid off because earnings of 41 cents per share were 11% better than a year ago and 19 cents per share more than analysts predicted.

Intel looks primed for a long-term recovery. It gets a “B” rating in the Portfolio Grader.

On the date of publication, Louis Navellier had a long position in NVDA. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.

The InvestorPlace Research Staff member primarily responsible for this article had a long position in AAPL. The staff member did not hold (either directly or indirectly) any other positions in the securities mentioned in this article.