Stay in advance inside the financial recreation with AI predicted stocks for 2024. Explore insights and forecasts that provide a glimpse into the future of key shares. Whether you are an investor or actually curious about marketplace trends, this guide unveils the potential movers and shakers in the inventory market panorama for the approaching year.
Introduction: Which AI Predicted Stocks Will Double Your Investment in 2024?
I requested some AI stock recommendations from Google’s Bard that it thinks will quadruple in value by 2024. The outcomes closely matched my expectations. Technology companies are well-represented, and there are also a few companies that profit from non-technological developments.
Although IT stocks are down, interest rates are almost at their highest point. Most experts would agree with Bard that tech shares will surge at the first indication of rate reduction. Analysts also concur that investing in secular trends such as the gig economy, financial literacy, and electrification of vehicles is worthwhile. So determine which of these AI stock selections might work well for your portfolio by checking them out.
Platforms Meta (META)
Bard advised investors to buy Meta Platforms (NASDAQ:META) as their first investment pick for 2024. Here, I wholeheartedly concur with Bard’s suggestion. Numerous massive revenue-generating social media networks, including Facebook and Instagram, support Meta networks. Its “family of apps” is performing admirably and is getting better. In addition, Meta Platforms has established itself as one of the top metaverse companies going forward.
It’s getting more and harder to argue against the company’s rebranding in 2021. It appears that the choice to abandon its Facebook name in favour of a metaverse-inspired concept was a wise one.Leading IT companies are also actively involved in the augmented reality market. Apple (NASDAQ:AAPL) is slated to introduce its Vision Pro headset early next year.
Numerous additional technology firms are creating devices, programs, software, and other materials that will aid in the expansion of the metaverse.
Meta Platforms is a particularly good option because its family of apps, the company’s mainstay, has recovered. Once again, revenues are high. As the financial climate improves in 2024 and firms increase their advertising expenditures, those revenues ought to rise.
Tesla Inc. (TSLA)
Bard’s second suggestion to me was Tesla (NASDAQ:TSLA). It will be difficult for Tesla’s stock to double in 2024, I have to declare right now. The reason I say that is because $380 is Tesla’s high Wall Street target price. At the moment, it trades for $235.
Investing in Tesla stock makes sense, regardless of whether the company’s shares quadruple. In 2023, Tesla maintained a reasonable level of transparency on its goals, which included cutting costs, increasing deliveries, and making investments in the company’s future. The rise in automotive revenue hasn’t been all that spectacular. In Q3, vehicle sales increased by 5%.
During the same period, total revenue increased by 9%. Tesla is making investments in AI and energy storage. The business is now recognized as the leading producer of EVs. In that sense, it won’t be as thrilling later on. There are growing pains for the EV sector. By no means am I saying it’s a fading sector.
Americas Lithium (LAC)
It’s inevitable that Lithium Americas (NYSE:LAC) will appear on a lot of buy lists in 2024. Given that lithium prices will continue to remain low, the stock definitely has the potential to double over the next 12 months.
For many years to come, lithium Americas will rank among the most intriguing new energy stocks. Very recently, the business divided its Thacker Pass activities into the present LAC stock. Situated in Nevada, Thacker Pass is home to one of the world’s greatest lithium resources. To take advantage of its potential as a source of production, the parent business made the decision to split those activities. In 2026, the facility is anticipated to start producing lithium.
Thus, it’s understandable why investing in lithium Americas is still so risky. Between now and then, a lot might change. Prices for lithium can fluctuate, as seen by previous history. But if things go right, the cost of lithium Americas will skyrocket. If lithium costs increase again in 2024, it could easily translate into a double.
Solid Power (SLDP)
It’s clear that Bard thinks electric cars will continue to have promise. The reason I say that is that the next stock it recommends is Solid Power (NASDAQ:SLDP).
Be advised: Solid Power is a penny stock, which means that investing in it carries risk. It also has the capacity to easily double. Solid-state battery cells are being developed by the business for use in the EV industry.
The EV business might undergo a revolution thanks to solid-state batteries. A lot more people will purchase electric vehicles if solid-state battery technology is successful since it offers faster charging, a significantly longer range, and more safety.
Solid Power sent sample cells to its automotive partners in the third quarter so they could be qualified. It will take time to see how those cells function, but it’s safe to assume that the business is still on course. From a fundamental standpoint, good power isn’t a terrible stock. Revenues are still increasing quickly, indicating a high level of initial demand for the company’s goods. Nevertheless, the company’s losses are increasing; they were over $46 million in the same time of 2023 compared to less than $10 million in the first nine months of 2022.
Alibaba Group (BABA)
Bard suggested Alibaba (NYSE:BABA) because of China’s expanding middle class and the nation’s general increasing embrace of e-commerce.
Even though those elements are usually true, Alibaba hasn’t had excellent top-line performance. The last period saw a 9% increase in revenues. Although that rate of growth isn’t insufficient by most measures, it’s obvious that it’s not the rate at which the business has been used to. Nevertheless, with a top-line growth rate of almost 10%, there’s reason to think that the stories about China’s collapse are still exaggerated.
Alibaba is always looking for methods to improve the performance of its segments. For instance, the business’s International Digital Commerce division had a 73% increase during the quarter. Recall that this is a Chinese corporation that is used to conducting business within its own nation. Getting used to the retail landscape abroad is not an easy task. It is also noteworthy to declare sales growth in a worldwide market of more than 70%.
Right now, Fiverr (NYSE:FVRR) seems like a worthwhile place to start. Since it doesn’t profit from being a growth stock, the anticipated rate cuts in 2024 won’t put it in a cyclical position to soar. Nonetheless, Fiverr gains a lot from secular trends and a shift toward profitability. It is a legitimate recommendation based on those two considerations alone.
Technology, electric vehicles, semiconductors, e-commerce, and a changing labor market are undoubtedly important elements, according to Google’s algorithm. It looks like these industries will prosper in 2024. Actually, almost every industry should improve in the upcoming year.