The 3 Best AI Stocks to Buy In 2024

Recently, OpenAI has been at the forefront of AI research, producing groundbreaking models like GPT-4 and DALL·E. However, OpenAI is not publicly traded yet but it’s spurred significant interest in AI stocks.

So instead of showcasing AI-based companies, we’ve put together a list of healthy companies that are leveraging artificial intelligence (such as GPT-4 or DALL·E) to make advancements in their respective fields. 

You can expect to find big players such as Shopify and smaller companies like Shutterstock. Our criteria for selecting the best AI stocks leverage the following factors:

• Market Capitalization (must be over 1B)

• Companies actively investing in AI and incorporating AI into their product/service

• Wall St Analyst Ratings (e.g. Buy or Strong Buy ratings)

• Profitability and Growth

• Institutional Transactions

This list is provided by the following research team: you can subscribe to their services for FREE to get more AI stocks suggestions

3 Best AI Stocks for Investors to Consider in 2024

Stock 1: Braze ($BRZE)

Braze is an interesting customer engagement platform leveraging AI advancement. They allow companies to listen to their customers, understand them, and act on that knowledge automatically in a way that’s still human and personalized.

Using its own machine learning models, Braze is able to anticipate which customers are more likely to make a purchase or more likely to churn, and then sell that information as an add-on to its main service. When combined with the first-party data that Braze gathers from its customer's end users, these models become extremely powerful.

The global customer experience management market is projected to grow from $11.34 billion in 2022 to $32.53 billion in 2029 at a CAGR of 16.2%.

As AI becomes more efficient and cheaper to implement this will only make Braze’s platform more useful.

Combining this with the rapidly growing customer experience management market, Braze is certainly one to watch.

Braze financial performance

Braze assessment

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Stock 2: Shutterstock ($SSTK)

Shutterstock is a stock photography and video company. It monetizes its content base in several ways, including a la carte licensing and subscriptions. It also allows contributors to monetize their content via participation in its platform.

Traditionally the company relied on artists and photographers to contribute audio and video content which users then paid a fee or subscription to use.

It's now possible to use generative AI to create unique high-quality audio and video in seconds.
But Shutterstock isn’t letting this disrupt their business. Instead, they’ve partnered with OpenAI to allow Shutterstock users to generate visual content using prompts.

They’ve also partnered with Nvidia to allow Shutterstock users to generate 3D models using generative AI. Launching a new text-to-3D AI feature on its editing software called “Creative Flow.” The service will allow creators to describe an object in simple text, and Creative Flow (powered by Nvidia's Picasso generative AI service) will convert the description into a digital 3D model.

This will disrupt multiple industries including video game development, marketing as well as industrial design and simulation.

If you believe 3D digital content is the future, you’ll want to keep tabs on Shutterstock.

Shutterstock financial performance

Shutterstock assessment

This list is provided by the following research team: you can subscribe to their services for FREE to get more AI stocks suggestions

Stock 3: Shopify ($SHOP)

Shopify is one of the leading companies in the global e-commerce software market.

It provides a platform and services for merchants worldwide to easily sell their products online.

They also offer solutions for managing inventory, payments, shipping, and customer relationships.

But the company is also betting big on generative AI.

Here’s what founder and CEO Tobi Lutke had to say about it in a company letter:

“Shopify has the privilege of being amongst the companies with the best chances of using AI to help our customers. A copilot for entrepreneurship is now possible. Our main quest demands from us to build the best thing that is now possible, and that has just changed entirely.”

Earlier in 2023, the company announced Shopify Magic is a suite of free AI features integrated into the Shopify ecosystem.

Shopify Magic will be able to help with everything including inboxes, the online store builder, and merchandising. One of the most exciting parts of Magic is Sidekick, a new AI-enabled commerce assistant that is coming out soon.

With Sidekick, entrepreneurs can use everyday language to have conversations with their AI assistants to help jump-start the creative process, tackle time-consuming tasks, and make smarter business decisions.

If you’re bullish on e-commerce and AI, Shopify should be on your watchlist.

Shopify Financial Performance

Shopify Assessment

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