For years the buzz was that artificial intelligence (AI) was the next big thing. As usual, when it comes to technology innovation, the opening salvos from private equity and others took quite a while to catch up with reality. That all changed last year with the introduction of OpenAI’s ChatGPT, and then the company offered expanded access to OpenAI’s DALL-E 2 AI image and art generator.
With almost unlimited potential and possibilities for machine learning, smart applications and appliances, autonomous vehicles and robotic applications, the brave new world is here now. Numerous companies stand to benefit from the technology advances that AI will provide, and those that do not use the technology in the coming years will surely regret it.
While Nvidia stock has exploded higher over the past year, and likely has more upside, the question is what other companies could have a similar parabolic move higher? We screened our 24/7 Wall St. technology and AI research database and found five companies that many on Wall Street expect will also cash in on the sweeping new technology.
While their stocks are all rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Advanced Micro Devices Inc. (NYSE: AMD) offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs. It offers embedded processors and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing units, field programmable gate arrays and adaptive SoC products.
AMD provides processors under the AMD Ryzen, AMD Ryzen PRO, Ryzen Threadripper, Ryzen Threadripper PRO, AMD Athlon, AMD Athlon PRO and AMD PRO A-Series brand names; graphics under the AMD Radeon graphics and AMD Embedded Radeon graphics, as well as professional graphics under the AMD Radeon Pro graphics brand name. In addition, the company offers data center graphics under the Radeon Instinct and Radeon PRO V-series brands, as well as servers under the AMD Instinct accelerators brand.
Earlier this year, the company unveiled its new Instinct MI300 chip series, which it claims is designed for speeding up processing for generative AI, and that is the technology used by ChatGPT and other chatbots.
Rosenblatt Securities has a $200 target price on Advanced Micro Devices stock. Wall Street’s consensus target is $126.70, and the stock closed on Friday at $102.25 a share.
This stock has rallied back nicely, and though it remains most suitable for investors who are more aggressive, Wall Street continues to like the dividend growth. Broadcom Inc. (NASDAQ: AVGO) has an extensive semiconductor product portfolio that addresses applications within the wired infrastructure, wireless communications, enterprise storage and industrial end markets.
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