Russ Cohen

7 Cutting-Edge Tech Stocks That Will Define 2024 The Future of Investment: 7 Revolutionary Tech Stocks Shaping 2024

After the soaring gains artificial intelligence companies achieved in 2023, 2024 offers even greater potential for investment in AI. Utilize the Portfolio Grader tool to identify the optimal AI stock selections for the upcoming year.

The AI sector is projected to reach a valuation of approximately $207.9 billion in 2023, a substantial figure. However, this is merely the tip of the iceberg. Looking ahead, this industry is anticipated to burgeon to a $420.4 billion opportunity by 2025, doubling within a span of just two years. By 2030, experts forecast the AI market size to skyrocket to an estimated $1.84 trillion.

Undoubtedly, significant investment opportunities abound within the realm of AI stock picks. Artificial intelligence stands as a disruptive technology that is actively transforming the operational landscape worldwide. Evidently, exceptional AI stock picks span various sectors including customer service, healthcare, transportation, manufacturing, and finance. Enterprises are hastily integrating AI into their platforms to enhance operational efficiency, automate processes, and elevate customer service.

Moreover, AI serves as a catalyst for the emergence of even more transformative technologies such as robotics, the Internet of Things, machine learning, and blockchain. While numerous companies currently possess or are in the process of developing AI capabilities, the Portfolio Grader provides a superlative avenue for identifying stocks with the highest potential for profit in 2024. Here are seven stocks that are positioned favorably as we step into 2024.

Nvidia Corporation (NVDA)

Nvidia corporation (NVDA) logo displayed on smartphone with stock market chart background. Nvidia is a global leader in artificial intelligence hardware and software

Source: Poetra.RH /

When compiling a list of AI stocks to consider for 2024, it is imperative to begin with Nvidia (NASDAQ:NVDA), a Wall Street sensation that surged by 237% in 2023, propelling its market capitalization to $1.2 trillion. Consequently, Nvidia now occupies the esteemed position of the sixth-largest company globally based on market capitalization.

Nvidia claims a prominent position among top AI stock picks due to its pivotal role in facilitating contemporary AI capabilities through its graphics processing chips. Without Nvidia’s chips, AI as we know it today would not be feasible. The A100 chip from Nvidia has fueled the computational prowess underpinning numerous AI applications. Citigroup reports that Nvidia commands approximately 90% market share in the AI GPU sector, a share expected to remain robust over the next few years.

Consider Nvidia’s phenomenal revenue growth, a remarkable surge of 206% in the past year to reach $18.12 billion in the most recent quarter. There is little reason to harbor apprehension about Nvidia hitting its peak anytime soon. This stock garners an “A” rating in the Portfolio Grader.

Advanced Micro Devices (AMD)

Image of the Advanced Micro Devices (AMD) logo outside of a corporate building

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Advanced Micro Devices (NASDAQ:AMD) is currently experiencing an upward trajectory, with its stock price climbing by 125% this year, including a 43% surge since late October.

The advent of its new Instinct MI300X accelerators signifies a potential challenge to Nvidia, possessing the capacity to manage the demanding requirements of contemporary AI workloads. The MI300X series is anticipated to be instrumental in large-scale cloud computing projects.

AMD CEO Lisa Su assuages concerns by affirming the company’s ample chip inventory, currently valued at over $2 billion. Hence, prospects of supply chain disruptions hampering AMD’s chip distribution seem remote. Moreover, AMD recently revised its total addressable market forecast for its AI processors from $30 billion to a staggering $45 billion, denoting a substantial surge.

The third-quarter earnings amounted to $5.8 billion in revenue, a notable increase from $5.5 billion a year earlier. Profits stood at $299 million and 18 cents per share, eclipsing the figures of $66 million and 4 cents per share reported for the same quarter in the prior year. In the Portfolio Grader assessment, AMD stock secures an “A” rating.

Microsoft Corporation (MSFT)

Microsoft logo close up. Microsoft (MSFT) Flagship Store Fifth Avenue, Manhattan, NYC.

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Microsoft (NASDAQ:MSFT) stands as another colossal entity that has expanded its influence through AI. Slightly over a year ago, Microsoft’s collaboration with OpenAI unveiled the potential of generative AI through ChatGPT, capturing the attention of the global community.

Regulatory bodies in the U.S. and the U.K. have directed scrutiny toward Microsoft’s involvement with OpenAI, particularly in the context of the dismissal and reappointment of OpenAI founder Sam Altman. Yet, such developments do not trigger undue concern. The lawsuit filed by the New York Times against OpenAI and Microsoft over copyright infringement, despite Microsoft being entitled to 49% of OpenAI’s profits through its investment, does not raise significant alarms.

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Microsoft stock has ascended by 55% in 2023. The company reported revenue of $56.5 billion for the first quarter of fiscal 2024, an increase of 13% from the corresponding period in the prior year. CEO Satya Nadella underscores, “We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers.” Microsoft’s stock secures an “A” rating in the Portfolio Grader.

Coinbase Global (COIN)

Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Ethereum (ETH-USD) coin on the background of the Coinbase inscription.

Source: Sergei Elagin /

Coinbase Global (NASDAQ:COIN) stands as a premier digital wallet provider, enabling users to transact with and hold 230 different cryptocurrencies while handling multibillion-dollar trades of digital assets every quarter.

Leveraging AI and machine learning, Coinbase validates users and identifies fraudulent activities by detecting anomalies. Notably, it deploys a face-similarity algorithm to extract faces from previously submitted IDs and compares them with new applicants. This approach enhances the detection of forged IDs, a critical tool for combatting fraud.

Additionally, Coinbase offers products like Coinbase Advanced, empowering users to harness AI and automated strategies for trading and evaluating digital assets. For investors seeking exposure to blockchain and cryptocurrencies without direct token purchases, the allure of a company such as Coinbase is unrivaled. Notably, COIN stock has soared by an astonishing 420% this year, including a remarkable surge of 159% over the last three months. It merited an “A” rating in the Portfolio Grader.

Riot Platforms (RIOT)

Top Performers in Tech Stock: RIOT, META, UBER

The Shining Stars in the World of Tech Stocks

Riot Platforms (RIOT)

Riot Platforms (NASDAQ: RIOT) is not just another player in the crypto market; it’s the Texas-based titan ruling the Bitcoin (BTC-USD) mining industry. With over 95,900 miners and a hash rate of 10.7 exahashes per second, Riot owns and operates the largest Bitcoin mining facility in the U.S.

In November 2023 alone, Riot produced 552 Bitcoin, clocking a significant increase from 458 in the previous month and 521 in November 2022. Furthermore, the company currently holds over 7,350 Bitcoin, even after selling 540 tokens in November for a staggering $19.6 million – a 142% increase from the previous year.

Riot’s financial fortunes are soaring, raking in profits from the meteoric rise in Bitcoin’s value. With stock prices surging by 411% this year, Riot has earned an “A” rating in the Portfolio Grader.

Meta Platforms (META)

Meta Platforms (NASDAQ: META) has orchestrated one of the most remarkable turnarounds of 2023. After plummeting by 64% in 2022, Meta has surged by almost 200% this year. The company’s strategic utilization of artificial intelligence (AI) to monetize its Facebook and Instagram platforms has been pivotal to this remarkable resurgence.

The introduction of products like Imagine, a standalone AI image generator, and Meta AI, an advanced conversational assistant, exemplify Meta’s commitment to harnessing AI. The company is also set to unveil 28 additional AI programs, featuring personalities such as Snoop Dogg, Kendall Jenner, and Naomi Osaka.

While the impact of AI on Meta’s bottom line may require time to materialize, these steps portend substantial long-term growth. With an “A” rating in the Portfolio Grader, META stock is reclaiming its former glory.

Uber (UBER)

Uber (NYSE: UBER) isn’t just another transportation giant – it’s a testament to how AI can revolutionize an entire industry. Initially dominating the rideshare sphere, Uber expanded its reach by venturing into food delivery with Uber Eats. Its recent inclusion in the S&P 500 further cements its prowess.

Uber’s adept use of artificial intelligence spans diverse functions, from detecting accidents and enhancing GPS navigation to streamlining driver approvals and optimizing ads. In the third quarter alone, Uber’s revenue surged by 11% to $9.3 billion, while gross bookings witnessed a 21% uptick, propelling UBER stock to a 155% surge this year and an “A” rating in the Portfolio Grader.