July 25, 2024, 5:36 am

AI Investment Boom: 5 Stocks Poised for Growth Beyond Nvidia”

Sarakhon Desk
  • Update Time : Sunday, June 30, 2024

Artificial intelligence (AI) has driven Nvidia’s stock to impressive heights, making it one of the world’s most valuable companies. However, other companies in the AI supply chain and related sectors are also seeing significant stock price increases.

Hardware Companies in the AI Supply Chain

Micron Technology (MU): Known for producing memory chips, including those used in Nvidia’s AI products, Micron has seen its revenue jump to $6.81 billion in Q3 2024, up from $3.75 billion last year. The company recently began mass production of high-bandwidth memory chips for AI applications.


Vertiv Holdings (VRT): This Ohio-based company specializes in cooling systems for data centers, critical for AI operations. Vertiv reported a 60% increase in orders in Q1 2024 due to the rising demand for AI-driven cooling solutions.
Software and AI Services

Palantir Technologies (PLTR): Co-founded by Peter Thiel, Palantir has evolved into a major player in AI for enterprise solutions. Its platform helps companies integrate AI into their operations, earning it the nickname “the golden child of AI” from analysts.
Semiconductor and Manufacturing.

 

Taiwan Semiconductor Manufacturing (TSM): TSMC is a key player in producing computer chips for a wide range of applications, including AI. It is part of a broader strategy to capitalize on AI-related hardware growth, alongside companies like Broadcom and Vertiv.
Cloud and Software Integration

Microsoft (MSFT): Through its partnership with OpenAI, Microsoft has integrated AI into its Azure cloud platform and several products via the Copilot chatbot. This positions Microsoft as a leader in providing AI-driven cloud services.
Conclusion

The AI boom is not just benefiting Nvidia but is also driving growth for several other companies across different sectors. These companies are well-positioned to capitalize on the ongoing AI investment wave.

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