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Bank of America has highlighted five global stocks poised to profit as the application of artificial intelligence (AI) continues to burgeon. The bank projects significant growth potential for “end-device AI,” a deviation from the current server-based systems.
As per a CNBC report, the bank made these predictions in a recent note titled “End-device AI: Great potential with hidden gems awaits.” It anticipates that customized and private AI services could be delivered directly to users’ end devices, transforming smartphones, tablets, cars, and more.
The BofA analysts, led by Brad Lin, compared “end-device AI” to the AI assistant used by “Iron Man,” J.A.R.V.I.S. They forecast a 96% compounded annual growth rate for foundries and a 105% growth rate for chipmakers from 2023-2025, reaching over $14 billion in revenue.
According to the note, “We expect more generative AI-ready chip launches in late 2023 and new end-product announcements during CES and MWC in early 2024 to be key catalysts.”
The report listed Qualcomm Inc. (NASDAQ:QCOM), MediaTek Inc. (OTC:MDTKF), Nordic Semiconductor (OTC:NDCVF), SK Hynix Inc. (OTC:HXSCL), and Renesas Electronics Corporation (OTC:RNECF) as major potential beneficiaries.
Bank of America predicts that automakers will leverage advanced end-device AI capabilities from Qualcomm’s Ride platform for in-car services. Similarly, it expects MediaTek to implement generative AI functions into its upcoming flagship smartphone chips.
Image via Shutterstock
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