Palantir And Meta Are Two Must-Have AI Stock Picks For Year Ahead, Investor Says

Author: Surbhi Jain | June 05, 2024 09:21am

Artificial intelligence (AI) software companies are expected to take center stage in the tech sector thanks to a substantial inventory of high-performance chips.

In the coming year, stockpiled chips will be utilized for new, high-tech developments.

Steven Fiorillo, a top investor rated by TipRanks among the top 4% of his peers, has a bullish outlook on Palantir Technologies Inc (NASDAQ:PLTR) and Meta Platforms Inc (NASDAQ:META).

Fiorillo has scrutinized both companies yet identifies them as potentially the best AI stocks to buy for the year ahead.

Also Read: Tampa General Hospital Selects Palantir’s AI Software to Power Connected Care Coordination, Extending Long-Term Partnership

• Palantir: The Denver-based company leverages its data analytics and AI capabilities, using its extensive experience in handling vast datasets to drive forward new AI innovations. Its software solutions are already integral to various industries, from healthcare to defense, offering a strong foundation for future AI developments. Lennar Corp (NYSE:LEN), Cone Health, Archer Aviation Inc. (NYSE:ACHR), Panasonic North America, Cummins Inc. (NYSE:CMI) and Aramark (NYSE:ARMK) are among its AI software clients.
• Meta: The Menlo Park, California-based company formerly known as Facebook has been investing in AI-driven technologies like augmented reality and advanced machine learning algorithms. As AI becomes increasingly integrated into social media and virtual reality, Meta’s AI initiatives — coupled with its ownership of Facebook, Instagram and WhatsApp — should drive substantial growth for the firm.

As the tech industry shifts focus from hardware to software, investors see AI software companies like Palantir and Meta as the next big thing.

With the groundwork laid by semiconductor companies, these firms are ready to capitalize on the maturing AI landscape.

Read Next: Meta’s Instagram Expands ‘Limits’ Feature Amid Criticism Over Teen Safety

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Posted In: ACHR ARMK CMI LEN META PLTR