The Artificial Intelligence boom began in the second half of 2022 and since then, we’ve had investors searching for AI stocks that can make big money. Companies are pouring billions into the business and as of 2024, AI has been a winner. Tech stocks have seen impressive returns and will continue moving in the same direction. While some companies are investing in research, many are pouring money into building new AI applications or creating data centers. AI is set to dominate our lives and there are stocks with solid upside potential. In the past two years, Nvidia Corp. (NASDAQ: NVDA) stock soared over 600% while Super Micro Computer (Nasdaq: SMCI) was up 800%. While Nvidia managed to generate returns like no other company, it is time to look beyond Nvidia and pick AI stocks that show similar potential.

Need to Know News:

• The biggest winners were stocks like NVIDIA and Super Micro Computer. UBS issued a research note pointing toward limited delays for NVIDIA’s upcoming Blackwell platform and reiterated a ‘buy’ rating on the company with a $150 price target.
• With Wall Street reiterating that AI demand could boom through 2026 and many leading stocks at their cheapest levels this year, don’t miss our brand-new “The Next NVIDIA” report. It features an AI stock that just blew out earnings and we’re confident has 10X potential in the space. The report is complimentary and available for a limited time only, so don’t delay!

Oracle (ORCL)

Up 31% year-to-date and 18% in the past 12 months, Oracle (NYSE: ORCL) is exchanging hands for $136. I believe Oracle could emerge as one of the biggest AI stocks. The legacy business has a solid backlog and deals which will help revenue growth.

In the recent quarter, it saw a revenue of $64.7 billion, and a net income of $2 billion, a 10% jump year-over-year. Oracle’s cloud segment generated maximum revenue for the company at $28.5 billion, an impressive 29% YOY growth. It ended the quarter with the remaining performance obligations of $98 billion, up 44%. It signed 30 new AI deals with over $12 billion in the quarter alone. The management knows the market and has seen several ups and downs which show its strength in the competitive industry today. 

Oracle is building 100 data centers and its advancement in the AI sector is strengthening. It has partnerships with Nvidia, Palantir Technologies Inc. (NYSE: PLTR), and OpenAI which work as a win-win for both companies. It has recently partnered with AT&T to enhance the 5G and IoT integration. 

Oracle is ready for a fantastic fiscal 2025 and its momentum is not going to stop anytime soon. The company’s AI investments will take the stock to record highs. 

Super Micro Computer (SMCI)

One stock closely related to Nvidia, Super Micro Computer has had an excellent year so far. Its partnership with Nvidia has worked wonders for the business and the stock is up 120% YTD, exchanging hands for $630 today. The company has recently announced a stock split and I think it will make the stock more appealing for investors. A 10-for-1 stock split will take the stock from $630 to $63, allowing investors to join the AI ride.

Super Micro Computer recently reported results and announced net sales of $5.31 billion and a net income of $353 million. It saw a drop in gross margin but it could be a temporary dip. For the next quarter, the management is aiming for net sales in the range of $6 billion to $7.0 billion. 

While the year-over-year growth is impressive, it is equally important to remember that Super Micro has a product that meets the industry demand. It incorporates the H1 GPUs for Nvidia into its rack servers. With the rising demand for AI chips and applications, SMC will grow more. It is in an excellent position in the industry to benefit from the AI boom.The stock could soar higher when Nvidia reports results later this month. 

Palantir Technologies (PLTR)

One AI stock that can double your money in the next five years is Palantir Technologies. I am highly optimistic about the future of the company and believe it is one of the industry leaders. The company was always criticised for focusing only on government clients but this has changed in the last few years. It is one of the best tech stocks to buy this month. 

Palantir is now a highly diversified business with an impressive commercial client growth rate. In the second quarter, the company saw an 83% YOY surge in commercial clients and the commercial revenue soared 55% YOY to $159 million. In the quarter, Palantir closed 27 deals worth $10 million. It is a highly successful business which has been using AI for many years. It has recently partnered with Microsoft (NASDAQ:MSFT) to sell AI products to defense agencies in the U.S. 

The company ensures steady revenue from government contracts while steadily expanding its commercial base. Up 92% YTD, the stock is exchanging hands for $31 and could double your money by 2029. It is a highly reliable stock priced for perfection. For a company with over two decades of industry experience, everything seems to be right in place. Palantir has had an excellent 2024 and this momentum will continue throughout the rest of the year. 

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