Upstart and C3.ai Shine as Top AI Stocks, Poised for More Growth in 2024
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C3.ai and Upstart Holdings were top performing AI stocks in 2023, recording gains of 159% and 217% respectively. Their growth is expected to continue into 2024.
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C3.ai provides AI products and services to companies across industries to help accelerate AI adoption. Revenue growth slowed recently but is now ramping up quickly again, projected to continue accelerating.
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Upstart uses AI to assess creditworthiness of borrowers. Its stock plunged in 2022 due to rising rates but has rebounded 217% in 2023 as rates are now expected to fall again in 2024, potentially spurring loan demand.
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Upstart aims to disrupt traditional lending by using AI to instantly analyze borrower data. As interest rates fall in 2024, Upstart's revenue growth is expected to restart after a 40% drop in 2023.
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Upstart recently entered the mortgage segment which represents its largest opportunity yet. Now could be a good time to buy its stock before that ramps up.