Amazon, Nvidia, and Palantir Poised to Ride AI Boom to Trillion-Dollar Market
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The AI market is forecast to grow rapidly, possibly reaching over $1 trillion by 2030. Three stocks poised to benefit are Amazon, Nvidia, and Palantir.
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Amazon is making AI a top priority for its cloud computing business Amazon Web Services (AWS) and predicts generative AI will bring in tens of billions in revenue.
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Nvidia's graphics chips dominate the AI hardware market with an over 80% market share. AI demand has fueled triple digit revenue growth and over 1,000% net income growth recently.
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Palantir launched an AI platform last year that's significantly contributing to its revenue growth, especially in the commercial sector, reducing reliance on government contracts.
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Though not cheap based on forward earnings, all three stocks represent strong AI plays with substantial long-term upside potential.