Top 5 AI Stocks to Buy in 2024
Artificial Intelligence (AI) is transforming businesses and driving growth for companies specializing in this futuristic technology.
Here are 5 AI stocks that should be on investors’ radar in 2024:
Affle (India) Ltd
Affle is a leading ad-tech company offering consumer intelligence, platform solutions and digital marketing services. Its proprietary AI-powered platform enables digital advertising, ensuring higher ROI for brands.
- Revenue grew 34% in Q3 FY23, powered by strong momentum in connected TV and vernacular advertising.
- International markets now contribute 52% of revenue, reducing dependence on India.
- Affle platforms reach over 1.7 billion connected devices globally, a key growth driver.
Zensar Technologies
A leading digital solutions and technology services company, Zensar is betting big on AI, partnering with top firms like Google Cloud, AWS and Microsoft Azure.
- Launched an AI business unit and partnered with startups to strengthen capabilities.
- Expertise in data engineering, prediction analytics and conversational AI.
- Robust order book and deal wins underpin growth. Healthy dividend payouts too.
Persistent Systems
A global leader in digital engineering services, Persistent has a sharp focus on building AI and cloud-based offerings.
- Acquired MediaAgility and CAPIOT to augment AI and cloud capabilities.
- Strong revenue growth guidance of 22-24% for FY23 on rising digital spend.
- Healthy operating margins of over 18% backed by high-value offerings.
Oracle
A global tech major, Oracle provides database management systems, enterprise software and, increasingly, cloud-based solutions.
Oracle’s AI platform includes ready-to-use AI services like chatbots, language processing, vision recognition.
Cloud ERP, HCM and CX suites integrated with AI for better experiences.
New cloud regions, Gen 2 cloud infrastructure bolster growth prospects.
Kellton Tech
A fast-growing technology and outsourcing services firm, Kellton Tech provides digital transformation solutions leveraging AI, automation and analytics.
- Launched KloudLearn, an AI-based personalized learning platform.
- Acquired NovoCibus, a predictive analytics firm, to boost AI capabilities.
- Revenue growth accelerating, margins expanding on operational efficiencies.
With AI adoption surging globally, these stocks are well-positioned to deliver outsized returns. Evaluate them for your portfolio.
