Investment Opportunities: Top Three AI Stocks Worth Purchasing Immediately
In the ever-evolving world of technology, two giants – Alphabet and Amazon – are making significant strides in the realm of artificial intelligence (AI).
Alphabet, the parent company of Google, saw its stocks GOOG and GOOGL increase by 1.04% and 1.06% respectively, reflecting a market capitalisation of $3.0 trillion. The company's AI efforts are spearheaded by CEO Sundar Pichai and his team, who are developing and deploying AI through Google Cloud. The central AI model driving this effort is called Gemini, which is integrated across Google services, including Google Cloud.
Google Search revenue growth accelerated last quarter, thanks to features like AI Overviews, Google Lens, and Circle to Search. Alphabet's cloud computing division, Google Cloud, also saw a 32% revenue growth and more than doubled profits last quarter. Moreover, Alphabet's AI prowess extends to self-driving cars and quantum computing, as part of its emerging bets.
Meanwhile, Amazon is making its mark in agentic AI with new tools like Strands and AgentCore. The e-commerce giant, with a market capitalisation of $2.5 trillion, is also optimising its logistics network with AI at every level, driving operating leverage in its e-commerce business. Amazon's stock (AMZN) saw a -0.16% change, with the current price at $231.25.
Amazon's cloud computing unit, Amazon Web Services (AWS), saw a 17.5% revenue growth last quarter. Services like Bedrock and SageMaker make it easy for customers to train and deploy AI models. Amazon's AI-powered DeepFleet model now manages over 1 million robots inside Amazon warehouses, further streamlining its operations.
In a recent development, Apple may expand its relationship with Alphabet to have its Gemini model power Siri. A federal court ruling also allowed Alphabet to hold on to its Chrome browser and Android smartphone operating system, preserving its default search deal with Apple. This ruling ensures that Google will remain the internet's starting point for billions of users.
Amazon's North American revenue rose 11% last quarter in its e-commerce business, while operating income climbed 47%. These efficiency gains, coupled with the growth of AWS, are being powered by AI. Amazon has also developed its own custom chips to give it an edge in both cost and performance.
In conclusion, both Alphabet and Amazon are leveraging AI to drive growth in their respective businesses. As they continue to innovate and compete, the technology landscape promises to remain dynamic and exciting.
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