TLDR:
– The AI industry has been a major draw for investors due to the creation of new and innovative technologies.
– Three hot AI stocks to consider are Super Micro Computer, Celestica, and AppLovin.
The AI industry has been a significant factor in propelling the technology sector to new heights, drawing investors into the industry with the promise of considerable returns. Three companies that have greatly benefited from the booming AI movement are:
Super Micro Computer (SMCI)
This company manufactures server and data center infrastructure products used primarily in cloud computing and AI industries. Its share price has risen almost fourfold over the past year due to impressive revenue growth. Super Micro Computer reported a threefold increase in total revenue and significant net income growth for Q3 FY 2024.
Celestica (CLS)
Celestica is an electronics manufacturing company providing connectivity and cloud-based solutions within various industries. Its share price has increased by over 275% in the past year, driven by a 20% increase in total revenue and a significant growth in net income for Q1 2024. Celestica has also taken advantage of hyperscaler opportunities, providing impressive data center revenue.
Applovin (APP)
AppLovin is an application software company that offers monetization and marketing services for applications. Its share price has more than tripled over the past year due to revenue growth and the introduction of new AI products such as the Axon 2.0 engine. AppLovin reported a 48% increase in total revenue for Q1 2024, shifting from a net loss to a net income.
These companies are poised for potential growth within the expanding AI industry, making them hot AI stocks to consider investing in before it’s too late.