We are entering a new investing era, and investors cannot ignore the potential of millionaire-maker AI stocks. The relentless advancement of generative AI paved the way for groundbreaking applications across various industries. Companies like Nvidia (NASDAQ:NVDA) have only showcased a sliver of the true impact that AI will have on the global economy.
The omnipresence of the cloud has become a cornerstone for AI development, providing the baseline to drive scalability and innovation. If you’re not on board with what is to come, there is a strong chance that you will be left behind. However, there is no need to complicate your AI investing strategy, as the industry titans are exactly who you think they are.
Now, let’s unpack the three best Millionaire-Maker AI Stocks for 2024 and beyond!
Alphabet (GOOG, GOOGL)
Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) stands out as one of the best millionaire-maker AI stocks to buy for 2024. The stock had a transformative year in 2023, and this year, they’re poised to continue leading from the front.
Alphabet has positioned itself as a clear-cut leader in the AI race. The company has been pouring significant CAPEX into generative AI. This includes the buildout of their new Gemini AI model to compete with OpenAI’s ChatGPT. Furthermore, investors might be undervaluing the true growth potential of Google Search and YouTube.
In Q3 2023, Google Search revenue rose 11% YOY. YouTube ad revenue swelled to $7.95 billion, driven by the company’s AI strategy. However, Wall Street was more impressed by Alphabet’s operating income, which jumped 28% YOY to $21.3 billion. With a P/E of 27.01, Alphabet is the cheapest AI stock to buy among the magnificent 7 for 2024.
Microsoft (NASDAQ:MSFT) is a frontrunner for the best AI stocks to get rich. 2023 was certainly a great operational year for the company, and growth is expected to accelerate this year.
Microsoft has been making significant investments into generative AI and Azure cloud deployment in FY23. This year should be no different, with the prospect of easing macroeconomic headwinds and an increased focus on AI cloud services. CEO Satya Nadela remains bullish on the long-term growth tailwinds of its generative AI-backed startup, OpenAI.
The company’s AI strategy is working, with revenue in the intelligent cloud seeing strong double-digit growth. This has been primarily driven by artificial intelligence, with server products and cloud services up 21% in Q1 FY24. Investors can get excited about Microsoft’s future, as AI integrations are only just beginning to take shape.
Amazon (NASDAQ:AMZN) stock closed off a strong year in 2023 after climbing back from a 2022 slump. While implementing cost-cutting measures, CEO Andy Jassy has been spearheading the company’s generative AI strategy.
Unsurprisingly, Amazon is one of the leading companies at the forefront of the artificial intelligence boom. Artificial intelligence and cloud computing are closely intertwined, making it a necessary integration for its AWS customers. Furthermore, Amazon is not shying away from its competition.
The company recently announced a strategic collaboration with generative AI startup, Anthropic. This included an investment of up to $4 billion, leveraging AWS Tranium and Inferentia Chips to build, train and deploy advanced foundational models. Anthropic will also leverage Amazon Bedrock, one of the most comprehensive platforms, to build and scale generative AI models. This makes Amazon one of the best millionaire-maker AI stocks to buy for 2024.
On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.