The phrase “profitable meme stocks” might set you to scratching your head, as traditional investing wisdom went out of the window during the meme stock frenzy of 2021.

Stocks to sell, such as GameStop and others, rode the social media wave to reach new heights in the market effectively. These stocks have garnered an ardent online following, leading to an investing frenzy with investors thinking about the most profitable meme stocks.

While meme stocks carry considerable risk, driven by market timing and sentiment, they’re not all the same. Some meme stocks are standing on a solid footing, buoyed by innovative strategies and swift revenue growth.

These stocks might turn a handsome profit by sustaining their gains once the initial enthusiasm fades.

In the upcoming discussion, we’ll delve into the realm of the top meme stocks for profits. The goal is to navigate the choppy waters of the retail trading frenzy and identify the best meme stocks.

Palantir (PLTR)

Big data analytics firm Palantir (NYSE:PLTR) has established itself as a titan in the artificial intelligence realm.

Born from an AI-first philosophy, this tech titan has developed a versatile platform that efficiently caters to public and private sector clients. From sophisticated data analytics to predictive modeling, Palantir’s offerings are certainly at the cutting edge of AI innovation.

Further piquing interest is its latest AI offering, an AI-based platform featuring a large language model (LLM). This interactive chatbot leverages the same technology that powers products like OpenAI’s ChatGPT.

Fusing this LLM with Palantir’s data processing capabilities offers users superior outcomes. According to its Chief Business Affairs and Legal Officer, Ryan Taylor, there is “unprecedented demand for AIP.”

Palantir continues to impress with its strong financial performance, achieving GAAP net income profitability for the second quarter in a row while boasting an impressive adjusted operating margin of 24%.

An uptick in revenues by 18% from the previous year and a 36% free cash flow margin further underscores its financial prowess.

The 39% sequential increase in U.S. commercial revenue and a 50% year-over-year surge in customer count reflect its tremendous growth trajectory. It closed out its last quarter with a staggering 64 deals, including 22 worth at least $5 million and 8 exceeding the $10 million mark.

Tesla (TSLA)

Shares of electric vehicle powerhouse Tesla (NASDAQ:TSLA) have a knack for bouncing back. Following a significant dip last fall, TSLA stock has rebounded, doubling in value this year.

The firm wrapped up another rock-solid quarter amidst pricing wars in its niche, posting stellar delivery numbers. With a staggering 422,875 vehicles delivered in the first quarter, Tesla has noticeably outperformed last year’s figure of 310,000 deliveries.

A glance at the balance sheet reveals Tesla’s financial robustness, boasting a sizeable cash reserve of $16 billion in the first quarter, supported by a strong operating cash flow of $2.5 billion. Several catalysts have the potential to bolster Tesla’s financial performance further.

It plans to deliver a whopping 20 million vehicles annually by 2030, alongside Elon Musk’s vibrant leadership and the launch of the Cybertruck, all pointing towards a promising trajectory for Tesla.

C3.ai (AI)

C3.ai (NYSE:AI) is going full-throttle on the AI express, clocking a staggering return of more than 70% since the start of the year.

However, as with any thrilling ride, this journey has its bumps. With stagnant sales growth and significant operating losses marking its current landscape, the ride may seem precarious, but its long-term growth trajectory has its investors salivating.

A flicker of optimism sparked recently with C3.ai securing crucial partnerships with tech giants, including Google and Amazon (NASDAQ:AMZN).

These strategic ties have effectively expanded the company’s reach, enabling seamless purchasing and accessibility to its Generative AI offerings via Google Cloud Marketplace and broadening its market footprint via Amazon.

CEO Tom Siebel’s forecast of a $600 billion addressable market for AI and his vision of ubiquitous enterprise AI applications echoes a future similar to our reliance on PCs, relational databases, and CRM systems.

On the date of publication, Muslim Farooque 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