10 Fastest Growing AI Stocks To Buy

In this article, we discuss 10 fastest growing AI stocks to buy. Skip to the detailed analysis of AI Segment 5 fastest growing AI stocks to buy,

Artificial intelligence (AI) stocks started taking the market by storm earlier this year, and this AI boom continues to gain momentum. Wedbush analyst Dan Ives believes tech stocks will continue to gain through the end of the year, largely due to the AI boom. In an investor note, he said:

“A massive $800 billion AI opportunity is now at the tech sector’s doorstep for the next decade and the true monetization of AI is happening faster than expected with Nvidia’s recent guidance and our channel check, leading to our AI Bullish Sector Call.” I have more confidence.” Closed in January.”

Blackrock, Inc. (NYSE:BLK), an investment management company, recently posted a mid-year outlook stating that the market offers substantial investment opportunities, particularly in the AI segment. The firm believes that the aging/retiring population is creating a labor shortage, which is one of the causes of inflation in the US. In addition, global supply chain issues are among the driving forces for the rise in production costs. The company says that these obstacles can be overcome with the help of AI. However, the firm also believes that the potential impacts to the industry are still not fully assessed and there are still some risks involved. The report says:

“We think markets are still assessing the potential implications AI applications can disrupt entire industries. It goes beyond sectors. Increasing digitization also increases cyber security risks across the board.

Investors are also very bullish on AI start-ups. In 2021, investment in artificial intelligence start-ups to reach a record high of $113.3 billion. In 2023, more than 25% of total investment in US startups has gone towards AI. In two of them, Alphabet Inc. (NASDAQ:GOOG)-backed Anthropic and Corvive.

Forbes also provided an outlook on the AI industry and believes that the market size of this sector will reach $407 billion by 2027. Furthermore, by 2030, AI will be responsible for a 21% net increase in US GDP. Forbes also believes that AI will have a significant impact on the autonomous vehicle industry as 1 in 10 vehicles will be self-driving by 2030.

Many analysts and investors are considering the recent tech/AI rally as an AI bubble. However, companies are more optimistic than ever about using AI. In its 2023 Second Quarter Earnings Call, Cadence Design Systems, Inc. (NASDAQ:CDNS) Chairman and Chief Executive Officer, Anirudh Devgan said:

“With its unique promise, Generative AI is starting to make a significant impact globally. Our dedicated focus on AI over the past several years, combined with our computational software expertise and the invaluable data that lies at the heart of AI, makes us uniquely positioned to deliver on the tremendous potential of this transformative technology.

During this AI/tech boom, some AI stocks have experienced unprecedented growth in stock price and the tech giant NASDAQ-100 is up nearly 43% year-to-date as of August 29. Some of the fastest growing AI stocks include Meta Platforms, Inc. (NASDAQ:META), NVIDIA Corporation (NASDAQ:NVDA), and Adobe Inc. (NASDAQ: ADBE).

10 fastest growing AI stocks to buy

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our methodology

For this article, we have selected AI stocks which have registered maximum gains in the last 12 months. These companies have significant AI-related products and services or rely on AI for their operations. The list is sorted in ascending order of the number of hedge fund investors in each stock. Hedge fund sentiment about each stock was derived from Insider Monkey’s database of 910 specific hedge funds. We did not choose penny or small-cap stocks because of their high volatility. For more AI penny stocks, you can check out The 10 Best AI Penny Stocks to Buy Now.

Fastest growing AI stocks to buy

10. Symbiotic Inc. (NASDAQ:Sign,

1-Year Stock Price Growth as of Aug 29: 220.28%

Number of hedge fund holders: 8

Symbiotic Inc. (NASDAQ:SYM) is an American company that provides automated warehouse systems using AI to its customers in the US and Canada. Target Corporation (NYSE:TGT) and Walmart Inc. (NYSE:WMT) use the company’s services.

Symbiotic Inc. (NASDAQ:SYM) and Japanese telecommunications services company, SoftBank Group Corp. (OTCPK:SFBQF) in July launched a joint venture for a new warehouse-as-a-service business with a total investment of $100 million. The joint venture is called Greenbox Systems LLC and Symbiotic Inc. (NASDAQ:SYM) will own about 35% of it.

In the second quarter, out of 8 hedge funds, Symbiotic Inc. (NASDAQ:SYM) had a stake of $24.711 million, which moves the company to number 10 on our list of fastest growing AI stocks. Last quarter, five hedge funds held just $2.2 million in the company.

9. SAP SE (NYSE:SAP,

1-Year Stock Price Growth as of Aug 29: 65.70%

Number of hedge fund holders: 16

SAP SE (NYSE:SAP) is a German enterprise software and cloud computing company. In the past three months, it has been covered by 4 Wall Street analysts with 2 Buy and 2 Hold ratings. His average price target is $147.25, while the stock price was $138.34 at the market close on August 28.

SAP SE (NYSE:SAP) stock was owned by 16 hedge funds in the second quarter of 2023, compared to 14 in the previous quarter. Windacre Partnership was the company’s largest shareholder in the second quarter with 1.86 million SAP SE (NYSE:SAP) shares valued at $254.836 million.

Ave Maria made the following comments about SAP SE (NYSE:SAP) in its Q1 2023 investor letter:

“SAP SE (NYSE:SAP) provides enterprise application software products worldwide. With SAP successfully transitioning from a perpetual license model to a SaaS model, we believe this will lead to increased TAM (Total Addressable Market), higher margins and lower capital intensity.

8. C3.ai, Inc. (NYSE:oh,

1-Year Stock Price Growth as of Aug 29: 67.19%

Number of hedge fund holders: 23

C3.ai, Inc. (NYSE:AI) is an American technology company primarily focused on enterprise AI. It was founded in 2009 and is headquartered in California. C3.ai, Inc. (NYSE:AI) was owned by 23 hedge funds in the second quarter of 2023, with a combined holding value of $116.455 million, making it the 8th fastest growing AI stock on our list. Philippe Lafont’s Coteau Management held more than 1.47 million shares of the company valued at $53.713 million, and for the second quarter in a row, C3.ai, Inc. (NYSE:AI) was the most significant hedge fund holder.

Despite being one of the most shorted stocks at the moment, C3.ai, Inc. (NYSE:AI) has experienced decent growth in stock price over the past year and is one of the fastest growing AI stocks.

7. Palantir Technologies Inc. (NYSE:pltr,

1-Year Stock Price Growth as of Aug 29: 97.69%

Number of hedge fund holders: 39

Palantir Technologies Inc. (NYSE:PLTR) is an American software company focused on big data analytics. The company provides AI-powered services to defence, government and private organizations. Palantir Technologies Inc. (NYSE:PLTR) was founded in 2003 and is headquartered in Denver, Colorado. The company’s stock is up 141% year-to-date at market close on August 29, and 97.7% over the past 12 months.

Hedge funds held Palantir Technologies Inc. in the second quarter. (NYSE:PLTR) showed considerable interest. DE Shaw increased his stake in the company by 151% to 29.65 million shares worth over $454.51 million and was the most prominent stakeholder. ARK Investment Management held Palantir Technologies Inc. with 6.84 million shares valued at $104.903 million in Q2. (NYSE:PLTR). In addition, Two Sigma Advisors increased its stake in the company by over 1400% to approximately 6.177 million shares valued at $94.69 million, making it the company’s third largest stakeholder.

6. Broadcom Inc. (NASDAQ:avgo,

1-Year Stock Price Growth as of Aug 29: 75.74%

Number of hedge fund holders: 72

Broadcom Inc. (NASDAQ:AVGO) is a California-based semiconductor and computer software company. It has integrated AI into its set-top boxes and broadband communication devices. Broadcom Inc. (NASDAQ:AVGO) also unveiled its new chip in April to link together supercomputers for AI.

Broadcom Inc. (NASDAQ:AVGO) to acquire VMware, Inc. in April 2022 for $61 billion. (NYSE:VMW) announced its plan to acquire The merger was approved by the UK’s anti-trust regulator on 21 August. It is now awaiting approval from the antitrust authorities of China and Japan. Broadcom Inc. (NASDAQ:AVGO) expects the deal to close on October 30.

Aristotle Atlantic Partners in its Q2 2023 Investor Letter to Broadcom Inc. (NASDAQ:AVGO) said about:

“Broadcom contributed to the outperformance, as the company is seen as a key beneficiary of investments in generative artificial intelligence (AI) and large language models (LLM). The company’s application-specific integrated circuit (ASIC) chips are being custom-built for customers to use in their data centers for accelerated computing. Broadcom’s networking chipsets are also expected to see increased demand levels, as customers increase investment to enable the high-speed data transfer required for advanced AI training and inference. The company also announced a new multi-year supplier relationship with Apple, the company’s largest customer.

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