In this article, we are going to look at the 5 Best AI and Technology Stocks to Buy Now. For a longer list and more details on how we picked these stocks, you can go to 12 Best AI and Technology Stocks to Buy Now.
5. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 262
Meta Platforms, Inc. (NASDAQ:META) is one of the Best AI and Technology Stocks to Buy Now. On June 25, Piper Sandler analyst Thomas Champion reiterated “Overweight” rating on the company’s stock with the price objective of $800. As per the analyst, the AI-powered agents and business messaging provide an underappreciated opportunity. The analyst highlighted that Meta Platforms, Inc. (NASDAQ:META) has already witnessed growth via the automated business messaging it offers on WhatsApp in the emerging markets.
Notably, the company had recently announced its Business Agent product. The firm’s analyst opines that Meta’s Agent offering can be more universal, extending throughout apps and beyond the emerging markets.
To provide a brief background, earlier this month, Reuters reported that Meta Platforms, Inc. (NASDAQ:META) released an AI agent, which can help businesses conduct day-to-day operations. This places the tech giant as a player in the broader enterprise AI market.
Meta Platforms, Inc. (NASDAQ:META) develops products that allow people to share and connect with their family and friends using PCs, mobile devices, VR headsets, and AI glasses. Some of its apps include Facebook, Instagram, and WhatsApp.
4. Alphabet Inc. (NASDAQ:GOOGL)
Number of Hedge Fund Holders: 265
Alphabet Inc. (NASDAQ:GOOGL) is one of the Best AI and Technology Stocks to Buy Now. On June 23, Argus maintained a “Buy” rating and a price objective of $440 on the company’s stock. Notably, the company reported healthy results with evidence that investments made towards compute infrastructure and generative AI are yielding results.
As per the analyst, while Alphabet Inc. (NASDAQ:GOOGL) was criticized due to its dependency on digital advertising, the rapid growth of Google Cloud and YouTube started to diversify its revenue. The firm remains optimistic about Alphabet Inc. (NASDAQ:GOOGL)’s underlying businesses and believes that the stock is attractively valued considering its growth runway.
In a different update, Bloomberg reported that Waymo plans to offer driverless robotaxis in Germany. This is the latest move to expand outside the US. The company registered a local entity in the name of Waymo Germany GmbH. This will provide ride-hailing services with autonomous vehicles as well as services that support the commercial offering of such services by third parties, added Bloomberg.
Alphabet Inc. (NASDAQ:GOOGL) is a holding company that operates Google services such as search engines, ad platforms, Internet browsers, devices, mapping software, app stores, video streaming, and more. The company also offers cloud infrastructure and platform services, collaboration tools, and other services for enterprise customers.
3. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 275
NVIDIA Corporation (NASDAQ:NVDA) is one of the Best Cloud Computing Stocks to Buy According to Hedge Funds. On June 22, the company announced NVIDIA Halos for Robotics, which is the industry’s first full-stack, comprehensive safety system for robotics and physical AI, unifying AI compute and safety. Agility is the first to use this in order to build safety into the humanoids that are working in factories, warehouses and logistics operations for customers that include Amazon, GXO, Schaeffler and Toyota Motor Manufacturing Canada. To give a background, Agility is a humanoid robotics and physical AI company.
It is expected that the next generation of autonomous robots would be operating in dynamic environments along with humans, utilising AI foundation models, accelerated compute, as well as distributed sensors. NVIDIA Halos allows companies to rely on a standardized and unified safety architecture. This connects AI compute, system software, sensor data, safety applications, and inspection for robotic systems.
NVIDIA Corporation (NASDAQ:NVDA) is a fabless semiconductor and AI computing company that designs GPUs, AI accelerators, Application Programming Interfaces (APIs), and system-on-a-chip units.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 282
Microsoft Corporation (NASDAQ:MSFT) is one of the Best AI and Technology Stocks to Buy Now. On June 25, CNBC reported that Microsoft Corporation (NASDAQ:MSFT) will be increasing the price of Xbox game consoles. This comes after Apple announced an increase in prices for MacBooks and iPads. Starting August 1, Xbox Series S consoles, which have 512GB of storage, will increase by $100 to about $500. The models with 1TB will go up by $150.
The broader consumer electronics industry is feeling the brunt of increased memory prices because of strong demand for the components from AI chipmakers, added CNBC. Microsoft Corporation (NASDAQ:MSFT) added that console storage and memory prices went up by over 2.5x, with the tech giant expecting another doubling by 2027 fall.
CNBC noted that memory manufacturers, like Micron and SK Hynix, have a limited capacity. Therefore, they give priority to high-bandwidth memory for AI infrastructure, like Nvidia’s GPUs.
Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops and sells a wide range of software, cloud services, devices, and business solutions, serving both individual users and enterprise customers worldwide.
1. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 353
Amazon.com, Inc. (NASDAQ:AMZN) is one of the Best AI and Technology Stocks to Buy Now. On June 18, Bloomberg reported that the company plans to sell its custom-made AI chips for use in other companies’ data centers.
This is a critical expansion of its efforts to cut into AI-giant Nvidia’s dominance. Peter DeSantis, Amazon.com, Inc. (NASDAQ:AMZN)’s AI chief, noted that the AI infrastructure continues to evolve, and the company’s focus remains on bringing more customers.
Notably, Amazon’s AI accelerator, Trainium, has few marquee buyers to its credit. These include OpenAI, Anthropic PBC, and Uber Technologies Inc., which access the hardware through AWS.
In a different update, it was announced that Amazon.com, Inc. (NASDAQ:AMZN)’s Alexa and ThunderSoft collaborated to bring intelligent voice AI as well as agentic capabilities to more automotive OEMs.
Amazon.com, Inc. (NASDAQ:AMZN) and several other cloud computing giants have started developing their own alternatives to Nvidia’s popular GPUs. Furthermore, they ramped up such efforts post the arrival of ChatGPT.
While we acknowledge the potential of AMZN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AMZN and that has 100x upside potential, check out our report about the cheapest AI stock.
READ NEXT: 10 Best FMCG Stocks to Invest In According to Analysts and 11 Best Long-Term Tech Stocks to Buy According to Analysts.
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