Analysts Say These 5 AI Stocks Will Skyrocket in 2024

This article presents an overview of the Analysts Say These 5 AI Stocks Will Skyrocket in 2024. For a detailed overview of such stocks, read our article, Analysts Say These 13 AI Stocks Will Skyrocket in 2024.

5. Salesforce Inc (NYSE:CRM)

Number of Hedge Fund Investors: 122

Salesforce Inc (NYSE:CRM) was pitched as an AI stock that will benefit in 2024 by investment strategist and wealth advisor Luke Lloyd in a program on CNBC. Lloyd said 2024 will be the year of AI companies that play a key role in implementation of AI technologies for end users. Lloyd said Salesforce Inc’s (NYSE:CRM) “Einstein” platform is something “nobody” talks about and the platform makes Salesforce Inc (NYSE:CRM) one of the leaders in AI. The analyst also called Salesforce Inc (NYSE:CRM) a “defensive” stock as he believes Salesforce Inc’s (NYSE:CRM) technologies help other companies cut costs and become more efficient.

As of the end of the third quarter of 2023, 122 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Salesforce Inc (NYSE:CRM).

Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q2 2023 investor letter:

“Salesforce, Inc. (NYSE:CRM), a company we’ve owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce’s customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce’s system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools.”