From revolutionizing healthcare and finance to optimizing manufacturing processes and enhancing customer experiences, AI’s potential knows no bounds. These innovative AI stocks are trailblazing the path to future growth and disruption across various sectors. In this comprehensive guide, we’ll unveil the top 10 best AI stocks poised to deliver exceptional returns and drive innovation in the years to come.
Key Highlights:
- Several AI stocks have gained over 100% over the past 12 months
- SMCI (+737.8%) & NVDA (+230%) have been spearheading the AI boom
- AI could contribute $15.7 trillion to the global economy by 2030
Are AI Stocks A Buy Right Now?
Artificial intelligence has been one of the biggest buzzwords in the stock market over the past year. As a result, AI stocks have been among the best stocks to buy in 2024 for Canadian investors.
Since then, many of the top tech companies, including Microsoft, Apple, Alphabet Inc., and Amazon have made a point of consistently mentioning the potential of AI during their earnings calls.
Yet, despite significant gains over the past year, there is still room for growth in the AI sector. That’s because the industry is still relatively new and AI stocks are still in the early stages of their growth cycle. A recent report by PricewaterhouseCoopers estimated that AI could contribute $15.7 trillion to the global economy by 2030.
With artificial intelligence driving innovation, efficiency, and competitiveness in several different sectors, the top AI stocks can still offer significant growth potential for investors with a long-term perspective.
How To Buy The Best AI Stocks in Canada
In 2024, the best investing apps make it easy to buy AI stocks and ETFs in Canada.
In just four easy steps, Canadians can receive free cash to invest in the best AI stocks right now.
At Questrade, new users can simply sign up, add funds, make a trade, and receive a $50 trade commission rebate to buy the best AI stocks in Canada.
Check out our step-by-step guide on how to buy AI stocks in Canada.
- Click here to sign up for a Questrade account
- Fill out the required documents with accurate personal information
- Add funds to your Questrade account
- Receive a $50 trade commission rebate to invest in the best AI stocks
Ranking The Best AI Stocks To Buy in 2024
With artificial intelligence reshaping industries and driving innovation, investing in AI stocks can provide huge gains for investors. Several of the top AI stocks have gained over 150% over the past year, including industry leaders like Super Micro Computer Inc., Nvidia Corporation, META Platforms, Palantir, and more. Below, we’ll rank the best AI stocks to buy in February 2024.
- Super Micro Computer, Inc. (SMCI)
- Nvidia Corporation (NVDA)
- Meta Platforms (META)
- Microsoft (MSFT)
- Amazon (AMZN)
- Alphabet Inc. (GOOG)
- Advanced Micro Devices, Inc (AMD)
- Palantir Technologies Inc. (PLTR)
- Palo Alto Networks. (PANW)
- CrowdStrike Holdings, Inc. (CRWD)
- Snowflake Inc. (SNOW)
- Salesforce, Inc. (CRM)
Comparing The Top AI Stocks In 2024
| Company Name | Stock Symbol | Rating | Market Cap | 1-Year Performance |
|---|---|---|---|---|
| Super Micro Computer, Inc. | SMCI | ⭐⭐⭐⭐⭐ | 44.932B | +737.8% |
| Nvidia Corporation | NVDA | ⭐⭐⭐⭐⭐ | 1.794T | +230% |
| Meta Platforms | META | ⭐⭐⭐⭐⭐ | 1.207T | +174.5% |
| Microsoft | MSFT | ⭐⭐⭐⭐⭐ | 3.002T | +54.13% |
| Amazon | AMZN | ⭐⭐⭐⭐ | 1.761T | +72.71% |
| Alphabet Inc. | GOOG | ⭐⭐⭐⭐ | 1.754T | +48% |
| Advanced Micro Devices, Inc | AMD | ⭐⭐⭐⭐ | 280.937B | +117.1% |
| Palantir Technologies Inc. | PLTR | ⭐⭐⭐⭐ | 53.181B | +151.7% |
| Palo Alto Networks, Inc. | PANW | ⭐⭐⭐⭐ | 115.529B | +113% |
| CrowdStrike Holdings, Inc. | CRWD | ⭐⭐⭐⭐ | 79.065B | +186% |
| Snowflake Inc. | SNOW | ⭐⭐⭐ | 75.726B | +40.1% |
| Salesforce, Inc. | CRM | ⭐⭐⭐ | 280.449B | +72.34% |
Note: All data was sourced from Yahoo Finance on Feb. 17, 2024.
Reviewing The Best AI Stocks To Buy Right Now
With AI continuing to revolutionize industries and drive innovation, finding the best AI stocks to buy right now requires careful consideration and analysis. Whether you’re a seasoned investor or new to the world of AI, we’ll break down what makes the top AI stocks compelling opportunities for Canadians looking to grow their wealth and reach their financial goals.
Below, we’ll explore the top AI stocks in Canada, uncovering the gems poised for success in February 2024 and beyond.
1. Super Micro Computer, Inc. (SMCI) — Top Performing AI Stock in 2024
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 85.61 – 1,077.87
- Avg. Volume: 7,390,780
- Market Cap: 44.932B
- PE Ratio (TTM): 62.91
- EPS (TTM): 12.77
- Earnings Date: May 06, 2024
- Forward Dividend & Yield: N/A
Super Micro Computer Inc. is a leading provider of high-performance server and storage solutions, catering to the growing demands of cloud computing, artificial intelligence, and data-intensive applications.
SMCI’s robust product portfolio, including server systems, storage solutions, and networking components, positions it well to capitalize on the expanding data center market. The company’s focus on innovation, evidenced by its investments in advanced technologies such as AI accelerators and high-density servers, further strengthens its competitive advantage.
With a strong track record of revenue growth and profitability, coupled with favorable industry tailwinds, SMCI presents an attractive investment opportunity for investors seeking exposure to the evolving landscape of artificial intelligence.
2. Nvidia Corporation (NVDA) — Leading the Charge in AI Innovation
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 204.21 – 746.11
- Avg. Volume: 44,561,808
- Market Cap: 1.794T
- PE Ratio (TTM): 96.18
- EPS (TTM): 7.55
- Earnings Date: Feb 21, 2024
- Forward Dividend & Yield: 0.16 (0.02%)
Nvidia Corporation (NVDA) is a compelling investment opportunity due to its leadership in the semiconductor industry, particularly in graphics processing units (GPUs).
NVDA’s GPUs are integral components in various applications, including gaming, artificial intelligence, data centers, and autonomous vehicles. The company’s consistent focus on innovation and technological advancements has enabled it to maintain a dominant market position and drive revenue growth.
With the increasing adoption of AI, machine learning, and cloud computing, NVDA is well-positioned to capitalize on emerging trends and sustain its competitive advantage. Furthermore, NVDA’s expansion into new markets, such as cryptocurrency mining, presents additional growth opportunities. As this expansion continues, NVDA stands to benefit from some of the future growth in the best crypto stocks as well.
Overall, NVDA offers investors exposure to a diversified portfolio of high-growth sectors, making it an attractive long-term investment.
3. Meta Platforms (META) — Redefining Social Connectivity in the Metaverse Era
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 167.66 – 488.62
- Avg. Volume: 18,594,842
- Market Cap: 1.207T
- PE Ratio (TTM): 31.85
- EPS (TTM): 14.86
- Earnings Date: Apr 29, 2024
- Forward Dividend & Yield: 2.00 (0.42%)
Formerly known as Facebook, META is a leading social media and technology company that boasts a vast user base across its platforms, including Facebook, Instagram, WhatsApp, and Oculus. In fact, nearly 50% of the world’s population uses a META product every month.
The company’s strong advertising revenue model, driven by targeted marketing and user engagement, continues to fuel its growth. Additionally, META’s foray into virtual reality (VR) and augmented reality (AR) technologies through Oculus positions it at the forefront of immersive digital experiences. Despite regulatory challenges and concerns over user privacy, META’s robust infrastructure and strategic acquisitions offer resilience and adaptability in an evolving regulatory environment.
With its diversified revenue streams, innovative initiatives, and global reach, META remains well-positioned to capitalize on the ongoing digital transformation, making it an attractive investment for long-term growth-minded investors.
4. Microsoft (MSFT) — Powering Digital Transformation with Cloud Solutions
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 245.61 – 420.82
- Avg. Volume: 25,389,093
- Market Cap: 3.002T
- PE Ratio (TTM): 36.50
- EPS (TTM): 11.07
- Earnings Date: Apr 29, 2024
- Forward Dividend & Yield: 3.00 (0.74%)
One of the top dividend stocks to buy in 2024, Microsoft Corporation (MSFT) represents a compelling investment opportunity in the technology sector.
As a leading provider of software, cloud services, and hardware products, Microsoft enjoys a diversified revenue stream and a strong competitive position. The company’s flagship products, including Windows, Office, and Azure cloud platform, form the backbone of its business, catering to both consumer and enterprise markets.
Microsoft’s consistent focus on innovation and investment in emerging technologies such as artificial intelligence, cybersecurity, and quantum computing further solidifies its market leadership. Additionally, MSFT’s subscription-based business model, such as Microsoft 365 and Xbox Game Pass, provides recurring revenue streams and fosters customer loyalty.
With a track record of strong financial performance, strategic acquisitions, and a commitment to shareholder value through dividends and share buybacks, MSFT offers investors stability, growth, and exposure to the ever-evolving technology landscape.
5. Amazon (AMZN) — Revolutionizing E-Commerce and Cloud Computing
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 88.12 – 175.39
- Avg. Volume: 48,434,404
- Market Cap: 1.761T
- PE Ratio (TTM): 58.45
- EPS (TTM): 2.90
- Earnings Date: Apr 29, 2024
- Forward Dividend & Yield: N/A
Driven by its dominant position in e-commerce, cloud computing, and digital content, Amazon.com, Inc. presents an attractive investment opportunity in the AI sector.
As the largest online retailer globally, Amazon continues to capture market share through its vast product selection, competitive pricing, and efficient delivery network. The company’s cloud computing division, Amazon Web Services (AWS), remains a key revenue driver, serving as a leading provider of cloud infrastructure and services to businesses worldwide.
AMZN’s expansion into adjacent markets, such as streaming services (Amazon Prime Video) and smart devices (Amazon Echo), further diversifies its revenue streams and strengthens its ecosystem. Despite regulatory scrutiny and competitive pressures, AMZN’s relentless focus on customer-centric innovation, operational efficiency, and long-term growth initiatives position it for continued success.
6. Alphabet Inc. (GOOG) — Advancing Technology with Innovation and Alphabetical Precision
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 88.86 – 155.20
- Avg. Volume: 21,977,311
- Market Cap: 1.754T
- PE Ratio (TTM): 24.44
- EPS (TTM): 5.80
- Earnings Date: Apr 24, 2024
- Forward Dividend & Yield: N/A
Alphabet Inc., the parent company of Google, offers a compelling investment opportunity in the digital technology space. As a leading provider of internet-related products and services, Alphabet Inc. dominates the online search market through its flagship search engine and advertising platform, Google Ads.
The company’s diverse portfolio includes other key properties such as YouTube, Google Cloud, and Android, contributing to its robust revenue streams. With a focus on innovation and investment in emerging technologies like artificial intelligence and autonomous vehicles, Alphabet Inc. remains at the forefront of digital transformation.
Despite regulatory challenges and privacy concerns, GOOGL’s strong brand, technological expertise, and global reach position it for sustained growth. Additionally, the company’s commitment to long-term value creation, evidenced by its disciplined capital allocation and strategic acquisitions, makes Alphabet Inc. an attractive investment for investors seeking exposure to the evolving digital landscape.
7. Advanced Micro Devices, Inc (AMD) — Pioneering High-Performance Computing Solutions
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 75.92 – 184.92
- Avg. Volume: 70,475,990
- Market Cap: 280.937B
- PE Ratio (TTM): 334.37
- EPS (TTM): 0.52
- Earnings Date: May 6, 2024
- Forward Dividend & Yield: N/A
One of the best blue-chip stocks to buy right now, Advanced Micro Devices, Inc. represents another compelling investment opportunity in the semiconductor industry. As a leading provider of high-performance computing solutions, AMD has gained market share from competitors through its innovative products and strategic partnerships.
The company’s Ryzen processors and Radeon graphics cards have garnered praise for their performance and value, driving demand across various markets, including gaming, data centers, and PCs. AMD’s successful expansion into new markets, such as cloud computing and artificial intelligence, further diversifies its revenue streams and positions it for future growth.
Overall, AMD’s strong product pipeline, technological advancements, and focus on customer needs bolster its long-term prospects. With a track record of revenue growth and profitability, AMD offers investors an opportunity to capitalize on the continued demand for high-performance computing solutions in an increasingly digital world.
8. Palantir Technologies Inc. (PLTR) — Transforming Data into Actionable Insights
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 7.19 – 25.52
- Avg. Volume: 70,035,088
- Market Cap: 53.181B
- PE Ratio (TTM): 271.56
- EPS (TTM): 0.09
- Earnings Date: May 10, 2024
- Forward Dividend & Yield: N/A
Up over 230% over the past 12 months, Palantir Technologies Inc. (PLTR) presents an intriguing investment opportunity in the data analytics and software industry. As a leading provider of data integration and analytics platforms, PLTR serves government agencies, enterprises, and organizations worldwide.
PLTR’s operating cash flow doubled to $301.2 million in Q4 2023, up 282% year-over-year, enhancing its ability to invest and grow. Commercial revenue surged 32% year-over-year to $284 million, driven by AI bootcamps, with CEO Alex Karp noting “unrelenting” demand. Profit margins improved to 15.9% in Q4, suggesting a stronger financial position. With continued growth, PLTR may attract more investors, despite its high P/E ratio.
9. Palo Alto Networks, Inc. (PANW) — Safeguarding Digital Assets in an Evolving Threat Landscape
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 165.36 – 380.84
- Avg. Volume: 3,713,440
- Market Cap: 115.529B
- PE Ratio (TTM): 203.56
- EPS (TTM): 1.80
- Earnings Date: Feb 20, 2024
- Forward Dividend & Yield: N/A
A leader in the Palo Alto Networks cybersecurity sector, PANW continually delivers innovation to enable secure digital transformation.
As a leading provider of network security solutions, Palo Alto Networks offers advanced threat detection, prevention, and response capabilities to enterprises worldwide. With the increasing frequency and sophistication of cyber attacks, demand for cybersecurity solutions is on the rise, positioning PANW for sustained growth.
The company’s innovative technologies, strategic acquisitions, and strong customer base contribute to its competitive advantage. Despite regulatory challenges and evolving threat landscapes, PANW’s strong financial performance and market leadership make it an attractive investment in the AI sector.
10. CrowdStrike Holdings, Inc. (CRWD) — Spearheading Next-Generation Cybersecurity Solutions
- Rating: ⭐⭐⭐⭐
- 52 Week Range: 111.51 – 338.45
- Avg. Volume: 3,302,803
- Market Cap: 79.065B
- PE Ratio (TTM): N/A
- EPS (TTM): -0.07
- Earnings Date: Mar 05, 2024
- Forward Dividend & Yield: N/A
Another cybersecurity leader, CrowdStrike Holdings Inc. provides cloud-native endpoint security solutions to help organizations detect and prevent cyber threats efficiently.
With the increasing sophistication and frequency of cyber attacks, demand for cybersecurity solutions is one the rise, which has helped drive CRWD’s incredible growth. Over the past 12 months, CRWD stock is up over 165%.
The company’s innovative platform, Falcon, leverages artificial intelligence and machine learning to deliver advanced threat protection. Additionally, CRWD’s strong financial performance, expanding customer base, and strategic partnerships underscore its market leadership.
11. Snowflake Inc. (SNOW) — Empowering Data-Driven Insights with Cloud Data Warehousing
- Rating: ⭐⭐⭐
- 52 Week Range: 128.56 – 237.72
- Avg. Volume: 5,343,750
- Market Cap: 75.726B
- PE Ratio (TTM): N/A
- EPS (TTM): -2.67
- Earnings Date: Feb 28, 2024
- Forward Dividend & Yield: N/A
Snowflake Inc. (SNOW) stands out as an exciting investment opportunity in the burgeoning cloud data warehousing industry. SNOW’s cutting-edge cloud-based data platform enables organizations to effectively manage and analyze massive volumes of data, driving insights and innovation.
The company’s architecture, designed for scalability and flexibility, positions it as a leader in the rapidly expanding data analytics market. Despite competition from established players, SNOW’s focus on technological innovation and strategic partnerships strengthens its market position.
As businesses increasingly prioritize data-driven decision-making and digital transformation initiatives, SNOW is well-positioned to capitalize on this trend.
12. Salesforce, Inc. (CRM) — Enabling Seamless Customer Relationship Management in the Cloud
- Rating: ⭐⭐⭐
- 52 Week Range: 159.66 – 295.24
- Avg. Volume: 5,743,393
- Market Cap: 280.449B
- PE Ratio (TTM): 109.74
- EPS (TTM): 2.64
- Earnings Date: Feb 28, 2024
- Forward Dividend & Yield: N/A
Salesforce.com Inc. (CRM) offers investors a compelling opportunity in the rapidly evolving cloud computing and customer relationship management (CRM) sector. With its comprehensive suite of cloud-based software solutions, CRM empowers businesses worldwide to enhance customer engagement and drive growth.
The company’s innovative products, such as Salesforce Customer 360, enable organizations to streamline operations and deliver personalized customer experiences. Despite intensifying competition, CRM’s strong brand reputation and strategic acquisitions continue to fuel its expansion.
As businesses increasingly prioritize digital transformation and customer-centric strategies, CRM stands poised to capitalize on this trend.
What Are AI Stocks?
AI stocks are publicly traded companies that are involved in the development, deployment, or utilization of artificial intelligence (AI) technologies. These companies may focus on various aspects of AI, including machine learning, deep learning, natural language processing, computer vision, robotics, and more.
The artificial intelligence industry is expected to significantly impact various sectors in 2024 and beyond, including technology, healthcare, finance, automotive, retail, and manufacturing.
Examples of Top AI Stocks
- Technology giants: Companies like Alphabet (Google), Microsoft, IBM, and Amazon are heavily investing in AI research and development, and they offer various AI-related products and services.
- Semiconductor companies: Firms like NVIDIA and Intel produce chips and processors optimized for AI workloads.
- Robotics companies: Companies like iRobot and Intuitive Surgical develop robotic technologies that incorporate AI for automation and decision-making.
- Healthcare companies: Organizations like Philips and Siemens Healthineers are integrating AI into medical imaging, diagnostics, and patient care.
- Startups: Numerous startups are emerging in the AI space, focusing on specific applications or niche markets, and some may offer investment opportunities as they grow.
How To Pick The Best AI Stocks
AI has the potential to revolutionize and disrupt several sectors, which means AI stocks can come in many different forms. From tech giants to semiconductor companies and software specialists, there are a myriad of AI companies vying for attention in the market. That means picking the best AI stocks requires thorough research, analysis, and understanding of the AI industry. Here are a few simple steps to help you navigate the artificial intelligence industry and pick the best AI stocks:
1. Understand the AI Industry
Learn about the different sectors within the AI industry, such as healthcare, finance, autonomous vehicles, and cybersecurity. Understand how AI is being implemented and which companies are leading in each sector.
2. Research Companies
Look for companies that are at the forefront of AI innovation. This includes established tech giants like Google, Microsoft, and Amazon, as well as smaller, specialized AI companies like Nvidia, Palantir, and Snowflake.
3. Financial Health
Evaluate the financial health of potential investments. Look at factors such as revenue growth, profitability, and cash flow. Companies with strong financials are better positioned to weather market fluctuations and invest in future growth.
4. Competitive Advantage
Assess the competitive position of each company. Consider factors such as market share, intellectual property, and strategic partnerships. Companies with a strong competitive advantage are more likely to succeed in the long run.
5. Future Growth Potential
Consider the future growth potential of each company. Look for companies that are expanding into new markets or developing innovative AI technologies. Evaluate the company’s long-term strategy and vision for growth.
6. Risk Management
Finally, consider your risk tolerance and investment goals. Diversify your portfolio to spread risk across different sectors and industries. Consider consulting with a financial advisor for personalized advice and guidance.
Can You Invest In AI ETFs?
Yes, you can invest in AI ETFs in Canada. These ETFs allow investors to gain exposure to the AI sector without having to select individual stocks. This lets Canadians benefit from the explosive gains in the AI sector while managing risk through portfolio diversification. With the potential for significant growth, investing in AI ETFs provides Canadians with opportunities for capital appreciation while managing risk through portfolio diversification.
Here are some of the most popular AI ETFs available in Canada:
Global X Robotics & Artificial Intelligence ETF (BOTZ)
- BOTZ tracks the Indxx Global Robotics & Artificial Intelligence Thematic Index.
- It holds companies involved in robotics, automation, and AI, spanning various industries.
- BOTZ has been one of the most popular AI ETFs and has seen significant growth in assets under management (AUM).
ARK Autonomous Technology & Robotics ETF (ARKQ)
- Managed by ARK Invest, ARKQ focuses on disruptive innovation, including autonomous vehicles, robotics, and AI.
- It invests in companies across sectors such as transportation, energy, manufacturing, and healthcare.
- ARK Invest is known for its active management and thematic investing approach.
iShares Robotics and Artificial Intelligence ETF (IRBO)
- IRBO tracks the NYSE FactSet Global Robotics and Artificial Intelligence Index.
- It includes companies involved in the development and use of robotics and AI-related products and services.
- IRBO provides exposure to both established companies and emerging players in the robotics and AI space.
First Trust Nasdaq Artificial Intelligence and Robotics ETF (ROBT)
- ROBT seeks to track the Nasdaq CTA Artificial Intelligence and Robotics Index.
- It holds companies engaged in the development and utilization of AI and robotics technologies.
- ROBT provides exposure to global companies across various industries, including technology, healthcare, and industrials.
Which Canadian Investing Accounts Can Hold AI Stocks?
In Canada, several types of investment accounts can hold AI stocks, including Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), and First Home Savings Accounts (FHSA). Below, we’ll uncover the best investing accounts to buy AI stocks to maximize returns over the long run.
TFSA
A TFSA is a flexible, registered account where your investments can grow tax-free. Contributions to a TFSA are made with after-tax dollars, meaning you don’t receive a tax deduction for your contributions. However, any capital gains, dividends, or interest earned within the account are not taxed, even when withdrawn. TFSA contribution limits are set annually by the government and accumulate over time. Unused contribution room can be carried forward to future years.
RRSP
An RRSP is a tax-advantaged retirement savings account. Contributions to an RRSP are tax-deductible, meaning you can reduce your taxable income by contributing to the account. Investments within an RRSP grow tax-deferred, meaning you won’t pay taxes on investment earnings until you withdraw funds from the account. Withdrawals from an RRSP are generally taxed as income and are intended for retirement purposes.
FHSA
The FHSA is like a mix between a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA). FHSA contributions are tax-deductible and withdrawals are not taxable, allowing Canadians to fast-track their journey toward home ownership. However, unlike both the RRSP and TFSA, funds withdrawn from an FHSA can only be used to purchase a qualifying home.
Best Stock Trading Apps To Buy AI Stocks In Canada
In Canada, several stock trading apps provide access to buying and selling AI stocks. These investment platforms offer a range of features, including low trading fees, user-friendly apps, access to various investment options, research tools, and customer support, catering to the diverse needs of investors.
Here are some of the best stock trading apps in Canada and the U.S.:
1. Questrade
Questrade is a popular online brokerage platform that offers commission-free trading of ETFs and low-cost trading of stocks. It provides access to Canadian and U.S. markets, allowing investors to trade AI stocks listed on major exchanges such as the Toronto Stock Exchange (TSX), NASDAQ, and the New York Stock Exchange (NYSE). With a user-friendly interface and competitive pricing, Questrade is the best app for investors seeking to build a diversified portfolio with exposure to the AI sector.
2. Wealthsimple
Wealthsimple is a commission-free trading platform that offers a straightforward and accessible option for buying AI stocks. It offers a user-friendly interface and allows users to trade stocks and ETFs listed on major Canadian and U.S. exchanges. Although it may lack some advanced features, Wealthsimple offers an easy-to-use solution for those interested in gaining exposure to AI stocks.
3. Qtrade
QTrade is a highly regarded online brokerage platform that offers a user-friendly interface, competitive pricing, and robust research tools for buying AI stocks. With low trading commissions and a wide range of investment options, including stocks, ETFs, and mutual funds, QTrade provides cost-effective access to the AI sector. Overall, QTrade offers a combination of low fees, robust research tools, and excellent customer support, allowing it to stand out as one of the best investing apps in Canada.
Why Buy AI Stocks In 2024
AI stocks have exploded in 2024 with companies like SMCI and NVDA up over 700% and 200%, respectively, over the past year. However, unlike Canadian bank stocks, AI stocks are expected to remain volatile, which could provide further entry points and opportunities for prudent investors.
AI offers opportunities to improve efficiency, productivity, and cost-effectiveness for businesses through automation, optimization, and data-driven decision-making. Revenue generation for AI companies comes from various sources, including software sales, service offerings, IP licensing, and data monetization.
With AI becoming a strategic priority for organizations globally, investing in AI stocks allows investors to capitalize on this trend and gain exposure to a high-growth sector.
What Are The Best AI Stocks To Buy in Canada?
Even the best AI stocks in Canada come with risks, including technological obsolescence, regulatory challenges, and market competition.
But for investors seeking the best AI stocks to buy in Canada, Super Micro Computer Inc. (SMCI) and Nvidia Corporation (NVDA) stand out as top contenders. SMCI’s innovative data center solutions and NVDA’s leadership in AI and graphics processing make them compelling investment opportunities.
Note: It’s important for Canadians to conduct thorough research, consider their risk tolerance, and review their investment goals before investing in AI stocks.