7 Unstoppable Artificial Intelligence (AI) Stocks To Buy

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1. Super Micro Computer, Inc. (NASDAQ:SMCI)

YTD Gains as of April 23: 207.21%

Number of Hedge Fund Holders: 35

With year-to-date gains of 207.21%, as of April 23, Super Micro Computer, Inc. (NASDAQ:SMCI) ranks first on our list of unstoppable artificial intelligence (AI) stocks to buy. The company offers AI infrastructure server products for enterprises. The company’s computing products are optimized to manage AI workloads. The company and NVIDIA Corporation (NASDAQ:NVDA) partnered to produce Edge AI, a computational process that enables the deployment of AI via pre-integrated components with hardware and software products. Edge AI is capable of being deployed on both generative and predictive AI models.

On May 5, Super Micro Computer, Inc. (NASDAQ:SMCI) reported earnings for the fiscal third quarter of 2024. The company reported earnings per share of $6.65, beating estimates by $1.08. The company reported revenue worth $3.85 billion, with a year-over-year revenue growth rate of 200.01%.

At the end of Q1 2024, 35 hedge funds were long Super Micro Computer, Inc. (NASDAQ:SMCI) and held stakes worth $2.17 billion in the company. As of March 31, Citadel Investment Group was the top investor in the company and held a stake worth $1.62 billion.

Polen Capital’s Polen U.S. Small Company Growth Strategy stated the following regarding Super Micro Computer, Inc. (NASDAQ:SMCI) in its Q1 2024 investor letter:

“The most significant detractors from relative performance in the quarter were Super Micro Computer, Inc. (NASDAQ:SMCI) (not owned), Globant, and Bumble. Our top relative detractor this quarter was Super Micro Computer, a company we do not own. As noted previously, the stock is up a staggering +255% in the first quarter, putting the market cap at close to $60 billion, more than 10x the weighted average market cap of the entire Russell 2000 Growth Index. Super Micro will leave the Index in June.”

Follow Super Micro Computer Inc. (NASDAQ:SMCI)

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Read Next: 10 Best Dividend Stocks of 2024 and the 8 Best Dow Stocks To Buy According to Hedge Funds.

Disclosure. None.

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