According to PricewaterhouseCoopers, artificial intelligence could contribute $15.7 trillion to the global economy in 2030. The technology promises to impact everything from video games to medical procedures, and just about everything in between. The cars we drive, the food we eat and the entertainment we watch are all expected to be impacted, in some way, by AI.
Of course, this presents a huge opportunity to the companies leading the development of AI applications and models and whose engineers and scientists understand the technology’s likely impact on society. For investors, there’s an opportunity to make a fortune off the stocks of the companies leading us into the future. Here are three stocks representing companies that are doing the best job navigating the seas of technological change.
Chipmaker Nvidia (NASDAQ:NVDA) isn’t just navigating the seas of technological change, it is leading the change. The company controls about three-quarters (75%) of the global market for AI microchips and semiconductors enabling the current technological boom. Owing to the huge demand for its chips and semiconductors, Nvidia reported year-over-year first-quarter sales growth of more than 200% and profit growth exceeding 600%.
NVDA stock has soared, helping the company briefly achieve a $3 trillion market capitalization and challenge Apple (NASDAQ:AAPL) in becoming the world’s second-most valuable public company behind Microsoft (NASDAQ:MSFT). Nvidia’s shares have risen nearly 25% since the company reported its Q1 financial results in May, and have increased 217% over the last 12 months. Along with its recent earnings, Nvidia raised its quarterly dividend 150% and implemented a 10-for-1 stock split.
Cloud computing giant Salesforce (NYSE:CRM) is all in on AI. The company announced plans to open a new AI center in London, part of a larger $4 billion investment in the U.K. Salesforce said it will open a 40,000-square-foot facility in downtown London capable of hosting 300 people. The center will be used to encourage industry collaboration among technology companies and engage in AI training and upskilling programs for workers.
Salesforce expects the center will help create 500,000 AI-related jobs in the U.K. The new facility officially opens on June 18 with a free event that will train more than 100 AI developers. Salesforce said the London AI center is the first of many that the company plans to launch worldwide and that it will support its British and Irish businesses. The AI center is part of a broader $4 billion investment that Salesforce is making in the U.K. The company said it has also invested more than $200 million into British start-up companies.
CRM stock declined 5% this year, mostly after the company issued lackluster Q1 financial results.
Leading chipmaker Intel (NASDAQ:INTC) is doing its best to catch rival Nvidia in the global race to supply the chips and semiconductors needed to develop AI models and applications. Intel unveiled new AI microchips for data centers days after Nvidia and Advanced Micro Devices (NASDAQ:AMD) announced their latest chips. Intel claims its new “Xeon 6” processor will deliver better performance and energy efficiency for high-intensity data center workloads.
Six months ago, Intel launched its Xeon line of processors for data centers, as well as its Gaudi 3 processor for training AI models and chatbots. Intel also announced that prices for its Gaudi 2 and Gaudi 3 AI accelerator chips will be lower than the chips of its main rivals. Intel also revealed details for its Lunar Lake processors that are expected to ship this year and compete against Nvidia’s and AMD’s chips for AI personal computers. While Intel is playing catch-up to Nvidia and AMD, it looks to be closing the gap.
INTC stock is down 36% this year.