When it comes to identifying the pulse of contemporary stock market trends, it’s tough to overlook the burgeoning influence of Reddit. Investing subreddits in particular have steered notable stock shifts and even reshaped market narratives. Among the stocks creating a buzz, AI stocks have taken center stage this year, especially with stalwarts such as Nvidia (NASDAQ:NVDA) witnessing an impressive ascent, soaring over 216% in just nine months. Therefore wagering on the popular AI stocks on Reddit remains incredibly relevant.
As we delve deeper into this trend, relying solely on Reddit’s wisdom might be tempting, but diligent research is essential before solely relying on the platform. Join us as we unwrap three AI stocks trending on social media, spotlighted by the adept Reddit trend tracker ApeWisdom.
Apple (AAPL)
Apple (NASDAQ:AAPL), renowned as the global behemoth in the tech sphere, has never been one to rest on its laurels. Its dedication to pioneering and adapting to the newest technological shifts has kept it ahead of the curve. Moreover, one of the most profound shifts in the tech world is the growing focus on AI, and Apple is once again turning heads on this front.
During the Worldwide Developers Conference, Apple gave us a sneak peek into the AI-imbued future with the unveiling of iOS 17. For instance, the autocorrect feature, now powered by advanced transformer language models, promises to redefine user experience. Moreover, the introduction of the Journal app effectively utilizes machine learning to suggest entries, showcasing Apple’s commitment to making AI a core part of users’ lives.
Although there have been murmurs regarding Apple’s recent earnings, it’s essential to see the larger picture. The company’s commitment to embedding AI in its products, especially in the highly-anticipated launches such as the iPhone 15, is a clear strategic maneuver likely to pay many dividends over the long-term.
Nvidia (NVDA)
Nvidia continues solidifying its reputation as the crown jewel for investors keen on the AI chip market. Despite the prevalent chip clump, Nvidia has consistently outperformed expectations, unlike most of its peers. Its most recent earnings report confirms this, with an astounding $13.5 billion in quarterly sales, a 102% bump from the prior-year period, and adjusted earnings reaching $2.70 per share, beating estimates by 63 cents.
Much of this financial windfall is attributed to Nvidia’s data center business, which pulled in $10.3 billion, accounting for 76.3% of the total quarterly revenue. The A100 and H100 chips, critical in training advanced AI models, remain in high demand, underscoring the firm’s pivotal role in fueling AI advancements. Prospective investors eyeing the AI sector should certainly have Nvidia on their radar, given the company’s forward third-quarter guidance projecting sales of $16 billion. What’s even more compelling is the tripling of NVDA stock year-to-date. As AI becomes more vital to tech and its applications, set for potentially exponential growth.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) has been an incredible comeback story, with its stock up over 146.6% this year. Thanks to a combination of strategic AI investments and judicious cost-cutting, the tech giant posted an impressive $32 billion in quarterly sales. With a growing user base exceeding 3.9 billion, Meta is well-poised to reshape the landscape of virtual social interaction effectively.
Mark Zuckerberg, Meta’s founder and CEO, has underscored the importance of AI in the company’s endeavors. Meta’s massive investment in “advancing AI” aims to weave AI into the very fabric of its product suite. Zuckerberg envisions a world where AI builds on user experiences through personalized content discovery and expression and streamlines the company’s internal operations. He highlights the potential for AI to guide engineers in crafting superior code at an accelerated pace. With an estimated AI investment touching the $33 billion mark this year, it’s clear that for Meta, its advancements in AI technology are critical in advancing its agenda.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines