2024 is looking to be a pretty good year for stock market investors as well as for beginners who are looking for stocks to buy for long term. India’s homegrown artificial intelligence model, Krutrim AI, raised a whopping $50 million in investment. This is solid news for everyone who’s interested in purchasing AI stocks this financial year.
Reports published by experts and financial news sources suggest that India’s AI market is valued at $1 billion. The AI market is growing at an annual growth rate of 25-35%. In a developing country like India, stock markets with AI stocks hold the strong potential of being a lucrative mode of investment.
To learn more about the best AI stocks for beginners as well as professional investors, let’s go ahead with this blog.
AI Stocks: What Are They?
The stocks of companies or business firms that have a considerable amount of AI research and development, or if they’re in the process of shaping AI research into reality, are known as “AI stocks.”. These stocks are listed on stock exchanges within the country and can be bought and traded by investors.
In 2024, a lot of startups and existing players in the tech industry are expected to launch their AI resources. If these companies list themselves on the stock market, then they can be a potential AI stock.
Best AI Stocks To Buy in 2024
Here are the best AI stocks that you can watch out to buy in 2024:
- Wipro Technologies
Wipro is a well-known name in the IT industry. As per the latest reports, Wipro has started to train more than 210,000 of its workforce to research AI systems. Wipro’s CEO said that they are working to roll out new products for their clients in the cloud business. Wipro has stocks that have long-term moving advantages with low debt.
It can be the best AI stock in 2024 for investors seeking stocks to buy for long term.
- Tata Consultancy Services (TCS)
TCS is the biggest private sector employer in India. They have trained over 1 lakh employees in AI-based technology. The averages of TCS stock prices are around 52 week highs in frequent occurrences. TCS can be one of the best stocks to watch out for in 2024.
- Tech Mahindra
Tech Mahindra is a popular player in the IT industry. Famous for on-campus placements in engineering colleges across India, they’re preparing to roll out advanced AI systems for business management. They have already launched many AI resources, like Sayint, Populii, and GAiA.
It shows how good they are in the field of AI. It is one of the best AI stocks for beginners, with positive breakouts and upgrades through brokerages.
- Infosys
Infosys has placed itself as the second largest software company that exports software resources. It has a strong share of AI research and has launched an AI platform called Topaz for its clients. The stock prices for Infosys are also stable and have average 52 week highs with positive breakouts.
- HCL Technologies
HCL presents some of the most important elements in AI resources. HCL has rolled out AI Labs, which is a part of their Cloud Native Labs suite. They have collaborated with Amazon on AWS (Amazon Web Services) to strengthen the use of generative AI within their organisation.
The stock price of HCL has shown positive breakout resistance. The stock prices are also 52-week highs. It will be one of the most trending AI stocks to watch in 2024.
Are AI Stocks Good for Beginners?
Yes, some of the AI stocks, like TCS and Tech Mahindra, are a good option for young investors. As these companies have been listed on the stock exchanges for many years, their investment risk is lower. As a beginner, you can also diversify the portfolio of your investments to ensure a good return in the future.
Tech Mahindra has a low debt to equity ratio of 9.7%; hence, in the long term, this AI stock holds the potential to perform well. The stock prices are also stable for this AI stock and have not suffered a major dip since February 2024.
On a Lighter Note
AI stocks are going to be the trending category this year. Industry giants like TCS, HCL, and Wipro are pushing towards the development of AI resources to cater to the increasing demands of the IT industry. As a stock investor, these can be worthy stocks to watch out for in the AI stocks category in 2024.
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FAQs
What are AI stocks?
Those stocks that are linked to companies that are researching AI resources are called AI stocks.
Can beginners invest in AI stocks?
Yes, beginners can invest in AI stocks. Some of the best ones for beginners include Tech Mahindra and TCS.
Will AI stocks perform well in 2024?
Yes, AI stocks are expected to perform well in 2024. India’s first AI unicorn, Krutrim, has recently gathered an investment of $50 million.
