10 AI Stocks To Watch in The Summer of 2024

Ben Broadwater

Posted June 12, 2024

Over the past few years, investors have seen many exciting AI stocks climb the ladder to success. Artificial intelligence (AI) has transformed from science fiction to a rapidly evolving reality. From facial recognition software on your smartphone to chatbots handling customer service inquiries, AI is weaved into the fabric of our daily lives. This integration is only intensifying, prompting investors to seek ways to participate in this burgeoning market. AI stocks have become a hot commodity, with some companies experiencing significant growth. However, the AI landscape is vast and complex, so careful research is crucial before diving in.

AI stocks to watch - summer 2024

Here, we delve into 10 AI stocks to watch in summer 2024, exploring their recent news and potential:

1. Intuitive Surgical (ISRG)

A giant in the field of robotic-assisted surgery (RAS), Intuitive Surgical boasts the widely adopted da Vinci surgical system. The company recently announced a strategic collaboration with Teladoc Health to explore remote monitoring capabilities for post-surgical patients. This partnership highlights the potential for AI-powered remote care solutions within RAS. Additionally, Intuitive reported strong first-quarter 2024 earnings, indicating continued market demand for its innovative surgical robots.

2. Ambarella (AMBA)

This chipmaker designs low-power, high-definition video processing chips, the backbone of many AI applications requiring real-time video analysis. In May 2024, Ambarella secured a design win with a leading automotive company for its CV22 AI perception processor. This signifies the growing adoption of AI in autonomous vehicles, a promising market for Ambarella’s technology. The company is also witnessing increased demand for its chips in security and surveillance applications.

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3. Knightscope (KSCP)

Knightscope offers a unique solution – autonomous security robots patrolling various environments. The company recently partnered with a major retail chain to deploy its K5 Autonomous Security Robots (ASRs) in select stores. This deployment demonstrates the practicality of AI-powered security solutions and could pave the way for wider adoption in retail and other sectors. However, Knightscope is a relatively young company, and investors should consider its limited track record.

4. Synaptics (SYNA)

A leader in human interface technologies like fingerprint sensors, Synaptics is well-positioned for the growing integration of AI into everyday devices. In April 2024, the company announced a new generation of fingerprint sensors with enhanced security features. This focus on security aligns well with the increasing demand for biometric authentication in AI-powered applications. Synaptics’ touch and display solutions could see significant demand as AI interfaces become more prevalent.

5. Microbot Medical (MBOT)

Developing micro-robotic surgical platforms for minimally invasive procedures, Microbot Medical offers a glimpse into the future of surgery. The company recently received FDA clearance for its Magellan™ robotic surgical system in the United States. This clearance opens doors for wider adoption of Microbot’s technology in hospitals, potentially leading to improved surgical outcomes and faster patient recovery times. Investors should be aware of the competitive landscape in the surgical robotics space.

6. C3.ai (AI)

This company provides a cloud-based enterprise AI platform that helps businesses accelerate their digital transformation journeys. In March 2024, C3.ai announced a partnership with Shell to develop and deploy AI applications for predictive maintenance in the oil and gas industry. This collaboration showcases the potential of C3.ai’s platform across various sectors. As more companies embrace AI for operational efficiency, C3.ai’s offerings could see significant traction.

7. UiPath (PATH)

A leader in robotic process automation (RPA) software, UiPath offers solutions that automate repetitive tasks, freeing up human employees for higher-value activities. The company recently acquired CloudTrucks, a provider of cloud-based trucking management solutions. This acquisition expands UiPath’s reach into the transportation and logistics sector, a prime market for RPA technology. UiPath’s strong revenue growth indicates the rising demand for automation solutions across industries.

8. Rekor Systems (REKR)

Specializes in AI-powered video analytics for license plate recognition and vehicle identification. Rekor’s solutions have applications in law enforcement, parking management, and tolling. In June 2024, Rekor partnered with a major city government to deploy its AI-powered license plate recognition system for parking enforcement. This win signifies growing acceptance of such technology for traffic management solutions. However, privacy concerns surrounding facial and license plate recognition technology remain a potential hurdle for Rekor.

9. Artificial Intelligence Technology Solutions (AITX)

Develops and deploys AI-powered solutions for perimeter security and threat detection. AITX caters to a growing need for enhanced security measures in various sectors, including critical infrastructure and private property. The company recently launched its ROSA security robot with enhanced autonomous navigation capabilities. This highlights AITX’s focus on developing increasingly sophisticated AI-powered security solutions. However, AITX is a pre-revenue company, meaning it hasn’t yet generated any sales. Investors should carefully consider the company’s development stage and financial situation.

10. Exscientia (EXAI)

A UK-based company utilizing AI for drug discovery and development. Exscientia’s technology has the potential to streamline the pharmaceutical development process, traditionally slow and expensive. In May 2024, Exscientia announced a collaboration with a major pharmaceutical company to develop a new treatment for a rare disease. This partnership underscores the growing interest in AI-powered drug discovery and could lead to faster development of new medications. Investors should be aware of the inherent risks associated with the pharmaceutical industry, including the lengthy development timelines for new drugs.

Remember, this is not financial advice. The AI sector is brimming with innovation, but it’s also fraught with competition and uncertainty. These 10 companies represent just a fraction of the exciting developments in AI. Here are some additional factors to consider before investing in AI stocks:

  • Company Focus: AI applications are vast. Does the company target a specific niche within AI, or does it offer a broader platform?
  • Competitive Landscape: How well-positioned is the company compared to its competitors?
  • Financial Health: What is the company’s revenue, profitability, and debt situation?
  • Regulatory Environment: AI technology is constantly evolving, and regulations may impact how companies operate.

AI stocks to watch

The Future of AI Stocks

The future of AI stocks seems bright. As AI adoption accelerates across industries, these companies stand to benefit from the growing demand for their solutions. However, careful research and a long-term investment perspective are crucial in this dynamic and potentially volatile market. By understanding the specific applications, competitive landscape, and financial health of AI companies, investors can make informed decisions and potentially ride the wave of artificial intelligence.

Related Content: Which AI Stocks Pay Dividends?

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