AI stocks have become highly valuable in 2024. The spotlight is on NVIDIA, which has outshone other companies.

The company’s value rose so fast in June 2024 that it momentarily surpassed Apple and Microsoft as the world’s most valuable corporation. However, some doubts have started creeping in. 

Some believe that there is too much hype around AI. Others are concerned about geopolitical issues in regards to semiconductor development, which is vital for the development of AI projects.

 For those who believe in AI's long-term potential, recent price drops might be good buying opportunities. Some analysts think this could be a chance to invest in them. With that being said, let’s look at the top AI stocks to buy at the moment.

NVIDIA (NVDA)

NVIDIA has been working on multimedia and 3D-based gaming graphics since 1993. By 2012, the company had already begun developing AI applications. Currently, NVIDIA is a leader in AI, producing software, chips, and other related services.

NVIDIA has recently been considered among the best-performing stocks for investors interested in artificial intelligence. Much of this has to do with its price performance recently.

In H1 2024, the share price of NVIDIA increased by 150% due to high demand for AI chips and technology. It dominates the market for AI chips.

Their uses extend to data centers, gaming, and professional visualization. This dominance has led to impressive financial performance within the company.

The earnings reports of NVIDIA have consistently beat estimates from analysts. For instance, its Q1 2024 earnings were higher than predicted, hence boosting its stock price.

Experts have positive projections for NVIDIA’s performance going forward since they anticipate a wider adoption of AI technologies across industries.

SoundHound AI Inc. (SOUN)

SoundHound AI creates voice-based AI products. Their products include a voice assistant for restaurants, which helps customers place orders, ask about hours, and make reservations.

They also develop products for the automotive and hospitality industries. Their clients include Hyundai, Pandora, Krispy Kreme, White Castle, Toast, and Square.

The company’s AI stock has grown significantly. It reached a 52-week high of $10.25, which is 131.4% above its current price. Over the past year, the stock price has increased by 107.50%, showing strong investor confidence.

The company reported record Q2 revenue of $13.5 million, a 54% increase from the previous year. This growth shows SoundHound AI’s expanding market presence.

SoundHound AI recently bought Amelia AI for $80 million. This acquisition is expected to improve their products and market reach.

AeroVironment Inc.(AVAV)

AeroVironment, Inc. is a famed American defense contractor based in Arlington, Virginia. It specializes in unmanned aerial vehicles (UAV). It was founded by Paul B. MacCready Jr., a pioneer in the field of human-powered aircraft, in 1971.

The company has gained fame for creating energy-efficient aircraft that are lightweight, human-powered, and solar-powered. It also provides small drones to the US military, including the Raven, Switchblade, Wasp, and Puma models.

AeroVironment’s stock reached a year high of $224. The stock has increased by 92.18% over the past year, depicting confidence among investors. Since the company leads the way in unmanned aircraft systems and AI technologies, its clients include government institutions and other corporations.

The earnings report indicates consistent growth. AeroVironment’s revenue of $196.98 million for the fiscal year ending April 2024 represents a 5.88% increase from last year.

Analysts are positive about AeroVironment’s future. They expect continued growth due to the rising use of AI and unmanned systems.

Procept BioRobotics Corp. (PRCT)

Procept BioRobotics is a company that manufactures medical robotics solutions for urology. The two systems that the firm provides are aquablation therapy, which is an alternative to surgery, and AquaBeam, a heat-free therapy for benign prostatic hyperplasia.

Procept BioRobotics is regarded as one of the hottest AI stocks to buy at the moment. The stock hit a 52-week high of $77.00. In the past year, this has increased by 107.50%. This level of trust shows it has good faith in its market.

In the Q2 report, the company’s revenue had reached a record high of $53.35 million. This indicates a rise of 61.17% from last year’s figure, indicating increasing market penetration and effectiveness of the business strategy.

Procept BioRobotics focuses on surgical robotics for urology, which is in high demand. Their AquaBeam robotic system and aquablation therapy are innovative solutions that position the company well for future growth.

Analysts are positive about Procept BioRobotics’ future. They expect continued growth due to rising adoption of AI and robotic technologies in healthcare.

MicroStrategy (MSTR)

MicroStrategy designs and sells enterprise analytics and mobility software. The company is working on improving the AI features of its MicroStrategy ONE analytics platform. In 2023, MicroStrategy expanded its partnership with Microsoft.

They are integrating MicroStrategy’s analytics with Azure OpenAI’s service. This will help businesses make the most of their data. 

In the past two years, MicroStrategy has benefited from AI and cryptocurrency. The company holds 190,000 bitcoins, making it the largest corporate bitcoin investor.

MicroStrategy has a major partnership with Microsoft. Its rising stock price has allowed the company to raise cash through equity offerings. It is a leading Big Tech stock.

The price of the MicroStrategy stock has increased significantly from $1,207 to $1,794. This was due to its huge Bitcoin holdings. The company has strong financial performance.

It generates consistent revenue from its AI and analytics services. Analysts are positive about MicroStrategy’s future. Its investments in AI and Bitcoin position it well for continued growth.

AI stocks have received a lot of hype in 2024, with companies such as NVIDIA leading the pack. The market has set a very high standard for NVIDIA because of its remarkable stock improvements that stem from the company’s leadership in AI chips and technology.

However, it is possible that recent price corrections might provide buying opportunities despite some skepticism about this AI surge. SoundHound AI, AeroVironment, Procept BioRobotics, and MicroStrategy are also worth considering based on their prospects for growth and innovative contributions to AI.