Flick through three US artificial intelligence stocks in 2023

Highlights

• In 2022, the market for artificial intelligence was estimated to be worth US$ 136.55 billion.
• From 2023 to 2030, it is expected to increase at a CAGR of 37.3 per cent.
• It's crucial to conduct thorough research before buying a particular stock.

At the moment, artificial intelligence (AI) is the talk of the town. It all began late last year when OpenAI's ChatGPT became viral and drew significant attention from millions of users. Also, OpenAI has received investment from software giant Microsoft and Alphabet, the parent company of Google, is now in the field to compete with its own AI services.

AI has remained popular in the last few years, and in 2022, the market for artificial intelligence was estimated to be worth US$ 136.55 billion. From 2023 to 2030, it is expected to increase at a CAGR of 37.3 per cent, according to a Grand View Research report.

That said, in this article, we are exploring three US artificial intelligence stocks and see how they have fared in recent months:

Aspen Technology Inc. (NASDAQ: AZPN)

Aspen claims to blend its domain expertise with data science, artificial intelligence, and machine learning to produce fit-for-purpose industrial applications for generating commercial value.

In the recently announced Q2 2023 results, the company said its total revenue bounced to US$ 242.83 million from US$ 81.77 million in Q2 2022. Meanwhile, it reported its cash and cash equivalents at US$ 446.08 million at the end of the second quarter of the present fiscal year.

In December 2022, Aspen announced its partnership with Saudi Aramco, one of the largest energy companies worldwide, to bring innovative carbon capture and utilization software to the market.

Advanced Micro Devices Inc. (NASDAQ: AMD)

In the fields of data centers, AI, gaming, and communications, AMD has emerged as one of the market leaders in high-performance and adaptive computing.

In Q4 2022, AMD's GAAP revenue jumped 16 per cent year-over-year (YoY) to US$ 5,599 million. Meanwhile, the gross profit was US$ 2,403 million, down from US$ 2,426 million in Q4 2021.

At the conclusion of the quarter, there were US$ 5.9 billion in cash, cash equivalents, and short-term investments. Through share repurchases, the company returned US$ 250 million to stockholders.

Notably, AMD's market share was US$ 131.37 million at the time of writing, and its return on equity was about 4.3 per cent.

Alphabet Inc. (NASDAQ: GOOGL)

Alphabet is a technological business that provides services and goods for the Internet. Artificial intelligence pioneer and its AI subsidiary, DeepMind, have made important strides. In January, Google Cloud unveiled four new and updated AI technologies to assist merchants in modernizing their in-store shelf-checking procedures and enhancing their e-commerce websites.

In 2022, Alphabet's revenue amounted to US$ 282.8 billion, representing an increase of 10 per cent YoY. Meanwhile, in Q4 2022, the revenue was up one per cent YoY to US$ 76.04 billion.

At the end of the previous year, the company's total assets grew to US$ 365.2 billion from US$ 359.2 billion in 2021.

Bottom line

To profit, a person purchases stocks. It can be discouraging when you invest your money in the equity market and don't get the profits you were hoping for. Hence, it's crucial to conduct thorough research before buying a particular stock.