Artificial intelligence (AI) is rapidly transforming into a key business driver, with companies like Advanced Micro Devices (NASDAQ: AMD), Palantir Technologies (NYSE: PLTR), and Microsoft (NASDAQ: MSFT) leading the charge. These firms stand to benefit significantly from the rising demand for AI solutions amidst a growing competitive landscape.
Advanced Micro Devices
AMD is challenging Nvidia’s market dominance with its new MI300 series of AI chips, expecting a 17% revenue growth to $26.4 billion in 2023, alongside a 42% increase in earnings per share to $3.75.
Palantir Technologies
Palantir generated $2.1 billion in revenue over the past year, with quarterly revenue increasing 17% year over year. Analysts anticipate a 20% increase in revenue to $2.7 billion in 2024, largely due to its AI-driven analytics for various sectors.
Microsoft
Microsoft, which is in close partnership with OpenAI, is poised to expand its AI features across its software offerings. Despite a high valuation, the company’s innovative capacity positions it for substantial long-term growth.
