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Exploring Market Trends: 3 Companies Influencing the Future of Investing in 2024

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non-Nvidia stocks shaping the market - The Trendsetters: 3 Non-Nvidia Stocks Shaping the Market’s Direction in 2024

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I dare say that Nvidia (NASDAQ:NVDA) will remain the predominant force steering the market’s trajectory in 2024. Artificial intelligence stands at the forefront of investment themes, an ever-evolving domain that warrants astute observation for directional cues. Amidst this landscape, it becomes imperative for investors to cast their eyes upon the counterparts of Nvidia that are catalysts in shaping the market. The nuances of AI monetization and chip valuations stand pivotal in the grander scheme of narratives.

These are mere strands in the tapestry of forces that could lead 2024’s market dance. Let’s delve deeper and shine a light on the three non-Nvidia stocks that are wielding the power to influence the market.

Vanguard Micro Devices (AMD)

Sign of AMD office in Markham, Ontario, Canada. Advanced Micro Devices, Inc. is an American multinational semiconductor company.

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Vanguard Micro Devices (NASDAQ:AMD) has emerged profoundly as the chief adversary to Nvidia’s supremacy in the AI sector. The company is strategically etching its identity as a market influencer, particularly through its pricing strategy. The crux of the matter now lies in this conundrum: To what extent can AMD chip away at Nvidia’s market share by juxtaposing price against performance?

In simpler terms, can AMD lure a significant slice of Nvidia’s clientele by offering chips slightly less potent but considerably more affordable? Indications are rife that the potential is substantial. Major players like Meta (NASDAQ:META) and Microsoft (NASDAQ:MSFT) have already pledged allegiance to AMD’s upcoming chip releases. These two entities collectively accounted for approximately 60% of Nvidia’s recent chip sales.

AMD is gearing up to unveil its refreshed chip lineup this year. By simply proffering a more budget-friendly alternative to Nvidia, the company stands at the cusp of making significant strides. The deciding factor that could sculpt the market come 2024 is: Is Nvidia biting off more than it can chew?

Microsoft (MSFT)

MSFT stock: A Microsoft office building

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Microsoft, standing shoulder to shoulder with Nvidia, is among the select few entities that have cracked the code of AI monetization at an early juncture. Its stock witnessed a robust surge over the past year, spurred by investments in OpenAI. In the ensuing nine months, the corporation meticulously intertwined AI across all tiers of its technological architecture. This sentiment was echoed by CEO Satya Nadella in Microsoft’s latest earnings disclosure.

This transformative journey fuelled a meteoric rise in share value. Yet, queries loom over Microsoft’s modus operandi that could delineate the market’s trajectory in 2024. Microsoft’s integration of AI into its tech infrastructure, particularly Azure — its cloud offering, has spurred revenue growth attributed to AI. In this light, Microsoft proves adept at the monetization of AI.

However, pioneers of CoPilot, the AI office tool, ponder its cost-efficiency. This raises doubts regarding the corporation’s prowess in capitalizing on AI in the times ahead. The unfolding narrative, should unfavorable omens surface, spells ominous outcomes for MSFT shares.

Harmonious SoundHound AI (SOUN)

Exploring the Phenomenon of SoundHound AI Stock Surge

Exploring the Phenomenon of SoundHound AI Stock Surge

The Rise of SoundHound AI Stock Amidst Nvidia Partnership

SoundHound AI (NASDAQ:SOUN) has recently seen a surge in its stock value, largely fueled by the strategic investment made by Nvidia. This move has sparked speculation that voice-based Artificial Intelligence (AI) could be the next big thing to captivate investors.

Partnership with Nvidia: Revolutionizing AI in Vehicles

SoundHound AI has collaborated with Nvidia to leverage NVIDIA DRIVE technology. The outcome is a transformative AI solution for vehicles that operates independently of cloud connectivity. In practical terms, this means the capability to interact with your vehicle seamlessly, irrespective of your internet connection status.

Leading the Charge in AI Voice Technology

Within the realm of AI voice technology, SoundHound AI has established itself as a frontrunner. The company has garnered a dedicated following, particularly in industries such as call centers and restaurants. The partnership with Nvidia holds the promise of reshaping the dynamics of human-machine interactions in service sectors. While this prospect may instill apprehension among certain segments of the workforce, it also signals substantial reductions in labor costs. This transformative potential positions SoundHound AI as a key player shaping the market’s trajectory not only in the current year but well into the future.

Disclaimer: On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. With a diverse professional background spanning industries from e-commerce and translation to education, and backed by an MBA from George Washington University, he brings a rich tapestry of skills to his writing.

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