If I Were You, I Would Buy These 3 Stocks Right Now

Stocks to buy

I usually discuss stocks in the third person, keeping my tone impartial while providing the best insight I can. That being said, these three stocks have me breaking form, as 2024 shapes up to be a record year

As an investor, I am constantly looking for companies that either corner a market, have created one for themselves, or are locked in vicious competition. I prefer these market strategies because they either drive innovation due to competition or the desire to stay on top. These innovative periods in a company’s life cycle can be the drivers of significant growth in a short amount of time.

Stable stock prices lead to the best growth over time, but getting in on stock at the right time in its history is equally important. All this considered, here are my thoughts on three stocks to buy right now and the reasoning I used to pick them.

SoundHound AI (SOUN)

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I remain bullish about SoundHound AI’s (NASDAQ:SOUN) potential, even after its impressive 200% surge in recent months. Their unique voice recognition expertise and diverse customer base solidify SOUN as a compelling investment.

Beyond a strong portfolio of customers in various sectors, SOUN’s continuous approach to product development leads to even more growth. As such, the company’s stock price stands directly tied to its revenue expansions. Furthermore, last week saw a realistic contraction of 17%, but that doesn’t mean the price won’t go up again.

Rather, this new price correction offers investors a slightly better entry price on a stock with serious long-term potential. This is thanks to the ever-evolving nature of how users interact with AI. By keeping its finger on the AI user experience pulse, SOUN innovates new ways to improve voice recognition functionality. Moreover, analysts agree the stock maintains a strong buy rating, making it a good time to get in now.

Advanced Micro Devices (AMD)

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Another one of my favorites is AMD’s (NASDAQ:AMD) future of competition, like a Lamborghini to Nvidia’s Ferrari. While Nvidia might be the big dog in the AI chipmaking race, AMD’s new “inferencing” chips may see that change. This stems from the chips’ ability to provide more up-to-date answers based on live data.

Such chips are intended for use on mobile devices instead of larger server-side computers, thus improving portable AI processing. This would make AI integrated with personal devices more viable, opening up an expansion to the AI market.

While AMD’s processing chips compete for market share, its inferencing tech could have a market all to itself. All of this AI-adjacent tech has led to a 9.1% rally for the stock, supporting its strong buy position. In my eyes, the best part of the stock market is investing in competing companies and watching for a winner.

Palantir Technologies Inc. (PLTR)

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A new one that I’ve been keeping an eye on, Palantir Technologies (NYSE:PLTR) sits poised for AI perfection. Despite seeming like it may have hit a ceiling, PLTR has plenty of reasons for continued growth.

For starters, the company grew its customer base by 79% in just two years, adding over 220 new revenue sources. This has translated into predictions for a strong 2024, per the company’s CEO. Moreover, Palantir’s earnings results for Q4 of 2023 show a stunning 203% increase in earnings. Finally, the stock still remains relatively new and is in search of true footing amongst other big data stocks.

Ultimately, this puts PLTR in an attractive position for investors, as its price is currently not prohibitive. Thus, I recommend PLTR as one of the best stocks to buy right now. The reason? Because of the sheer data processing needs of the budding AI industry.

On the date of publication, Viktor Zarev 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.

Viktor Zarev is a scientist, researcher, and writer specializing in explaining the complex world of technology stocks through dedication to accuracy and understanding.