2 Artificial Intelligence (AI) Growth Stocks to Buy Before It Does

What a difference a year makes. After a 2022 when the U.S. suffered through decades-high inflation and the worst stock market performance since 2008, Wall Street staged a heady rebound last year. On the heels of its 35% decline in 2022, the Nasdaq Composite found its footing and gained 43% in 2023.

Students of economic history will know that the rally is likely to continue in 2024. Going back as far as 1972 — the first full year that the tech-focused index existed — in every year following a bear market rebound, the Nasdaq has returned 19%, on average. That pattern suggests that the current rally should still have legs. As in life, there are no guarantees in investing, but stock aficionados would do well to pay attention to the lessons of history.

Furthermore, there’s an argument that last year’s rally was sparked by the recent advances in artificial intelligence (AI). It’s still early days for generative AI, and companies are scrambling to determine how best to deploy these ground-breaking algorithms. One thing’s for sure: Two companies with long histories of integrating AI into their operations are well-situated to profit. Let’s look at both.

AI stock No. 1: Amazon

Amazon (NASDAQ: AMZN) is one of the most recognizable companies in the world, with business interests that stretch across a broad cross-section of both the consumer and commercial markets. A large contributor to Amazon’s success has been the company’s integration of AI into two business areas where it’s the industry leader and a third where it’s a major contender. The combination of its businesses in e-commerce, cloud computing, and digital advertising gives Amazon reach that’s hard to rival.

Amazon made a name for itself in digital retail, and it still dominates in that space. While the numbers for 2023 are still being compiled, Amazon accounted for roughly 38% of all online sales in the U.S. in 2022, more than the next 14 competitors combined, according to data specialist…