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Top AI Stocks to Buy (Beyond Nvidia)

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Nvidia Shines, but UiPath Tops My AI Stock List

Nvidia continues to report stunning sales, driven by high demand for its artificial intelligence (AI) chips, yet it might not be the best AI stock to buy according to a recent analysis. The author’s preferred AI stock is UiPath (NYSE: PAD), a company that, despite its shares being down more than 20% so far in 2024, offers significant growth potential in the AI market. Founded in 2005 and publicly listed since April 2021, UiPath specializes in developing software for business process automation, initially focusing on robotic process automation (RPA) and now offering an end-to-end AI-powered business automation platform. Despite its smaller size compared to Nvidia, UiPath’s market cap stands at about $10.8 billion, with $1.3 billion in revenue for the fiscal year ending January 31, 2024. The company’s growth and recent profitability, combined with its potential in the rapidly expanding AI software market—predicted by Ark Invest to grow to $14 trillion by 2030—make it an attractive investment. However, potential risks include future losses due to increased expenses and the fast pace of technological change posing a threat of being out-innovated by larger companies. Before investing in UiPath, it’s noted that it wasn’t listed among the “10 best stocks” for investors to buy now by the Motley Fool stock advisor analyst team, which highlights the importance of considering diverse perspectives when investing.

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