Invest in These 2 Leading Artificial Intelligence (AI) Stocks Before the Nasdaq Surges

The Nasdaq-100 index has been on a steady rise in 2024, up 10% so far, thanks to the strong growth reported by its major constituents. With the increasing demand for artificial intelligence (AI) and cloud computing, the index is expected to continue heading higher as the year progresses.

Deutsche Bank estimates that the Nasdaq-100 could rise by 19% in 2024, fueled by cooling inflation and solid economic growth in the U.S. The proliferation of AI is also expected to drive technology stocks, with companies like Nvidia and Qualcomm leading the charge.

Nvidia, with a stunning 121% gain in 2024, has been a key player in the Nasdaq-100’s upward trajectory. Analysts have been increasing their earnings expectations for the chipmaker, citing its dominance in the AI chip market and strong revenue growth from data center chip sales.

Qualcomm, another Nasdaq-100 component, has seen a 41% gain in 2024. The company is poised for further growth, especially in the AI-enabled smartphone and PC markets. Analysts expect Qualcomm’s revenue and earnings to increase, driven by the demand for AI-enabled devices powered by its chips.

Overall, the outlook for AI stocks like Nvidia and Qualcomm is positive, with strong growth potential in the AI market. Investors looking to capitalize on this trend may consider investing in these companies before the Nasdaq-100 sees more gains in 2024.