3 Machine Learning Stocks to Turn $10,000 Into $1 Million: January 2024

Machine learning, which allows computers to copy how humans learn and adapt, is nothing new. The term was first coined back in 1959 by computer scientist Arthur Samuel, who created the first machine learning system – the Samuel Checkers-playing Program. Now, far more advanced, machine learning is doing far more than playing checkers, creating a big opportunity for machine learning stocks.

Nowadays, machine learning involves showing data to a machine so it can learn and even make predictions – like a human – with things such as facial recognition, product recommendations, financial accuracy, predictive analytics, medical diagnoses, and speech recognition to name a few. Netflix (NASDAQ:NFLX) for example uses machine learning to provide you with recommended shows.

Better, “As these technologies continue to advance and mature, they are expected to have a transformative impact on various industries, shaping the way businesses operate, make decisions, and deliver value to customers,” added Grand View Research

Furthermore, machine learning could be worth $528.1 billion by 2030 from $204.3 billion today, according to Statista. All of which could create substantial opportunities for machine learning stocks, such as the following three.

Advanced Micro Devices (AMD)

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Advanced Micro Devices (NASDAQ:AMD) has been one of the most explosive tech stocks on the market. Since Jan. 1, it raced from a low of about $137 to $178.29, and it could easily see higher highs. All thanks to artificial intelligence (AI) and machine learning (ML).

For one, AMD’s RDNA 3 GPU architecture “includes upgraded machine learning accelerators that are more than twice as fast as its previous-generation technology,” as noted by SiliconANGLE.

Two, the company is seeing massive demand for AI chips. According to Barclays, which just raised its AMD price target to $200 from $120, says AMD could see $4 billion in AI chip sales just this year. TD Cowen also increased its price target on AMD to $185 from $130, with an outperform rating. Then, Wedbush reiterated its outperform rating on AMD, with a $200 price target. New Street Research also piled on, with a buy rating and a $215 price target.

Machine Learning Stocks: Palantir Technologies (PLTR)

Palantir Logo. Palantir Technologies (PLTR) is a publicly traded American company that focuses on the specialized field of big data analytics.

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Another one of the top machine learning stocks to buy, Palantir Technologies (NYSE:PLTR) designs programs that rely on machine learning to help customers make better decisions and forecasts. 

The U.S. Department of Defense, for example, awarded PLTR a $250 million contact to conduct research in AI/ML for the U.S. Army. All as “Interest in AI and ML in the defense world has exploded in recent years, with military officials lauding their potential battlefield applications and industry matching the energy,” as noted by C4ISRNET.

PLTR also partnered with the University of Colorado Anschutz Medical Campus to create the Center for Linkage and Acquisition of Data, which is part of the National Institutes of Health’s All of Us Research Program. All to gain a better understanding of the drivers of health and disease, according to the press release.

Earnings haven’t been too shabby either. In its most recent quarter, the company posted revenue of $558 million, up 17% year-over-year. It was also ahead of its guidance range of $553 million to $557 million and the Street’s call for $556 million. Adjusted income from operations was $163 million, which came in above the guidance range of $135 million to $139 million. Adjusted profits were seven cents a share, a penny above expectations.

Global X Artificial Intelligence & Technology ETF (AIQ)

Machine learning algorithms, Artificial intelligence (AI), Automation and modern technology in business as concept. Machine Learning Stocks

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Or, if you want to diversify with AI and machine learning stocks, which is always a great move, buy an exchange-traded fund (ETF).

With an explosion of interest in artificial intelligence and machine learning stocks, the Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ) ran from about $25.50 in late 2023 to a recent high of $31.90. But this is just the start. With AI/ML only set to grow, the AIQ ETF could easily double, if not triple over the next few years – especially with holdings like Nvidia (NASDAQ:NVDA) popping.

With an expense ratio of 0.68%, the ETF is investing in companies benefiting from the “development and utilization of AI technology in their products and services, as well as in companies that provide hardware facilitating the use of AI for the analysis of big data,” as noted by GlobalXETFs.com.

On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the biedexmarkets.com.com Publishing Guidelines.

Ian Cooper, a contributor to biedexmarkets.com.com, has been analyzing stocks and options for web-based advisories since 1999.