The artificial intelligence (AI) sector is not just confined to tech giants like Nvidia (NASDAQ:NVDA); its utility spans across various industries. The global AI market, valued at $136.55 billion in 2022, is expected to skyrocket to over $1.81 trillion by 2030, growing at a CAGR of 37.3%​​. This growth trajectory underlines the importance of considering AI-centric stock picks in 2024, as AI’s role in enhancing efficiencies and conveniences across sectors becomes increasingly evident.

Stock Picks to Watch in 2024

  1. Intuit (NASDAQ:INTU): As a prominent tax software company, Intuit is poised to capitalize on AI for simplifying complex tax procedures. With an average price target of $640 and a high-side target of $700, Intuit’s financial assistant platform is set to revolutionize tax preparation​​.
  2. Boston Scientific (NYSE:BSX): This biomedical engineering firm, renowned for its medical devices in radiology and cardiology, leverages AI for medical image analysis. Positioned strongly in the burgeoning AI healthcare market, which could reach $173.55 billion by 2029, Boston Scientific is an attractive stock pick for 2024​​.
  3. UnitedHealth Group (NYSE:UNH): UnitedHealth applies AI in medical data analysis and personalized healthcare plans. Despite controversies over AI applications, its long-term relevance in the growing healthcare sector makes it a compelling stock choice​​.
  4. NextEra Energy (NYSE:NEE): With a strong focus on green energy, NextEra Energy employs AI in its smart grid technology. The company’s involvement in the expanding smart grid market, potentially worth $130 billion by 2028, positions it as a promising stock for 2024​​.
  5. Wyndham Hotels & Resorts (NYSE:WH): As one of the world’s largest hotel franchisors, Wyndham is integrating AI in guest engagement platforms across its U.S. and Canadian locations. The stock could benefit from a stabilized economy and a surge in the hospitality sector​​.
  6. Walmart (NYSE:WMT): Walmart’s AI-powered inventory system, optimizing inventory for in-demand products, positions it as a key player in the retail sector. With a potential upside of 14%, Walmart is a top pick for 2024, banking on consistent revenue growth and profitability​​.
  7. General Motors (NYSE:GM): GM, an iconic automotive brand, is venturing into electric vehicles and leveraging AI in manufacturing processes. With a low forward earnings multiple of 4.63X and significant growth potential, GM emerges as a valuable stock pick​​.

Conclusion

AI’s influence extends far beyond pure-play technology companies, offering significant growth and efficiency improvements across diverse sectors. The stocks of Intuit, Boston Scientific, UnitedHealth Group, NextEra Energy, Wyndham Hotels & Resorts, Walmart, and General Motors, each harnessing AI in unique ways, represent strategic investments for 2024. This eclectic mix not only underscores AI’s versatility but also its vital role in shaping the future of various industries.