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The 10 fastest growing AI stocks of 2023 revealed

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AI stocks have soared by up to 100% in just 12 months - here are the top performers to watch.

Its no secret that artificial intelligence (AI) stocks are the market favourites of 2023.

ChatGPT's success has investors looking out for the next big thing in AI -- as tech companies race to get on the bandwagon.

It begs the question, which companies should investors be focusing on?

A new report by Forex Suggest may give us some clues by revealing which stocks have seen the biggest growth over the last 12 months, and which are on track to hit the trillion dollar valuation.

The data in the chart below shows market cap growth between the first week of August 2022 and the first week of August 2023.

A market capitalisation is essentially the value of a company according to the market. An increase in market cap reflects a rise in the stock price.

AI stocks leading the race

AI lending platform Upstart Holdings (NASDAQ: UPST) saw the biggest increase -- its market cap jumping 100% from US$2.5b to US$5b between August 2022 and 2023.

With a 93% increase in market capitalisation over 12 months, C3 AI (NYSE: AI) saw the second largest market cap increase. The company is a provider of AI-powered applications for enterprises.

Third on the list, Palantir (NYSE: PLTR), rose 63% over the 12 months. The software company specialises in big data analysis and has more recently rolled out new AI technology projects, including a contract with the US army for AI research and services.

Meanwhile, Oracle Corporation has the largest market cap - reaching a peak of over US$300b in June this year. As the third biggest software company in the US, it may be the first of the AI companies on the list to reach the trillion dollar market cap.

AI market volatility

Like other evolving technology stocks, AI shares have been volatile since they emerged in the early 2000s.

While Upstart may have seen substantial growth during the focus period, most of that growth is attributed to a short-lived spike between May and August 2023.

Just a few weeks on to today (October 13) and its market cap has fallen by over 50% to US$2.3b.

In 2021, Upstart's share price rose by more than 230% over a few months, reaching a market cap of $30b, before crashing 90% by May 2022.

Similarly C3.AI, which listed in 2020, reached a peak of over $14b shortly after its IPO. While its growth in 2023 is substantial, its market cap of US$2.99b today is a far cry from its heights of a couple of years ago.

The lesson here is the same as with the dot-com bubble - that is over exuberance in the market can very quickly turn to bust. If you're planning to invest, do so with caution.

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