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The best AI stocks in the US and Australia in 2024

AI could be one of the big investment themes to watch, but it is at risk to government regulation.

Artificial intelligence (AI) stocks represent one of the fastest growing sectors on the market.

Buoyed by ChatGPT and other AI-focused chatbots and applications, investors everywhere are looking to take advantage of AI's meteoric rise.

However, AI is still very much in its early days in Australia. While several tech companies are involved in AI projects, there are very few pure-play AI stocks on the ASX.

From a global perspective, technology giants from the US are dominating the AI sector even if not all of these are solely dedicated to AI.

Best AI stocks of 2024

We've collated a list of AI stocks based on their performance so far in 2024. We've included companies that incorporate AI into its business (or are part of an AI-specific index) and that have had a positive price performance so far this year. This list was updated on 4 July 2024.

IconStockYear-to-date performance1 year performance
Nvidia Corporation (NVDA)159.9%217.1%
Tencent Holdings (700 HK)25%9.6%
Qualcomm (QCOM)53.6%76.3%
Meta Platforms (META)46.9%87.7%
Netflix (NFLX)38.8%53.3%
Alphabet (GOOGL)28.7%43.8% (AMZN)24.7%47.7%
Broadcom (AVGO)37.8%74.8%
Oracle Corp (ORCL)34.9%20.6%
Microsoft Corp (MSFT)18.9%32.9%
Apple (AAPL)14.8%15.9%
Alibaba Group (BABA)4.4%-9.1%
Samsung Electronics (005930 KS)-3.9%7.7%
ServiceNow (NOW)4.9%32.1%
Cisco Systems (CSCO)-9.7%-9.7%
Salesforce (CRM)7.9%10.3%
Siemens AG (SIE.DE)6.1%10.8%
Micron Technology (MU)70.9%108.7%
Uber Technologies (UBER)25.3%75.3%

*Performance accurate as of market close on June 12, 2024

What are AI stocks?

AI stocks are public companies that are heavily involved in artificial intelligence-related projects. This might be through hardware manufacturing of key components like computer chips, research facilities or the distribution of AI tech.

AI stocks aren't necessarily solely dedicated to AI or even primarily focused on it. There are only a handful of pure-play AI stocks globally, and many of these are small or micro-cap start ups.

You'll notice that many of the big names in artificial intelligence are household name technology stocks. This is because these tech giants are investing in AI by partnering with smaller dedicated start ups or developing its uses within their products and services.

For instance, Microsoft is now recognised as a leading AI stock after it partnered with ChatGPT's parent company OpenAI.

ASX AI stocks

Australia has few tech stocks compared to other markets such as the US, and fewer still that are dedicated to artificial intelligence or machine learning.

The following are some tech stocks listed on the ASX that are working on AI projects.

  • Global AI stocks

    These are some of the most well-known global companies that are making big moves in artificial intelligence.

    Pure-play AI stocks

    Some stocks that are dedicated to artificial intelligence include:

    • (NYSE: AI)
    • BrainChip (ASX: BRN)
    • (NYSE: BBAI)
    • SoundHound (NASDAQ: SOUN)

    AI ETFs on the ASX

    If you'd prefer to invest in a whole portfolio of companies involved in artificial intelligence, you could invest in an AI themed ETF.

    This is a safer choice than investing in 1 or 2 companies because if any company fails they're supported by others in the portfolio. Here are 3 ASX ETFs that have exposure to artificial intelligence:

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