AI Stocks to Watch in 2024: Palantir Technologies and Coveo Solutions
Artificial intelligence (AI) is revolutionizing the way businesses operate, and in 2024, two AI stocks are poised for significant growth. Palantir Technologies and Coveo Solutions are leading the charge in innovative AI platforms that are attracting attention from investors and industry experts alike.
Palantir Technologies, a US$54 billion defense analytics and intelligence software vendor, has recently launched an AI platform for private commercial customers. This new product has driven strong revenue growth and a 52% rally in Palantir stock over the past month. With fourth-quarter revenue growing by 9% to US$608.4 million and U.S. commercial sales surging by 70% year over year, Palantir is entering a new growth cycle driven by AI demand. Analysts project a potential 66% gain in PLTR stock price from current levels, making it an attractive investment opportunity.
Coveo Solutions, a $1 billion AI stock, has been investing in intelligent offerings for over a decade and recently released a generative AI platform, the Relevance Generative Answering solution. This platform is set to attract a growing institutional customer base in 2024 and could drive the stock higher. Coveo’s AI platforms have been instrumental in aiding customer support functions and enhancing e-commerce website recommendations. With 11% year-over-year growth in quarterly revenue to US$31.8 million and strong gross margins above 77%, Coveo is well-positioned for continued success in the AI market.
Both Palantir Technologies and Coveo Solutions are trading at attractive valuations and offer significant growth potential in the AI sector. As AI technologies continue to evolve and become increasingly integrated into businesses worldwide, these stocks are poised to deliver strong returns for investors. Keep an eye on Palantir Technologies and Coveo Solutions as they pave the way for AI innovation in 2024.
In conclusion, the landscape of AI stocks is rapidly changing, and investors should consider investing in companies like Palantir Technologies and Coveo Solutions that are at the forefront of this technological revolution. With promising growth prospects and innovative AI platforms, these stocks could go parabolic in 2024. Keep an eye on these two AI stocks as they continue to disrupt and reshape the future of artificial intelligence.
