Photo by Steve Johnson on Unsplash
 

The AI boom of 2024 is just around the corner, and now is the opportune moment to position for what promises to be an extraordinary year. This article summarizes what we wrote in what we believe are the 6 best AI & Robotics stocks for 2024.
 

Economic Importance of AI & Robotics Companies

AI and robotics companies play a pivotal role in driving economic growth and fostering innovation across various sectors. Beyond automation, these technologies drastically optimize processes, introduce predictive analytics, and create intelligent systems. Their economic significance lies in the efficiency gains, cost reductions, and workforce productivity optimizations. While AI applications have the potential to create new revenue streams, they bring to businesses productivity gains first and foremost, leading to long-term economic growth.
 

Growth Numbers

The impact of AI on economic growth is substantial. McKinsey predicts generative AI could enable labor productivity growth of 0.1 to 0.6 percent annually through 2040.

Another study by Goldman Sachs Research suggests that generative AI has the potential to raise global GDP by 7%, with a significant impact on productivity growth, especially in the U.S.
 

Sector Trend & Leading Indicators

Examining sector ETFs and key stocks, such as Microsoft and Nvidia, provides crucial insights. ETFs like Global X Robotics & AI and Global X AI & Technology exhibit powerful charts. Both Microsoft and Nvidia showcase secular breakouts, acting as leading indicators for the broader AI space.

Microsoft is a leader in the AI space. Its breakout is telling.

(Click on image to enlarge)

Nvidia, a leader in AI semis, confirmed a secular breakout very recently.

(Click on image to enlarge)

AI Stocks in 2024

The AI sector is ready for an exceptional surge, and the charts tell a compelling story. The consistent bullish nature of the reversals we see on the charts of the 20 AI & Robotics stocks in our shortlist is telling. This leads us to believe that this sector is in the midst of a powerful transformation. This isn't just a momentary blip; it's a fundamental shift reflected in charts that sing with promise.

Our confidence is not just optimistic; it's stronger than that.

The robust leading indicators, from sector ETFs to stalwarts like Microsoft and Nvidia showcasing secular breakouts, affirm the bullish momentum. As we analyze these chart patterns, it's evident that 2024 holds extraordinary potential for our selection of AI stocks.
 

A selection of the most beautiful reversals

Note: we have to respect our premium members by not disclosing symbols which is why we focus on educational chart analysis and common findings.

This company supporting enterprise operations through AI boasts a beautiful chart, having been on our top list for almost a year.

(Click on image to enlarge)

This robotics stock, with a cup-and-handle type reversal, indicates a strong bullish reversal.

(Click on image to enlarge)

This runner-up is on the verge of a breakout, presenting a compelling opportunity for investors. This bullish setup, right at the 50% retracement level, hints at significant upside potential.

(Click on image to enlarge)

Positioning for the AI Boom

This juncture is pivotal for strategic positioning. Investors can take positions in the best AI companies with the strongest bullish setups. The AI space is not in a runaway state, not yet, which implies that entry points are still relaxed. Once bullish momentum kicks in, investors will be chasing prices which feels horrible as an investing experience.

Our comprehensive report, located in the research area of our website, to gain a focused analysis of 20 AI & Robotics stocks. More specifically, the guide "Top AI & Robotics Stocks Selection" offers an invaluable resource for riding the wave of AI innovation and growth in the stock market.

More By This Author:

What's Wrong With Silver?
Investing In 2023: The Hardest ‘Easy Thing To Do’
Spot Uranium Breakout Confirmed: A Bullish Turning Point