2 Artificial Intelligence (AI) actions that could make you a millionaire

Nine months into the year, the stock market is hot. The S&P 500, Nasdaq Compositeand Dow Jones Industrial Index they are all at or near all-time highs.

Undoubtedly, one of the reasons is the boom in artificial intelligence (AI).

Let’s examine two AI stocks that have already made a few fortunes and have the potential to make many more in the coming years.

Image source: Getty Images.

1. Meta platforms

When it comes to AI, size and scale matter — and no social media company has one bigger scale than Meta platform (META -0.09%).

At the end of the second quarter, Meta had nearly 3.3 billion daily active users (DAUs). This is a huge advantage for the company in many ways, but consider this: Meta is able to introduce its AI-based features to about 40% of the world’s population.

That may not guarantee success, but it’s a great start.

As for the tools themselves, the company has developed several under the Meta AI banner powered by its Llama 3.1 model:

• Image generation
• Solving problems
• Search capabilities
• Research
• Smart glasses

crucial, the technology is designed to integrate with the Meta family of applications. For example, users could ask Meta AI to generate an image of them standing in front of the Eiffel Towerwhich they could then post on Instagram or Facebook. Similarly, a user could ask Meta AI to suggest some recipe ideas for an upcoming potluck dinner — then post the ideas for those looking for inspiration.

If Meta AI will takeoff remains unknown. But in any case, Meta remains a stock that could continue to make millionaires for years to come to come. The company’s massive user base generates huge amounts of advertising revenue and profit — of which it is largely Turning to to shareholders through share buybacks and the newly instituted dividend. That makes Meta a stock that investors shouldn’t ignore.

2. Palantir Technologies

Oftenit’s best to avoid overthinking your investments. That’s why I have to suggest Palantir Technologies (PLTR -0.70%) like an AI stock that could make you a millionaire.

The company’s business model is based on helping organizations make sense of large volumes of data and use it to reach actionable conclusions. This might seem like a simplistic business model — but a look at Palantir’s financials will demonstrate why it’s a winning formula.

In the second quarter, Palantir’s total revenue grew 27% year-over-year, while its US commercial revenue grew 55% and faster. And while commercial customers are rushing to adopt the Palantir platform at grow their effectiveness, the company still gets big contracts from its traditional source of strength: the defense branches of governments and intelligence agencies.

On September 20, the company announced that it has was awarded a five-year, $100 million contract to be extended the use of it’s Maven intelligent system to the US Army, Navy, Air Force, Space Force and Marine Corps.

It’s another sign that while the company is more aggressively pursuing private sector clients, government contracts remain. an important puzzle piece. Indeed, government revenue still accounts for more than half of the top line.

Analysts expect the company’s sales to rise another 21 percent next year to about $3.3 billion. Of course, the AI ​​field is volatile, and Palantir stock isn’t the right choice for every investor or portfolio. However, those looking for an AI stock with massive upside potential need look no further than Palantir.