2 Artificial Intelligence Stocks To Watch This Week

The artificial intelligence (AI) sector is a rapidly growing area in the tech industry, focusing on creating intelligent machines that work and react like humans. AI technology includes machine learning, natural language processing, and robotics, impacting various industries like healthcare, finance, and automotive. Companies in this sector range from large tech giants to specialized startups, all contributing to the development and application of AI.

Investing in AI stocks presents several advantages. AI is at the forefront of technological innovation, offering significant growth potential as its applications expand. Investments in AI can lead to potential substantial returns as these technologies become integral to various business operations and consumer products. However, there are also disadvantages. The AI sector is highly competitive and fast-paced, making it challenging to predict which companies will succeed. Moreover, high research and development costs can impact profitability, especially for smaller companies.

Investors in AI stocks should be aware of the sector’s volatility. Rapid technological changes can quickly alter the competitive landscape. Additionally, ethical and regulatory considerations surrounding AI can affect market dynamics. If reading this has you interested in the AI sector, here are two AI stocks to watch in the stock market this week.

AI Stocks To Buy [Or Avoid] This Week

• Snowflake Inc. (NYSE: SNOW)
• Palantir Technologies Inc. (NYSE: PLTR)

Snowflake (SNOW Stock)

Leading off, Snowflake Inc. (SNOW) is a cloud-based data warehousing company that offers a unique, cloud-built data platform. Snowflake provides solutions for data storage, processing, and analytic solutions that are faster and more efficient than traditional offerings. Their platform supports a wide range of data workloads, including data engineering, data lakes, data applications, and data sharing.

Late last month, Snowflake reported its third quarter 2024 financial results. In detail, the company announced a loss of $0.08 per share, along with revenue of $734.17 million for Q3 2024. This was versus estimates for the quarter which were an EPS of $0.14, and revenue estimates of $712.78 million. Additionally, revenue increased by 31.80% compared to the same period, the previous year.

Year-to-date, shares of Snowflake stock have increased by 46.87% so far. Meanwhile, as of this past Friday’s closing bell, SNOW stock closed the day at $199.01 per share.

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Palantir Technologies (PLTR Stock)

Next, Palantir Technologies Inc. (PLTR) specializes in big data analytics. The company develops software that integrates, manages, and secures data from various sources. Palantir’s platforms are used by governments and commercial organizations for intelligence gathering, counterterrorism, and analyzing large datasets.

Just last week, Palantir Technologies announced an extension of its contract with the U.S. Army’s Program Executive Office for Enterprise Information Systems. This extension, valued at $115.04 million, continues Palantir’s role in enhancing the Army Vantage program. The program integrates various data sources to aid the U.S. Army in data-driven operations and decision-making. Under this contract, Palantir will keep providing its data and analytics platform, supporting the Army’s move towards an integrated data ecosystem. This move highlights Palantir’s ongoing contribution to the U.S. military’s strategic use of data.

Moving along, in 2023 so far, shares of PLTR stock have advanced by 184.82% YTD. Moreover, as of this past Friday’s closing bell, Palantir stock is trading at around $18.20 a share.

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