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* 3 Cheap AI Stocks That Could Triple Your Money by 2030

3 CHEAP AI STOCKS THAT COULD TRIPLE YOUR MONEY BY 2030

These cheap AI stocks can 3X investors money by 2030

1d ago · July 28, 2024 By Terel Miles, InvestorPlace Contributor
* Below are the three best cheap AI stocks to buy during the tech sell off in
Q3.
* Meta (META): Continued investments in AI and the metaverse to drive its
profits.
* Alphabet (GOOG, GOOGL): Cloud revenue exceeded $10 billion for the first time
in Q2 2024.
* Qualcomm (QCOM): The broader tech sell off is a gift for investors to snag up
cheap shares.

Source: MMD Creative / Shutterstock.com

Artificial intelligence (AI) continues to be the major talking point on Wall
Street in 2024. This makes the case for the best cheap AI stocks to buy.

There are several companies that have skyrocketed this year due to their
innovation and earrings growth driven by the sector. The future growth potential
is undeniable, but many stocks have gotten way too ahead of themselves. For
instance, stocks including Nvidia (NASDAQ:NVDA) have already more than doubled
in price. This might leave newer investors with very little room for potential
upside.

However, there are still players within the space with relatively attractive
valuations. They are not companies that are just selling you hopes and dreams,
but are well established with strong moats and robust earnings growth potential.
For investors who are concerned about an AI bubble, dollar-cost averaging into
these stocks can be a prudent strategy for outsized returns in the coming years.

Now, let’s discover the top three cheap AI stocks to buy to 3X your money by the
end of the decade!

META (META)

Source: justplay1412 / Shutterstock.com

Meta (NASDAQ:META) is the first on the list for investors considering the best
cheap AI stocks to buy in August. The company’s ongoing investments into
generative AI and the metaverse are on track to pay serious dividends through
2030.

Meta is no stranger when it comes to technological innovation. It currently owns
and operates some of the world’s largest technology-led brands including
Facebook, Instagram and WhatsApp. These companies garner billions of monthly
visitors, and are the source of its unprecedented advertising revenue growth
over the last decade. Additionally, the 2023 fiscal year which was characterized
as the ‘’year of efficiency’’ proved successful. Cost-cutting measures led by
CEO Mark Zuckerberg significantly boosted revenue, earnings per share and free
cash flow. Now, management is making strategic investments in the metaverse and
its open sourced LLM, Llama 3. The recently released version 3.1 of the Llama 3
added additional language and context capabilities. As competition in the space
heats up, Meta is staying ahead of the curve and well positioned to grow
profitably in the years ahead.

ALPHABET (GOOG, GOOGL)

Source: Valeriya Zankovych / Shutterstock.com

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is another top contender with a relatively
attractive valuation among AI companies in Q3. With a dominance in search engine
technology and growing cloud computing presence, Alphabet still holds incredible
value in 2024.

Alphabet is at the forefront of AI research, technology and development. Over
the last year, its team significantly ramped up its investments in its large
language model (LLM), Gemini AI. This multi-modal model means that it can
process data simultaneously, such as text, images and speech. Moreover, its
Gemini 1.5 update in 2024 offers higher speed, efficiency and longer context
understanding. The update made it the largest context window of any foundational
model released on the market. But the cherry on top of the company’s AI
innovations is its growing cloud computing platform, Google Cloud. In the second
quarter, cloud revenue exceeded $10 billion for the first time, with notable
strength at Google Search and YouTube. This continued strong performance serves
as a positive sign for the future ahead.

QUALCOMM (QCOM)

Source: Xixi Fu / Shutterstock.com

Qualcomm (NASDAQ:QCOM) is the final boss among cheap AI stocks to consider in
2024. The company’s AI-enabled Snapdragon chips positions it as a leader in the
AI revolution.

Qualcomm experienced a 13% drawdown in its stock price over the last month
despite the stock up 25% year to date. 2024 has been a recovery year for the
semiconductor giant as it was largely impacted by inflation and higher interest
rates. The handset market, which is Qualcomm’s bread and butter, experienced a
significant slowdown. Unfortunately, this heavily impacted the company’s revenue
and earnings in the 2023 fiscal year. However, with nearly all segments of its
business recovering, the future remains bright. Some of the markets it serves
include chips, smartphones, PCs, automotive, IoT and cloud segments.
Additionally, it recently secured a blockbuster deal to power Microsoft’s
(NASDAQ:MSFT) new surface PC’s, which should add some extra juice to its top
line revenue. Trading at 15 times forward earnings, QCOM stock is in a sweet
spot for investors seeking long term upside potential.

On the date of publication, Terel Miles did not have (either directly or
indirectly) any positions in the securities mentioned in this article. The
opinions expressed in this article are those of the writer, subject to the
InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor held LONG positions in GOOG
and NVDA.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven
years of experience investing in the financial markets.

Artificial Intelligence, Cloud, Semiconductor, Software, Technology

Undervalued Stocks

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Article printed from InvestorPlace Media,
https://investorplace.com/2024/07/3-cheap-ai-stocks-that-could-triple-your-money-by-2030/.

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