AI Stocks Google Could Dominate

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A recent report from Statista projects that the global market for artificial intelligence will reach an estimated $2 trillion by 2030, driving massive growth opportunities for AI stocks. Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) CEO Sundar Pichai described the state of AI in the coming years, predicting rapid advancements that will shape products associated with every industry. Already, the effects of AI are being seen in nearly every segment from healthcare, to finance, supply chain, education and more. Unfortunately, with such a hot market, certain AI stocks are at risk of being ‘stomped out’ by tech giants, like Google.

Chegg (NYSE: CHGG) and Uber (NYSE: UBER) are examples of stocks feeling the effects of increased AI innovation led by Google. Recently, Chegg reported on the impact of ChatGPT on its new customer growth rate, noting that sign ups had spiked in March due to increased interest in the AI chatbot. Further, the company lowered revenue estimates as customers began to trial the service. Uber also recently completed a seven-year cloud deal with Google, as they look to leverage AI technologies to refocus engineering efforts, upgrade customer experience, and improve mobility, delivery, and advertising opportunities.

BigBear.AI (NYSE: BBAI) is another AI stock to watch out for. It has experienced a surge in popularity over the last year but could be hard-pressed to compete against some of the larger players in the space. Its ability to remain profitable is in question considering it has yet to achieve financial stability. Moreover, according to InvestorPlace contributor Ian Bezek, predictive analytics is not an area that can support BBAI’s currently valued valuation. It is therefore better to avoid this stock if you are looking for high returns.

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Google, the tech giant that is at the center of most AI pursuits, will continue to dominate the space with advanced technologies and strategically placed investments. However, those looking to invest in AI stocks should remain cautious and double-check the speculation around the company prior to making any decision. By doing their research thoroughly, investors can better position themselves to capitalize on the AI transformation while minimizing risk to their investments.

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