Interest in artificial intelligence (AI) skyrocketed last year after the launch of OpenAI’s ChatGPT. The generative chatbot astounded the tech world with its ability to produce human-like dialogue based on prompts. OpenAI’s platform highlighted just how far AI has advanced and its potential to boost countless industries.
As a result, dozens of tech companies ventured into AI and enjoyed major stock gains for their efforts. Companies like Nvidia and Amazon have seen their stocks climb 228% and 45% over the last 12 months, thanks to dominating positions in their respective areas of AI.
However, the market is vast and appears to have plenty of room left to run, projected to expand at a compound annual growth rate of 37% until at least 2030. Consequently, it could be worth investing in a company that is still in the early stages of its AI journey and could deliver significant growth in the coming years as the industry develops.
Here are two AI stocks that could make you a millionaire if you’re willing to wait.
1. Intel
Shares in Intel (NASDAQ: INTC) have risen more than 115,000% since its initial public offering in 1971. The company was once the biggest name in chips and has undoubtedly created many millionaires in its time. However, the last decade has challenged the tech giant, with its stock down 3% alongside tumbles in revenue.
Yet, recent developments suggest a recovery is underway, with Intel an increasingly attractive way to invest in AI. The chipmaker’s fall from grace and changes in the tech market forced Intel to rethink its business model. The company is reshaping its business around the semiconductor foundry market, an industry projected to more than double its 2022 valuation and hit $232 billion by 2032.
Intel kicked off its foundry expansion by beginning construction on chip factories around the world, with its primary focus being the U.S. The company plans to build at least four American manufacturing facilities. On June 11, Intel temporarily delayed construction on a plant in Israel as it works to proceed with its multibillion-dollar investment at a…
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