The U.S. stock market has been quite volatile in the past decade. Many trends, including e-commerce, cannabis, blockchain, cryptocurrency, cloud computing, and artificial intelligence (AI), have shaped the investment landscape in this time frame.
However, AI is no passing trend and is rapidly changing the overall face of corporate America. With broad-reaching utility across industries, functions, and various spheres of daily life, this AI revolution’s eventual impact is beyond imagination. According to PWC estimates, AI will contribute a mind-boggling $15.7 trillion to the global economy by 2030.
Considering that AI technologies are very much here to stay, astute investors should consider picking up at least small stakes in these soaring AI-powered growth stocks as a part of their long-term investing strategy. Here’s why Meta Platforms (NASDAQ: META) and Amazon (NASDAQ: AMZN) fit the bill.
Meta Platforms
The first growth stock to buy with no hesitation is social media giant Meta Platforms. With over 3.2 billion people — nearly 40% of the global population — using at least one of the company’s apps (Facebook, WhatsApp, Instagram, and Messenger) daily, the company enjoys exceptional user reach and engagement. Not surprisingly, Meta’s social media applications are highly sought after by advertisers.
Meta leverages powerful AI-driven algorithms to recommend relevant content, which in turn helps boost user engagement. The company is currently working on a new unified recommendation system to give more relevant and personalized content recommendations to users across its social media applications and content formats. Meta offers multiple AI-powered tools to advertisers to automate and optimize their advertising campaigns.
Increasing user engagement and improved ad targeting are now translating into better ranking, performance, and returns for advertisers — which directly helps boost business for Meta. In the first quarter, Meta saw the total number of ad impressions and average price per ad grow 20% and 6% year over year, respectively.
Besides strengthening its core…
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