We’ve all dreamed of the future when robots would take over. That day appears to be now. Maybe not with the robots taking over, but technology seems to have had a meteoric rise in ability during the last few months. AI has gone mainstream and it’s not slowing down anytime soon. There are a lot of arguments on both sides of whether AI is a good thing for society or not. Those who support it talk about how much it can do and the potential it has to cure disease, stop poverty, help businesses, and many others.
If you’re against it, you probably feel like we shouldn’t be relying too much on technology and allowing it to learn quickly. We have already lived this long without it, so why add something that we are unsure of? Well, no matter what your stance is, it’s here and doesn’t appear to be going anywhere.
Cathie Wood is one of the most successful investors of our age. She is the CEO of Ark Invest and currently has a net worth of close to $150 million. One thing she’s learned about investing is we have to embrace the future, especially when it comes to technology. There are tons of AI stocks and companies out there on Wall Street, but these three are the ones Cathie’s keeping her eye on as we enter 2024.
Twilio
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If you’re looking to get rich overnight, Twilio (NYSE: TWLO) isn’t the play for you. If you’re okay sitting back and watching your money grow over time, Twilio is the perfect stock for you. Cathie and Ark Invest have made it a point of emphasis to make sure they hold a lot of this company. 3% of the company’s holdings are in Twilio. This company has cornered the market on how we interact with each other.
These days, it’s impossible to go a day without receiving a phone call, text, email, or some form of communication. Twilio has created tools to make these as efficient as possible. Another new area Twilio is getting into is customer interactions between business and consumer. The goal is to make these interactions as personal as possible so that customers feel like a business cares about them.
Unlike most profitable companies that use AI, Twilio has seen steady growth compared to a rapid rise, like Nvidia (NASDAQ: NVDA). As of December 4, 2023, the stock is selling for $67 per share. If you’re looking for a company to provide a steady return over time, Cathie suggests keeping an eye on them.
Palantir Technologies
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Unlike Twilio, Palantir Technologies (NYSE: PLTR) is a company that appears to be headed towards a fast rise in value. One of the huge upsides in AI technology is the ability to store more data and get better information from that data. Palantir specializes in data analytics, which is an exploding industry. Getting access to numbers and data in a larger set allows companies to be wiser about spending and become more profitable.
The best part about data and data analytics is that every company in the world uses them to make decisions. This allows for a wider customer base for Palantir to market themselves to. Since December of last year, the company’s stock has risen 157%. Still, you can get in on this stock for only $18 per share.
Cathie knows how important data and numbers are to a company. The fact that this stock still has so much growth potential even after such a successful year makes it easy to understand why Cathie and Ark think so highly of it.
UiPath
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What’s the purpose of having technology if we don’t use it to our full advantage? UiPath (NYSE: PATH) is a company that’s focused on trying to use technology to help advance humans as much as possible. While it’s true that the human brain can store more information than a supercomputer, we don’t have access to that storage system.
A computer that has access to this much knowledge can truly help us in so many ways. This company has invested in creating robots that can help us avoid fraud, make applications, and just do any task that we might not want to do. Cathie sees the potential here and has made UiPath one of the largest holdings in Ark at 6%. As of December 2023, the company has seen a return of 91% in just one year and looks to continue this type of growth.
Investing can be a scary thing, especially when you’re looking into something that seems as complicated as AI. Cathie Wood has tried to make it as simple as possible. These stocks will help your bank account look the way you want it to.
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