AI Stocks Set to Soar as Global Market Predicted to Reach $1.81 Trillion by 2030
The artificial intelligence (AI) revolution is already underway and set to transform industries across the globe. With the global AI market predicted to skyrocket from $137 billion in 2022 to an astonishing $1.81 trillion by 2030, investors are eagerly seeking opportunities to capitalize on this trend. Here are the top five AI stocks to consider for 2023, presenting potentially lucrative prospects in the booming AI sector.
1. Moderna Inc (NASDAQ:MRNA)
Moderna Inc has been making waves in the biotechnology industry and holds great promise for investors. Despite a year-to-date performance decline of 57.38%, the stock has shown resilience, gaining 10.13% in the past five days. Analysts have projected a consensus price target of $134.71, indicating a potential 43.17% rise from its current value. While the stock’s low price target is estimated at $52.00, the high target sits at an ambitious $300.00. With these projections in mind, Moderna Inc presents an exciting opportunity for AI investors.
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It is worth noting that Moderna Inc’s performance is lower than other players in the industry, with a decline of 38.92% in the past six months. However, the industry as a whole has shown an annual growth rate of 14.60%. Additionally, Moderna Inc has recently adjusted its revenue forecast for fiscal year 2023, anticipating a 135.50% decrease in the current quarter and a staggering 1,473.70% decrease in the next quarter. Despite these challenges, investors remain hopeful that the company will announce better current-quarter dividends.
Analysts have estimated the company’s current quarter revenue to be approximately $2.21 billion, with a projection of $637.11 million for the next quarter ending in March 2024. The company achieved $5.08 billion and $1.86 billion in sales during the same periods a year prior. Analysts anticipate a 56.50% sales shrinkage for the current quarter and a 65.80% decrease for the next quarter.
In terms of ownership, insiders hold 9.69% of Moderna Inc’s total shares, while institutions possess 69.48%. Notably, Baillie Gifford and Company is the top institutional holder, with 45.71 million shares worth $5.55 billion. Vanguard Group Inc follows closely behind, holding approximately 27.46 million shares valued at $3.34 billion. Mutual funds like Vanguard Total Stock Market Index Fund and Vanguard International Growth Fund also have substantial holdings in Moderna Inc.
As the company prepares to release its next quarterly report on November 02, investors remain optimistic about its performance despite the challenges. While Moderna Inc faces issues related to mounting debt, the AI sector’s potential for growth continues to attract investors seeking opportunities in this rapidly evolving market.
In conclusion, the AI revolution shows no signs of slowing down, with the global market projected to reach an astonishing $1.81 trillion by 2030. Investors looking to capitalize on this growth should consider the top AI stocks for 2023. Moderna Inc, alongside other promising companies, presents an opportunity for investors to tap into the AI boom and potentially reap substantial rewards.
