Artificial intelligence (AI) is transforming the world as we know it. From self-driving cars to smart assistants, AI is making our lives easier, safer, and more productive. But AI is also creating huge opportunities for investors who want to ride the wave of this technological revolution.

According to a report by PwC, AI could contribute up to $15.7 trillion to the global economy by 2030, boosting GDP by 14%. That’s a lot of potential growth for companies that are leading the way in AI innovation and adoption.

But how do you find the best AI stocks to buy now? How do you separate the winners from the losers in this fast-changing and competitive market?

That’s where we come in. We’ve done the research for you and identified 7 strong stocks that will benefit from the AI boom. These are companies that have already proven their ability to leverage AI to create value for their customers, shareholders, and society. They also have durable competitive advantages, or economic moats, that protect them from rivals and ensure their long-term profitability.

These are not speculative bets or hype-driven stocks. These are solid businesses with strong fundamentals, attractive valuations, and bright growth prospects. They are the kind of stocks that Warren Buffett, the legendary value investor, would love.

So, without further ado, here are the 7 strong stocks that will benefit from the AI boom:

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1. Nvidia (NASDAQ: NVDA)

Nvidia is the undisputed leader in graphics processing units (GPUs), which are essential for powering AI applications such as computer vision, natural language processing, and deep learning. Nvidia’s GPUs are used by the world’s top tech companies, such as Google, Facebook, Amazon, and Microsoft, as well as by researchers, gamers, and creators.

Nvidia has also expanded its AI portfolio with acquisitions of Mellanox, a provider of high-performance networking solutions, and Arm, a designer of low-power chips for smartphones and IoT devices. These deals will help Nvidia diversify its revenue streams and strengthen its position in the AI ecosystem.

Nvidia’s revenue grew by 53% in fiscal 2021, driven by strong demand for its gaming, data center, and professional visualization products. The company also generated a whopping $4.3 billion in free cash flow, up 191% year-over-year. Nvidia’s stock price has soared by more than 230% in the past year, making it one of the best-performing tech stocks in the market.

But Nvidia is not resting on its laurels. The company is constantly innovating and launching new products and services to stay ahead of the competition. For example, Nvidia recently unveiled Grace, its first CPU designed for AI supercomputing, and Omniverse, a platform for creating and collaborating on 3D simulations.

With its dominant market share, cutting-edge technology, and visionary leadership, Nvidia is well-positioned to benefit from the AI boom for years to come.

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2. Amazon (NASDAQ: AMZN)

Amazon is not just an e-commerce giant. It’s also a pioneer and a powerhouse in AI. Amazon uses AI to enhance every aspect of its business, from optimizing its supply chain and logistics, to personalizing its recommendations and offers, to improving its customer service and satisfaction.

Amazon is also a leader in cloud computing, with its Amazon Web Services (AWS) division offering a range of AI tools and services to help customers build, deploy, and scale their own AI solutions. AWS is the largest and most profitable segment of Amazon, generating $45.4 billion in revenue and $13.5 billion in operating income in 2020.

Amazon is also investing in new and emerging areas of AI, such as voice assistants, smart speakers, autonomous vehicles, and healthcare. Amazon’s Alexa is one of the most popular and widely used voice platforms in the world, powering millions of devices and enabling users to interact with various apps and services. Amazon’s Echo is the best-selling smart speaker in the US, with a market share of 53% in 2020, according to eMarketer.

Amazon’s AI ambitions don’t stop there. The company is also developing its own self-driving technology, through its subsidiary Zoox, which aims to create a fully autonomous robo-taxi service. Amazon is also making inroads into the healthcare sector, with its Amazon Care, Amazon Pharmacy, and Amazon Halo offerings, which leverage AI to provide telemedicine, online prescriptions, and wellness tracking.

Amazon’s revenue grew by 38% in 2020, reaching $386 billion, while its net income doubled to $21.3 billion. Amazon’s stock price has increased by more than 60% in the past year, reflecting its strong performance and growth potential.

With its relentless innovation, customer obsession, and diversified portfolio, Amazon is a prime example of how AI can create value and competitive advantage.

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3. Microsoft (NASDAQ: MSFT)

Microsoft is another tech titan that is betting big on AI. Microsoft’s AI strategy is focused on three pillars: empowering developers, enabling organizations, and democratizing access.

Microsoft empowers developers by providing them with a comprehensive suite of AI tools and platforms, such as Azure AI, Cognitive Services, Bot Framework, and ML.NET. These enable developers to build, test, and deploy AI applications across various domains and scenarios.

Microsoft enables organizations by offering them AI solutions that can transform their business processes, operations, and outcomes. These include Dynamics 365, Power Platform, Azure Synapse, and Azure Purview, which help organizations to automate workflows, analyze data, and gain insights.

Microsoft democratizes access by making AI available and accessible to everyone, regardless of their skill level, background, or location. This includes initiatives such as AI for Good, AI for Health, AI for Earth, and AI for Accessibility, which aim to use AI to address some of the world’s most pressing challenges and opportunities.

Microsoft’s revenue grew by 16% in fiscal 2020, reaching $143 billion, while its net income rose by 13% to $44.3 billion. Microsoft’s stock price has climbed by more than 50% in the past year, reflecting its solid performance and growth prospects.

With its vision, scale, and expertise, Microsoft is a key player and a catalyst in the AI revolution.

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4. Shopify (NYSE: SHOP)

Shopify is the leading e-commerce platform for entrepreneurs and small businesses. Shopify enables anyone to create, launch, and manage their own online store, without requiring any technical or design skills. Shopify also offers a range of services and features to help merchants grow and succeed, such as payments, marketing, shipping, analytics, and customer support.

Shopify uses AI to enhance its platform and empower its merchants. Shopify uses AI to optimize its site speed, security, and reliability, as well as to detect and prevent fraud and abuse. Shopify also uses AI to provide personalized recommendations, insights, and tips to its merchants, as well as to help them with tasks such as inventory management, pricing, and product discovery.

Shopify’s revenue soared by 86% in 2020, reaching $2.9 billion, while its net income jumped by 267% to $319 million. Shopify’s stock price has skyrocketed by more than 170% in the past year, making it one of the best-performing e-commerce stocks in the market.

With its innovative, user-friendly, and scalable platform, Shopify is a leader and a disruptor in the e-commerce space.

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5. Adobe (NASDAQ: ADBE)

Adobe is the world’s leading software company for creative professionals and digital marketers. Adobe’s products and services include Photoshop, Illustrator, Premiere Pro, After Effects, Lightroom, Acrobat, Creative Cloud, Document Cloud, and Experience Cloud. These enable users to create, edit, share, and manage digital content across various formats and channels.

Adobe uses AI to enhance its products and services and to provide value to its customers. Adobe’s AI platform, called Sensei, powers various features and functions across its portfolio, such as content-aware fill, face-aware liquify, auto-tagging, auto-animation, and auto-reframe. Sensei also helps customers to optimize their workflows, improve their performance, and achieve their goals.

Adobe’s revenue grew by 15% in fiscal 2020, reaching $12.9 billion, while its net income increased by 78% to $5.3 billion. Adobe’s stock price has risen by more than 40% in the past year, reflecting its strong performance and growth potential.

With its creative, innovative, and customer-centric culture, Adobe is a leader and a pioneer in the digital media and marketing space.

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6. Salesforce (NYSE: CRM)

Salesforce is the world’s leading provider of cloud-based software for customer relationship management (CRM) and enterprise applications. Salesforce’s products and services include Sales Cloud, Service Cloud, Marketing Cloud, Commerce Cloud, Platform, MuleSoft, Tableau, and Slack. These enable customers to connect with their customers, partners, and employees in new and engaging ways.

Salesforce uses AI to enhance its products and services and to provide value to its customers. Salesforce’s AI platform, called Einstein, powers various features and functions across its portfolio, such as lead scoring, opportunity insights, case routing, email marketing, product recommendations, and chatbots. Einstein also helps customers to automate tasks, predict outcomes, and discover insights.

Salesforce’s revenue grew by 24% in fiscal 2020, reaching $21.3 billion, while its net income improved by 118% to $1.4 billion. Salesforce’s stock price has increased by more than 30% in the past year, reflecting its solid performance and growth prospects.

With its vision, scale, and expertise, Salesforce is a leader and a catalyst in the CRM and enterprise software space.

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7. Spotify (NYSE: SPOT)

Spotify is the world’s leading music streaming service, with over 345 million monthly active users and over 155 million premium subscribers. Spotify offers access to over 70 million tracks, podcasts, and videos from artists and creators around the world. Spotify also provides personalized recommendations, playlists, and social features to enhance the listening experience.

Spotify uses AI to enhance its service and provide value to its users and artists. Spotify uses AI to power its music discovery and recommendation engine, which analyzes user behavior, preferences, and context to suggest relevant and engaging content. Spotify also uses AI to help artists and creators to reach and grow their audience, as well as to optimize their royalties and revenue.

Spotify’s revenue grew by 16% in 2020, reaching €7.9 billion, while its operating income turned positive to €293 million. Spotify’s stock price has risen by more than 80% in the past year, reflecting its strong performance and growth potential.

With its innovative, user-centric, and data-driven culture, Spotify is a leader and a disruptor in the music streaming space.

There you have it, 7 strong stocks that will benefit from the AI boom. These are companies that have already proven their ability to use AI to create value and competitive advantage, and that have bright growth prospects for the future. They are also attractively valued, trading at reasonable multiples of their earnings, cash flow, and sales.

If you are looking for long-term investments that can deliver consistent returns and compound growth, you should consider adding these stocks to your portfolio. They are the kind of stocks that can make you rich in the long run.

Of course, you should always do your own research and due diligence before investing in any stock. And you should also diversify your portfolio and balance your risk and reward.

But if you are looking for some ideas and inspiration, these 7 stocks are a great place to start.

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