3 Hot AI Stocks to Buy Before It's Too Late

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The AI ​​industry has been a key factor in propelling the technology sector to new heights. The AI ​​industry has become a major attraction for investors due to the improvement and creation of new innovative technologies that have the potential to bring huge profits in the future.

Stocks across the generative AI space have seen their share prices rise multiple times over the past year. The industry is heating up, and these companies may just be starting to experience an AI boom.

Below are three companies that have benefited greatly from the AI ​​boom that has attracted investors to the tech sector: The shares of these stocks have doubled, tripled, or even quadrupled in the last year, and they're likely to continue to grow in this ever-expanding industry.

Super Microcomputer (SMCI)

Super Microcomputer (Nasdaq:SMCI) manufactures servers and data center infrastructure, including workstations, full racks, blades, and storage systems. It also provides software services. The company's products are primarily used in the cloud computing and generative AI industries.

Over the past year, the company's shares have nearly quadrupled, driven primarily by impressive revenue growth in its data center products.

SMCI reported its third-quarter fiscal 2024 results on April 3, saying total revenue tripled year over year to $3.9 billion. Net income increased to $402 million in the third quarter of fiscal 2024 from $85 million in the third quarter of fiscal 2023.

Super Micro Computer is a fast-growing technology company with impressive data center revenue. SMCI projects fourth-quarter fiscal 2024 total revenue to be between $5.1 billion and $5.4 billion. Full-year 2024 total revenue is expected to be between $14.3 billion and $14.7 billion.

Celestica (CLS)

Celestica (New York Stock Exchange:CLSA) is an electronics manufacturing company that provides a wide range of connectivity and other cloud-based solutions to industries such as aerospace and defense, healthcare, communications and industrial.

The company's shares have risen more than 275% over the past year.

Celestica reported its first-quarter 2024 results on April 24, saying total revenue rose 20% year over year to $2.21 billion, while net income more than quadrupled to $102 million.

Celestica also reported that its total revenue outlook for 2024 is now at $9.1 billion, up from its previous forecast of $8.5 billion. Second-quarter 2024 revenue is likely to be in the range of $2.175 billion to $2.325 billion.

The company's stock could continue to beat analyst expectations for its first-quarter earnings report. Celestica is also a business capitalizing on the hyperscale opportunity. Google (Nasdaq:Google), Amazon (Nasdaq:Amazon) and Microsoft (Nasdaq:MSFT), which can significantly improve data center profitability.

Aprovin (APP)

App Lovin (Nasdaq:Apps) is an application software company that provides monetization and marketing services for applications such as MAX, AppDiscovery, and Adjust.

Over the past year, the company's shares have more than tripled, driven by impressive revenue growth and the launch of new AI products, primarily its Axon 2.0 engine, software that powers ads for mobile gaming applications and e-commerce capabilities.

AppLovin reported its Q1 2024 earnings on May 8, stating that total revenue increased 48% year over year. It reported a net loss of $4.5 million in Q2 2023, which turned into a net profit of $236 million in Q1 2024.

AppLovin is a company that stands to benefit greatly from the burgeoning AI industry, and investors will be watching the stock closely to see if the big gains continue.

At the time of writing, Noah Bolton holds a long position in CLS. Opinions expressed in this article are those of the author and follow InvestorPlace.com's Publication Guidelines.

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