Are these still the best AI stocks to buy right now? In 2023, Forbes highlighted a handful of companies as the best AI stocks to buy, betting that the artificial intelligence boom would reshape the global economy.
Two years on, those names, Advanced Micro Devices (AMD), Alphabet (GOOGL), Micron Technology (MU), Microsoft (MSFT), and NVIDIA (NVDA), remain at the heart of investor debate. But were they right?
Nvidia
The short answer is: mostly, yes. NVIDIA has been the standout performer, proving itself the clear leader of the AI hardware revolution. Its GPUs power everything from ChatGPT-style generative AI to autonomous vehicles, and its share price has soared since 2023, cementing its place among the magnificent seven stocks. Microsoft has also been a big winner, with its multi-billion-dollar partnership with OpenAI placing it at the centre of what analysts now call AI 2.0. Azure’s integration of ChatGPT tools, Copilot and data analytics has strengthened its position as both a cloud and AI leader, making Microsoft one of the top artificial intelligence stocks to buy for long-term investors.
Alphabet
Alphabet’s story has been more complicated but ultimately positive. After initial fears that generative AI might cannibalise Google’s search business, the launch of Gemini and renewed focus on AI-powered ads and cloud services drove its stock to new highs. Alphabet has re-established itself as a core AI holding and one of the top NASDAQ stocks to own. In contrast, AMD’s performance has been mixed. While it continues to develop AI-optimised chips and expand in data centres, it has struggled to keep pace with NVIDIA’s dominance in GPUs. Its stock remains volatile and is often mentioned among cheap AI stocks to buy or fast-growing AI stocks that could rebound if execution improves. Micron, too, has seen only modest gains, benefiting from stronger DRAM and NAND pricing but lacking the explosive growth of its peers.
ETFs
Looking beyond individual companies, the broader AI theme has expanded into funds and ETFs, where sentiment remains strong. The WisdomTree Cloud Computing Fund, the First Trust Cloud Computing ETF, and the WisdomTree Cybersecurity Fund have all seen positive investor flows, reflecting ongoing confidence in the digital infrastructure powering AI. Analyst sentiment towards these funds suggests investors still view cloud, data and cybersecurity as the best ways to invest in AI stocks without taking single-company risk.
Snowflake
New names have also entered the conversation. Snowflake, often mentioned alongside Microsoft as a recommended long-term AI investment, represents the growing importance of data management and cloud analytics in the AI ecosystem. Meanwhile, smaller players such as Palantir, C3.ai and SoundHound have captured attention as AI stocks under 100 dollars or speculative stocks ready to explode.
Forbes’ 2023 selection focused on the giants building AI’s foundations, and in that respect, it was right. The best performers, NVIDIA, Microsoft and Alphabet, remain leaders of the AI revolution. AMD and Micron have lagged but are still part of the long-term story. For investors today, the lesson is clear: the best way to invest in AI stocks is through a mix of established leaders and emerging innovators. While valuations are lofty, AI remains one of the few sectors combining growth, innovation, and global demand, making these still some of the best stocks to invest $5k in right now.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
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