2 Magnificent Artificial Intelligence (AI) Stocks to Buy Right Now

Market Overview - The U.S. stock market is experiencing significant strength, with the S&P 500 index reaching multiple record highs in early 2024, driven by optimism in AI technologies [1] - Technology stocks are leading this rally, although some may see a pullback due to profit-taking at the end of the earnings season, presenting opportunities for long-term investors [1] Super Micro Computer - The global AI infrastructure market is projected to grow from $68.5 billion in 2024 to $171.2 billion in 2029, positioning Super Micro Computer to capitalize on this opportunity as the third-largest server provider with a 5% market share [2] - The company is focusing on delivering advanced AI infrastructure solutions, including hardware-software integrated platforms, to facilitate AI application deployment [2] - Super Micro Computer's systems optimized for deep learning and large language models, particularly using Nvidia's H100 chips, are in high demand, and the company plans to expand its AI portfolio significantly [3] - Financially, Super Micro Computer reported a revenue increase of over 100% year-over-year and a 68% rise in net income for the second quarter of fiscal 2024, with its share price increasing nearly 1,077% in the past year [4] Broadcom - Broadcom's shares rose nearly 4.2% following strong Q1 2024 earnings, with a 125% increase in share price over the past year and a 26% rise in 2024 [5] - The company expects to achieve $50 billion in revenue for fiscal 2024, a 40% year-over-year increase, driven by the demand for its advanced networking chips and custom AI accelerators [5] - Broadcom has raised its year-over-year growth estimate for networking revenue from 30% to 35% for fiscal 2024, indicating strong market demand [6] - The company is also making progress in upselling its VMware Cloud Foundation software, which is expected to generate $20 billion in software revenue for fiscal 2024, as it allows enterprises to maintain control over their data for AI workloads [6]