Micron Technology (MU)

[JLS]

AI Growth Stocks

Top analysts are betting on these AI growth stocks.

Facebook and Micron are among the favorite ways to play the boom in artificial intelligence, according to top technology analysts.

The analysts were identified by looking at the average return of their recommendations and their success rate in those calls, as tracked by TipRanks, a Wall Street analyst database.

Here are five favorite AI stocks recommended by the best-performing technology analysts.

1) Microsoft (MSFT)

In 2017, Microsoft changed its strategy from a "mobile-first and cloud-first world" to "an intelligent cloud and an intelligent edge infused with AI." And this strategy shift seems to be paying off. The company is now one of the leaders in AI, and has just teamed up withl Amazon to offer developers new tools to develop and share open source AI software.

2) Yext (YEXT)

Who?

3) Facebook (FB)

Eh.

4) Micron (MU)

Micron is one of the world's three biggest memory companies (Samsung and SK Hynix being the other two). Together these three companies control over 80 percent of the $122 billion global memory chip market at a time of worldwide memory shortage.

The stock has 22 buy ratings and only 2 hold ratings in the last three months. Meanwhile, even with shares exploding by 100 percent year to date, the average analyst price target of $52 suggests MU still has upside potential.

"We believe this global memory chip shortage is set to continue until the end of 2018, at the least" writes Cyrus Mewawalla the managing director of CM Research. He says demand for DRAM chips and NAND flash chips comes from "new and powerful technology cycles" such as artificial intelligence and augmented reality.

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