As the company supplying 80% of the necessary training chips, Nvidia was arguably the biggest winner in 2023’s artificial intelligence (AI) boom. That said, it makes sense for investors to diversify their holdings to target different sides of the long-term opportunity. Let’s look at why Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) and Meta Platforms (NASDAQ: META) could also have a place in your portfolio in 2024 and beyond.
1. Alphabet
With a market cap of $1.79 trillion, Alphabet is already the fourth-largest company in the world, and it will take a lot of momentum to power continued expansion. But AI may be able to do the trick. The tech giant is heavily incorporating AI infrastructure into its cloud-computing platform, which could generate much-needed diversification and long-term growth.
Among AI companies, Nvidia is particularly successful because it targets the “picks and shovels”…
