Bull market alert: buy 2 AI growth stocks down 38% and 44%

As the stock market booms and economic data impresses, now’s the time to seize opportunities in undervalued stocks. Despite record highs for many companies, two AI stocks stand out as strong buys, according to Motley Fool contributors.

Palantir Technologies (NYSE: PLTR): Despite its stock tripling in the past year, Palantir remains 38% below its peak in early 2021. With a robust AI software offering that’s gaining traction in both government and private sectors, Palantir shows promising growth potential. Even with its recent surge, the stock trades at a significant discount compared to previous valuations, offering substantial upside.

 

Check out Top 5 AI stocks to trade in 2024

 

Snowflake (NYSE: SNOW): Down roughly 44% from its peak, Snowflake presents a compelling opportunity for investors. As a leading provider of data warehousing software and analytics tools, Snowflake’s Data Cloud platform is vital for training AI systems on diverse data sets. With impressive sales momentum and ongoing expansion into AI-focused services, Snowflake’s stock is primed for strong returns, especially considering its projected growth in product revenue and free cash flow margin.

Don’t miss out on these AI-driven growth stocks while they’re still trading at attractive prices amidst the bullish market trend.