Despite a surge of growth since the beginning of last year, the artificial intelligence (AI) market remains a compelling investment opportunity. The industry was worth $200 billion in 2023 and is racing past that figure, expanding at a compound annual growth rate of 37% and projected to achieve just under $2 trillion in spending by 2030. As a result, companies and investors will likely continue to profit from providing AI tools, services, and hardware for years.

So whether you're new to investing in AI or looking to expand your current position, it's worth taking a closer look at the companies driving the market forward. Here are two artificial intelligence stocks to buy hand over fist in August.

Chipmakers play a crucial role in AI. Advances in the chip industry have only recently made it possible for developers to deliver on the AI concepts theorized decades ago. Graphics processing units (GPUs) specifically have become the go-to for companies' training AI models and large language models like OpenAI's ChatGPT. As a result, chip designer giants like Advanced Micro Devices (NASDAQ: AMD) and its chief rival, Nvidia, have profited from soaring GPU sales over the last year.

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Source Fool.com