The artificial intelligence (AI) market exploded last year and became one of the biggest growth drivers of the Nasdaq Composite's recovery. The market faced an economic downturn the previous year, which sent countless stocks plunging. However, the Nasdaq Composite is up 44% year over year and climbing, primarily thanks to excitement over AI.

According to data from Grand View Research, the AI market is projected to have a compound annual growth rate of 37% through 2030. The industry hit nearly $200 billion last year, but this trajectory would see it achieve close to $2 trillion by the decade's end. So, despite the market's meteoric rise over the last year, new investors still have much to gain from AI.

The "Magnificent Seven" stocks of the tech world -- Apple, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), Amazon, Meta Platforms, Microsoft, Nvidia (NASDAQ: NVDA), and Tesla -- are a great place to start. These companies are investing heavily in AI and have the brand power to go far in the industry. It's not too late to invest in AI, so here are two Magnificent Seven stocks to buy and hold forever.

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Source Fool.com